Senator Bernie Sanders is going after President Donald Trump in an aggressive way. The elected official from Vermont thinks that the business mogul is failing to take on Wall Street as he promised during the 2016 election. For months, the media kept pushing the narrative that Sanders and Trump were two sides of the same coin and they had a lot in common when it comes to fixing the deep structural problems of the American economy.
After two weeks in office, it has become clear that the two politicians are not that close on economic issues. One of the first decisions taken by the 45th U.S. president was to loosen some of the regulations linked to the financial market.
The business mogul has ordered a review of Dodd-Frank, a law signed by former President Barack Obama to protect consumers against excesses of big financial institutions. Many expect that the new administration will find creative ways to weaken the legislation, which some on the left find did not go far enough.
Trump has ended a fiduciary rule that forced retirement account managers to work in the best interest of their clients. According to the real estate titan, those regulations slowed down the economy and banks started loaning less. Several experts debunked the argument; banks are still lending money at a decent rate.
Sanders is turned off by all those actions and took his frustration to CNN over the weekend. The failed presidential candidate told State of the Union‘s Jake Tapper: “I have to say this, Jake, and I don’t mean to be disrespectful, but this guy is a fraud. This guy ran for president of the United States saying ‘I, Donald Trump, am going to take on Wall Street. These guys are getting away with murder.’ Then suddenly he appoints all these billionaires — his major financial adviser comes from Goldman Sachs — and now he will dismantle legislation that protects consumers.”
Trump allies on the matter argue that Obama’s policies hurt small banks more than the big ones.