Dodd-Frank Act

22.3.2017

Question for written answer E-001921-17
to the Commission
Rule 130
Barbara Kappel (ENF)

Donald Trump’s election as the 45th President of the United States and the Republicans’ majority in the House of Representatives and the Senate will result in major changes to financial services in the US. The Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) was passed by the Obama administration as a reaction to the financial crisis.

The act brought about a comprehensive reform of financial supervision in the US. It contained a total of 15 titles and 541 articles of law, and its aim was to strengthen the stability of the US’s financial market by improving accountability and transparency in the financial system. This would prevent bailouts of large banks with taxpayers’ money. The act is now due to be reviewed.

— What is the Commission’s view of the possible repeal of the Dodd-Frank Act with regard to capital flight?— What action will the Commission take to address the possibility of capital flight?