Trump Cites Friends to Say Banks Aren’t Making Loans. They Are.By
Lending has increased 6% a year since 2013 to $9.1 trillion
Cohn claims on lending ‘simply false,’ Stanford’s Admati says
U.S. President Donald Trump, center, holds up a signed Executive Order related to the review of the Dodd-Frank Act in the Oval Office of the White House, in Washington, D.C. on Feb. 3.
As he prepared to sign orders designed to roll back bank regulations enacted to stop the next financial crisis, President Donald Trump said that the rules are stifling lending.
“We expect to be cutting a lot out of Dodd-Frank, because frankly I have so many people, friends of mine, that have nice businesses and they can’t borrow money,” Trump said on Friday. “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.”
That may be the case for the president’s friends — although Trump pal Carl Icahn seemed to have little trouble two weeks ago when he borrowed $1.2 billion — but it’s not supported by data…
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