WASHINGTON (Reuters) - U.S. President-elect Donald Trump may roll back some Wall Street standards put into effect under President Barack Obama without writing new law, an advocate for easing such rules said on Tuesday.
Trump and the incoming, Republican Congress have the authority to freeze elements of the Dodd-Frank Wall Street reform under its authority, according to the Committee on Capital Markets Regulation (CCMR), which has faulted some of those standards.
The advocacy group has been a critic of the Dodd-Frank reforms created after the 2009 financial crisis and has said those reforms crimp competition and markets.
Specifically, the Trump administration might target exchanges that are used to clear swaps - investments regulated by the Commodity Futures Trading Commission.
The CFTC began writing rules for swap clearing soon after Dodd-Frank became law in 2010.
“Even for rules that have been finalized, there is room to change things,” said John Gulliver who heads research at the CCMR.
In a paper released on Tuesday, the group argued that federal agencies have wide latitude to undo reforms.
“Agencies may generally exercise discretion in how and when they choose to enforce existing regulations, including determining not to bring enforcement actions,” the advocacy group said in its research paper.