Donald Trump rolls back Wall Street reforms because his ‘friends’ can’t borrow money

Donald Trump has rolled-back Wall Street reforms because his “friends” are not able to borrow money.

The President has removed Dodd-Frank, the regulatory framework introduced by Barack Obama in 2010 to avoid another financial crisis.

Dodd-Frank requires banks to comply with rules that protect investors and consumers from excessive risk and abusive practices.

“I have so many people, friends of mine, that have nice businesses, they can’t borrow money,” Mr Trump said.

“They just can’t get any money because the banks just won’t let them borrow because of the rules and regulations in Dodd-Frank.”

Mr Trump has also scrapped the fiduciary rule , which protects retirees by forcing advisers and brokers to “work in the best interests of their clients”.

“We think it is a bad rule. It is a bad rule for consumers. This is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn’t eat it because you might die younger,” Gary Cohn, the White House National Economic Council Director said about the fiduciary rule, Vanity Fair reported.

Before taking his role at the White House, Mr Cohn was the president and chief operating officer at Goldman Sachs.

In a 2015 speech at the Jack Welch College of Business, he said it felt like he was in Congress every other week, trying to convince them to repeal regulations.