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2.54 MB
Extraction Summary
8
People
19
Organizations
6
Locations
5
Events
5
Relationships
3
Quotes
Document Information
Type:
Political/financial analysis report
File Size:
2.54 MB
Summary
This document, an analysis from EY following the 2016 election, outlines the expected shift in US financial services regulation under President-elect Trump and a Republican-controlled Congress. It anticipates a major push for deregulation, focusing on repealing or replacing the Dodd-Frank Act, led by committee chairs Mike Crapo and Jeb Hensarling. The analysis also discusses potential areas for bipartisan compromise, the future of the CFPB and housing finance, and the contentious political dynamics between key figures in Congress and the Federal Reserve.
People (8)
| Name | Role | Context |
|---|---|---|
| Donald Trump | President-elect |
Mentioned as the incoming president whose agenda will be supported by Republican-led banking committees. Criticized J...
|
| Mike Crapo | Incoming Senate Banking Committee Chairman (R-ID) |
Expected to lead the Senate Banking Committee, has a good working relationship with Sherrod Brown, and is focused on ...
|
| Sherrod Brown | Ranking Member, Senate Banking Committee (D-OH) |
Returning ranking member who has a solid working relationship with Mike Crapo, contrasting with his relationship with...
|
| Jeb Hensarling | Chairman, House Financial Services Committee (R-TX) |
A fierce opponent of the Dodd-Frank Act who will have Trump's support to repeal and replace it. Has a contentious rel...
|
| Richard Shelby | Current/Former Chairman, Senate Banking Committee (R-AL) |
Mentioned as the outgoing chairman whose relationship with Democrats was less constructive than Crapo's is expected t...
|
| Tim Johnson | Former Chairman, Senate Banking Committee (R-SD) |
Co-drafted a bipartisan housing finance system proposal with Mike Crapo in 2013-14.
|
| Maxine Waters | Ranking Member, House Financial Services Committee (D-CA) |
Expected to return as ranking member and push back against Jeb Hensarling's efforts to replace 2010 reforms.
|
| Janet Yellen | Chairman, The Federal Reserve |
Her term as Fed Chair expires in January 2018. She was frequently criticized by President-elect Trump during the camp...
|
Organizations (19)
| Name | Type | Context |
|---|---|---|
| Republicans (GOP) | ||
| Democrats | ||
| House | ||
| Senate | ||
| Senate Banking Committee | ||
| House Financial Services Committee | ||
| Dodd-Frank Act | ||
| The Federal Reserve (The Fed) | ||
| Trump White House | ||
| Financial Stability Oversight Council (FSOC) | ||
| Consumer Financial Protection Bureau (CFPB) | ||
| Goldman Sachs | ||
| Morgan Stanley | ||
| Fannie Mae | ||
| Freddie Mac | ||
| Treasury | ||
| SEC (Securities and Exchange Commission) | ||
| Congress | ||
| EY (Ernst & Young) |
Timeline (5 events)
2013-2014
A bipartisan effort to establish a new housing finance system, drafted by Crapo and Tim Johnson, foundered in the Banking Committee.
United States
2016
Republican retention of House and Senate majorities and election of Donald Trump as President.
United States
Donald Trump
Republicans
January 2018
November 2015
The House passed a package of changes for Fed reform.
United States
House of Representatives
October 11, 2016
A federal appeals court ruled that the structure of the Consumer Financial Protection Bureau (CFPB) was unconstitutional.
United States
Locations (6)
| Location | Context |
|---|---|
|
ID (Idaho)
|
|
|
AL (Alabama)
|
|
|
SD (South Dakota)
|
|
Relationships (5)
Document states they have a 'solid working relationship' and could 'work productively'.
Document describes Crapo's constructive relationship with Brown as a 'stark contrast' to Brown's relationship with Shelby, who was 'unable to agree with Democrats on much legislatively'.
Document states 'Hensarling will have Trump's support in renewing his effort to repeal and replace the Dodd-Frank Act'.
Document states Hensarling is 'not likely to improve his contentious relationship with Rep. Maxine Waters'.
They drafted a bipartisan housing finance system proposal together in 2013-14.
Key Quotes (3)
"straightforward and honorable"Source
— Mike Crapo
(Describing his colleague, Senator Sherrod Brown, in a July interview.)
HOUSE_OVERSIGHT_022393.jpg
Quote #1
"the fact is we have been able to find significant areas of consensus where we can agree to move forward on good policy, so I expect that we would be able to do that."Source
— Mike Crapo
(In a July interview, discussing his ability to work with Senator Sherrod Brown despite political differences.)
HOUSE_OVERSIGHT_022393.jpg
Quote #2
"overly 'political'"Source
— Donald Trump
(Describing his criticism of Fed Chairman Janet Yellen during the presidential campaign.)
HOUSE_OVERSIGHT_022393.jpg
Quote #3
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