Trump signs bank bill amid criticism and praise
President Donald Trump signed a law easing key Dodd-Frank restraints from the 2010 financial crisis era. The measure, passed with some Democratic votes, raises the big bank threshold and loosens capital rules, drawing praise from allies and criticism from critics who warn of potential taxpayer bailouts and higher risk. It marks a major pro business achievement alongside the tax overhaul, with White House ceremonies in the Roosevelt Room. Heidi Heitkamp was the lone Democrat present among the supporters.
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Plan to ease rules on big banks outlined in new bill
A legislative proposal seeks to ease Dodd-Frank provisions by raising the asset threshold for being deemed systemically important to 250 billion dollars. The measure would affect more than two dozen firms including BB T Bank SunTrust Fifth Third and American.
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Trump orders 232 probe into autos and parts for national security
President Trump directs Commerce Secretary Wilbur Ross to investigate whether foreign made cars trucks and auto parts threaten U S national security. If warranted the probe could lead to tariffs or quotas, with potential 20 to 25 percent rates discussed. The move uses Section 232 of the 1962 Trade Expansion Act.
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Mortgage rates rise as Freddie Mac data show continued increases
Freddie Mac reports the 30 year fixed rate at 4.66 percent, the 15 year at 4.15 percent, and the five year ARM at 3.87 percent. Rates have climbed through 2018 with the Fed signaling slower hikes, while experts split on next moves after the May meeting minutes. McDonald's maintains plastic straws amid ROUNDUP notes.
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Markets Dip On Trump Kim Meeting News
U S stocks closed mostly lower as energy shares fell with oil prices after President Trump canceled a planned meeting with North Korea leader Kim Jong Un. The S&P 500 slid 5.53 points to 2727.76 while the Dow dropped 75.05 points to 24811.76 and Nasdaq retreated slightly to 7424.43 as oil prices eased.
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