Home Topics in Depth Economics US senators question Goldman on its role in Trump's banking policy

  • PiedPiper (1183 posts)
    Profile photo of PiedPiper

    US senators question Goldman on its role in Trump's banking policy

    Two U.S. senators sought details from Goldman Sachs Group Inc’s chief executive on the extent to which the bank’s employees were involved in drafting of the recent executive orders on banking and fiduciary regulations.

    In a letter to CEO Lloyd Blankfein, Democratic senators Elizabeth Warren and Tammy Baldwin asked for details on “lobbying” activities in the bank related to review of the Dodd-Frank Act and the Obama-era fiduciary rule on financial advice. (bit.ly/2kXJB1E)

    Blankfein was also asked to detail the profits Goldman would make if these reforms came into effect.

    n December, Trump appointed Gary Cohn, former Goldman chief operating officer, to head the White House National Economic Council, a group that coordinates economic policy across agencies.

    Trump last week ordered reviews of major banking rules that were put in place after the 2008 financial crisis, drawing fire from Democrats who said his order lacked substance and squarely aligned him with Wall Street bankers.

    The executive orders released by President Trump on Friday last week raise our concerns about the degree to which Cohn’s advice to Trump is good for Wall Street, but bad for Americans,” the senators wrote on Thursday.

    “Goldman Sachs would be a major beneficiary of these efforts to deregulate the financial industry,” they added in the letter.

    Trump also named former Goldman partner Steven Mnuchin as his pick for Treasury secretary in December.

    The senators have asked for any communication between the bank’s employees and Cohn, Mnuchin, nominee for the SEC chair Jay Clayton and chief strategist Steve Bannon.



    Scuba, daleanime, and 2 othersPADemD, Enthusiast like this

    "..... Two faces; one for love and another for the DMV".   --  Between The Two, by poet Kenji Liu

You must be logged in to reply to this topic.

  • Enthusiast (10266 posts)
    Profile photo of Enthusiast Donor

    1. Anyone that believes Goldman Sachs didn't influence this decision…………

    The financial giants want to scam the world again. They don’t care if millions lose their homes, jobs and life savings. Destroying lives might actually be part of the objective.

    Why should the American people be on the hook for Wall Street recklessness?

    We needed to reinstate Glass Steagal to protect the American people. For some reason Wall Street Democrats and Republicans were against it. Imagine that.

    Hillary said, “Cut it out!”   :rofl:   Yet they expected us to take her candidacy seriously.

    "The NSA’s capability at any time could be turned around on the American people, and no American would have any privacy left, such is the capability to monitor everything. There would be no place to hide."  Frank Church "When plunder becomes a way of life for a group of men in society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it." - Frederic Bastiat, 1848
    • daleanime (2492 posts)
      Profile photo of daleanime

      2. Sadly I already know Drumfp heads

      will just cheer this on.  At this point the ones I know seem motivated by nothing but fear and hatred.  No room for logic left in their skulls.

      When the going gets tough, the tough take care of each other
  • TheNutcracker (1528 posts)
    Profile photo of TheNutcracker

    3. But no one questioned Obama!

    I have learned the biggest hypocrites are democrats! I’m ashamed. Makes our hypocritical arguments weak!

    • Scuba (3979 posts)
      Profile photo of Scuba Donor

      4. Actually lots of us questioned Obama, and protested his appointments.