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Bank of England's Woods doubtful that Trump presidency will ditch financial rules
December 14, 2016 / 3:57 PM / 9 months ago

Bank of England's Woods doubtful that Trump presidency will ditch financial rules

LONDON (Reuters) - There is no real evidence that the United States will abandon key financial regulation under President Donald Trump, a top Bank of England official said on Wednesday.

Trump, who takes office in January, has said he wants to ditch parts of Dodd Frank, a core reform of Wall Street that includes rules on bank capital requirements.

BoE Deputy Governor Sam Woods said U.S. bank shares have risen on the prospect of a lighter touch regime. “Whether that view is at all well evidenced, I am rather doubtful,” Woods told parliament’s Treasury Select Committee.

Regarding regulation in Britain, the BoE has been very clear that “we are not going backwards”, Woods said. “If other countries choose to go backwards, that is not what we are going to do.”

Reporting by Huw Jones; Editing by Adrian Croft

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