After just 100 days in office, President Trump has undermined the economic security of the middle class and hardworking Americans by beginning to roll back financial regulations and putting reckless policies in place. The list below recounts Trump’s broken promises, threatening consumers, investors, and the economy at large:
On the first day of his administration, Trump suspended a reduction to Federal Housing Administration (FHA) mortgage insurance premiums, which would have saved homeowners $500 a year.
One of Trump’s first executive orders directed the U.S. Department of the Treasury to lay the groundwork to begin to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, a law created to protect consumers and to prevent another financial crisis. Since then, Trump has also issued two more executive actions aimed at deregulating the financial services sector.
The Trump Administration delayed the U.S. Department of Labor’s fiduciary rule,which would've saved American retirees and savers $17 billion a year by banning conflicted financial advice.
Trump brought Wall Street to the White House, appointing several Wall Street insiders to key economic and regulatory positions in his Administration.
Trump's budget proposal would slash, by $6 billion, the budget of the U.S. Department of Housing and Urban Development, the government agency that provides housing assistance to extremely low-income families, helps the homeless, and reinvests in America's cities and counties.
Trump’s budget proposal would also raise rates on the National Flood Insurance Program (NFIP) policyholders in order to build a wall along the U.S.-Mexico border.
One of the first pieces of legislation signed into law by Trump allows mining and oil companies to pay off foreign governments without disclosing these payments to the public, encouraging corruption in developing countries.
Just last week, ExxonMobil, which was once led by Trump’s Secretary of State Rex Tillerson, requested special permission from Treasury to be exempted from U.S. sanctions imposed in response to Russia’s aggression in Ukraine and its violations of international law. Ranking Member Maxine Waters (D-CA) introduced the “No Russia Exemptions for Oil Production Act” (the No REX Act), prohibiting the Trump Administration from providing special licenses to companies to engage in certain activities related to oil exploration and drilling in Russia.
To stay up to date on how the Trump Administration continues to threaten the livelihood of millions of hardworking Americans with reckless policies and proposals, check out the Trump Tracker.
