President Donald Trump’s signed his first bill this week. It rolls back a regulation in the Wall Street Reform and Consumer Protection Dodd-Frank Act that requires oil, gas and mining companies to disclose payments they make to foreign governments. Trump has promised to “do a big number on Dodd-Frank,” calling it “a disaster.” He says dismantling the legislation will help stimulate the economy. Dodd-Frank was created in response to the 2008 recession. It regulates the financial industry in an effort to protect the overall American economy. But what exactly does the Act do? Matter of Fact takes a look at the law’s major regulatory functions and Soledad O’Brien speaks with William Cohan, former Wall Street investment banker who now covers financial institutions. He tells Soledad what the changes could mean for the mortgage market, retirement savings and what Wall Street likes about Dodd-Frank.
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