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Making America great again

An overhaul is on its way of the Dodd-Frank law in the US. Swaran Patnaik assesses the potential impact it may bring.

Donald Trump has passed many controversial executive orders since taking office, but one that undoubtedly will have the biggest impact on financial services is the review of the Dodd-Frank Act, first introduced to ensure there would never be another 2008-style meltdown.

The US president insisted: “We expect to be cutting a lot out of Dodd-Frank, because frankly I have so many people, friends of mine, that have nice businesses and they can’t borrow money.” The announcement saw the banks’ share prices rise instantly, with Barclays up 3.4% and Goldman Sachs up by more than 4% when trading closed for the day on 3 February.