Greenspan Vouches for Dodd-Frank Rollback


During an interview with CNBC's Sara Eisen on Thursday, the former Federal Reserve chairman said that Trump will need to slash entitlement programs in order to fund his promised corporate and personal tax cuts.

President Trump in February ordered the Treasury and other financial regulators to review the banking and consumer finance rules created under Dodd-Frank.

According to Greenspan's own assessment, eliminating Dodd-Frank would provide some relief to the stock market. "In my judgment, that's where the surge in the stock prices has come from. It's very hard to find anything other than that, which I find really positive", argued Greenspan, who served almost two decades as Fed chairman from 1987 to 2006.

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The FDIC recently proposed a blueprint that would allow banks to enjoy some relief from Dodd-Frank regulations.

"At the moment, we can't afford it", he said, arguing the USA has "too much debt". While entitlements like Medicaid, Social Security, and Medicare have always been harangued by Republican Congress members, President Trump vowed not to touch them during his campaign.

Greenspan recognized the fact that cutting entitlements is politically unpopular, but said that the types of tax cuts Trump wants would be almost impossible without those cuts.

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Greenspan in February warned that Trump's economic policies risk plunging America into a period of 1970s-style stagflation with low growth and "out of control" inflation.

"Cutting social benefits or cutting entitlements is the third rail of American politics".

Last week, Trump said in an interview with the Wall Street Journal, "I think our dollar is getting too strong, and partially that's my fault because people have confidence in me".

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