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Obama Officials Scrambling To Secure Banking Rules



Before President Barack Obama leaves office and hands regulatory power to Donald Trump who has vowed to rewrite the existing financial rule book, U.S. officials are striving to put finishing touches on a slew of banking rules.
President-elect Trump will take over on Jan. 20. Allowing the new administration to block or roll back many of the last-minute changes, his fellow Republicans will have control of Congress and government agencies.
Obama officials, however, would raise the chances that some elements of the regulatory framework will survive by completing far-advanced work on some banking standards in the next 10 weeks.
Some rules are meant to flesh out the Dodd Frank Act of 2010. The Act is designed to prevent the next global financial crisis. Trump campaigned on a pledge to scrap the law. Now, though, he says only some provisions must go to lighten the regulatory burden.

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