Donald Trump has taken a big step towards loosening the shackles on Wall Street by nominating a Capitol Hill aide involved in efforts to rip up the Dodd-Frank act as one of the US’s most powerful bank regulators.
Jim Clinger, a former aide to conservative lawmaker Jeb Hensarling, was nominated by the president to chair the Federal Deposit Insurance Corporation, a regulator whose tasks include winding down failing institutions.
Mr Clinger was named as Wall Street banks lower their expectations for an overhaul of Dodd-Frank in Congress and pin their hopes instead on Trump-appointed regulators watering down rules within existing law.
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