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19: Financial Reform
Financial Reform
As public anger grew over the Enron scandal, Trump was able make full use of the bully pulpit to enact new financial reform legislation over the course of 2002. Several bills related to the matter would come to Trump’s desk, each dealing with a different part of the financial sector. These bills would seek to strike a balance, eliminating fraud, corruption and loopholes without overly regulating businesses.
Trump’s final act of financial reform was a roll back of Clinton era deregulations to mortages. Trump’s economic advisors were concerned that these deregulations could lead to a housing bubble in the future. Trump agreed, despite his misgivings over rolling back deregulation. However, whole the bill passed congress due to Trump’s campaigning, it was hugely controversial. By this point, Congress and the political establishment were worried that Trump was going to far in his quest for reform.
By the summer of 2002, a backlash was developing against Trump. The political establishment was preparing to strike back. Was this the end of the line for Trump’s ambitious agenda?
As public anger grew over the Enron scandal, Trump was able make full use of the bully pulpit to enact new financial reform legislation over the course of 2002. Several bills related to the matter would come to Trump’s desk, each dealing with a different part of the financial sector. These bills would seek to strike a balance, eliminating fraud, corruption and loopholes without overly regulating businesses.
Trump’s final act of financial reform was a roll back of Clinton era deregulations to mortages. Trump’s economic advisors were concerned that these deregulations could lead to a housing bubble in the future. Trump agreed, despite his misgivings over rolling back deregulation. However, whole the bill passed congress due to Trump’s campaigning, it was hugely controversial. By this point, Congress and the political establishment were worried that Trump was going to far in his quest for reform.
By the summer of 2002, a backlash was developing against Trump. The political establishment was preparing to strike back. Was this the end of the line for Trump’s ambitious agenda?
- Abraham Washington
- Word Count: 180