
Statement by U.S. Attorney Preet Bharara after AG Sessions sacked him (11.03.2017)




Today thanks to some people leaking to Chinese Gazette documents for a serious Industrial and Commerce Authority, I today found a little scoop on the ways Trump Organization does business, as they are clearly active in China. That might be reason why one of the most mentioned nations during campaign was China from the now President Trump. Therefore, take a look at this!
On the 27th February 2017, the Trademark Office of the State Administration for Industry and Commerce of the People’s Republic of China gazetted new trademarks that prove the use of Chinese Industry in production of labels for the United States President Donald J. Trump. Still, as he claims “America First” his companies continue to produce and licence their production abroad.
The Gazette from the Chinese Authorities of Industrial and Commerce Trade Marks for dozens of Donald Trump products, alone 10 Trade Marks in his name and owned by businesses to the Fifth Avenue headquarters of the Trump Organization.
The second batch of Trump Trade Marks we’re gazetted on the 6th March 2017 was issued about 24 more Trade Marks through the authority. Since my Chinese isn’t that fluent, I don’t know on what sort of products or what industrial trade mark these are put on. Still, this shows the ways of using the cheap workforce and possible export to the United States the Trump Organization does. When I could find in the documentation with address and in the name of the Trump or where the Trump Tower is.

Therefore, the will of putting ‘America First’ is only in the words and not in action of his own businesses or trading. That is just for the citizens, not for the business and corporate world. Since Trump Organization has by these gazetted Trade Marks initially started or secured production of 24 products in the Republic of China. That cannot be seen as policy of his own government, who wants to punish other businesses for importing instead of producing their products abroad.
Certainly, the sons and daughters don’t care about the impression or even President Trump shows careless acts of tact by doing this. They are not following the same protectionist ways that he preaches and he wants to achieve. Therefore, the double standard are proven with this and how easily the Trump Organization can get licences in China, but the President expect big-business to stay in the United States. Peace.



“If a cricketer, for instance, suddenly decided to go into a school and batter a lot of people to death with a cricket bat, which he could do very easily, I mean, are you going to ban cricket bats?”
― Philip, Duke of Edinburgh
The paranoid and afraid old man in the United States, President Donald J. Trump without evidence or without proof of honest judgement on the matter, has again signed a new Executive Order extending the Muslim ban from 27th January 2017. That is because Mr. Trump cannot help himself as he is afraid either in his Twinkie Tower in Manhattan or at Mar-A-Lago in Miami or Los Angeles. Therefore, the afraid-little man has to have this power to make sure the United States is safe from possible radical people, like the Ku Klux Klan and other ones, wait they are already there!
“Per the Executive Order, foreign nationals from Sudan, Syria, Iran, Libya, Somalia, and Yemen, who are outside the United States and who did not have a valid visa at 5 p.m. Eastern Standard Time on January 27, 2017, and do not have a valid visa on the effective date of this order are not eligible to enter the United States while the temporary suspension remains in effect. Thus any individual who had a valid visa either on January 27, 2017 (prior to 5:00 PM) or holds a valid visa on the effective date of the Executive Order is not barred from entry” (White House, Q&A, 2017).
Take a look:
“Whenever the President finds that the entry of any aliens or of any class of aliens into the United States would be detrimental to the interests of the United States, he may by proclamation, and for such period as he shall deem necessary, suspend the entry of all aliens or any class of aliens as immigrants or non-immigrants, or impose on the entry of aliens any restrictions he may deem to be appropriate.” (White House, 2017).
“Under these authorities, I determined that, for a brief period of 90 days, while existing screening and vetting procedures were under review, the entry into the United States of certain aliens from the seven identified countries — each afflicted by terrorism in a manner that compromised the ability of the United States to rely on normal decision-making procedures about travel to the United States — would be detrimental to the interests of the United States. Nonetheless, I permitted the Secretary of State and the Secretary of Homeland Security to grant case-by-case waivers when they determined that it was in the national interest to do so” (White House, 2017).
It continues from where the 27th January order left off:
“In light of the conditions in these six countries, until the assessment of current screening and vetting procedures required by section 2 of this order is completed, the risk of erroneously permitting entry of a national of one of these countries who intends to commit terrorist acts or otherwise harm the national security of the United States is unacceptably high. Accordingly, while that assessment is ongoing, I am imposing a temporary pause on the entry of nations from Iran, Libya, Somalia, Sudan, Syria, and Yemen, subject to categorical exceptions and case-by-case waivers, as described in section 3 of this order” (White House, 2017).
So even has the Department of Homeland Affairs (DHS) did in their intelligence brighten the nonsense of the Trump administration on the alleged terrorist threat, the Trump people couldn’t hold the trigger and had to rewrite the order to fit legal paradigm that they didn’t before, there a month of work has ended in this one, that continues further the expelling of foreign nationals and unexplained handpicked nations to show the ignorant President his extent of racism to the world at large. President Trump can be the proudest ignorant executive the world has seen in decades!
The other difference than before, there provisions for the ones who had already legal rights and had a past in the United States, that means that Mo Farah and other who is also Somali international finally can travel back home. Therefore, there is an amendment who continues, but with more legal force so that the legal battles will be less this time around.
Also the Memorandum given by the President continues the fear of strangers:
“Enhanced Vetting Protocols and Procedures for Visas and Other Immigration Benefits. The Secretary of State and the Secretary of Homeland Security, in consultation with the Attorney General, shall, as permitted by law, implement protocols and procedures as soon as practicable that in their judgment will enhance the screening and vetting of applications for visas and all other immigration benefits, so as to increase the safety and security of the American people” (White House, 2017).
These is fitting to the Executive Order so the foreigners are having issues when entering as the nations and civilians who seeks refugees will be questioned, as the United States will be more and more unfriendly with the refugees and people wishing to migrate to the American Republic.
“Sec. 3. Enforcement of All Laws for Entry into the United States. I direct the Secretary of State, the Attorney General, the Secretary of Homeland Security, and the heads of all other relevant executive departments and agencies (as identified by the Secretary of Homeland Security) to rigorously enforce all existing grounds of inadmissibility and to ensure subsequent compliance with related laws after admission. The heads of all relevant executive departments and agencies shall issue new rules, regulations, or guidance (collectively, rules), as appropriate, to enforce laws relating to such grounds of inadmissibility and subsequent compliance. To the extent that the Secretary of Homeland Security issues such new rules, the heads of all other relevant executive departments and agencies shall, as necessary and appropriate, issue new rules that conform to them. Such new rules shall supersede any previous rules to the extent of any conflict” (White House, 2017).
This is just some of the factors as there have been released on why the 6 nations was picked out and the reasons for the Trump Administration to single these nations out:
“How were the six countries designated in the Executive Order selected?
The six countries, Iran, Libya, Somalia, Sudan, Syria, and Yemen, had already been identified as presenting concerns about terrorism and travel to the United States. Specifically, the suspension applies to countries referred to in, or designated under—except Iraq—section 217(a)(12) of the INA, 8 U.S.C. § 1187(a)(12). In that provision Congress restricted use of the Visa Waiver Program by dual nationals of, and aliens recently present in, (A) Syria and Iraq, (B) any country designated by the Secretary of State as a state sponsor of terrorism (currently Iran, Syria, and Sudan), and (C) any other country designated as a country of concern by the Secretary of Homeland Security, in consultation with the Secretary of State and the Director of National Intelligence. In 2016, the former Secretary of Homeland Security designated Libya, Somalia, and Yemen as additional countries of concern regarding aliens recently present in those countries” (White House, Q&A, 2017).
Just to make sure the intent of the Executive Order is understood and what the President himself believes that this ensures or even his Bannonesque clique believes it does:
“The U.S. Government must ensure that those entering this country will not harm the American people after entering, and that they do not bear malicious intent toward the United States and its people. The Executive Order, together with the Presidential Memorandum, protects the United States from countries compromised by terrorism and ensures a more rigorous vetting process. This Executive Order ensures that we have a functional immigration system that safeguards our national security” (White House, Fact Sheet, 2017).
So there you have it, the important bricks and pieces of the Muslim Ban and the newly renewed 27th January Executive Order, that has gotten new words to sufficiently get less problems in Courts and amendment it, so it was signed into decree or order today. President Trump must really, really fear these people as they are all intending to bomb his Twinkie Tower and not buy Ivanka’s jewellery; therefore, they cannot be trusted since there was one guy from Yemen and two persons from another country who did something bad on the American soil. Therefore, the Republic has to secure from all of them, because one guy from Yemen did something bad, the same with the rest of these nations that was banned in January 2017. The Trump Administration doesn’t need facts, just Bannonesque fiction to spell out their vomit to the world.
So expect more nonsense, more people suing the Trump Administration and also the criticism will not die down as the proof of not listening to DHS is evident with this one. The Intelligence report on the 27th January Executive Order we’re not concerned, as Trump and his people continued to push on their bogeyman-paradigm. Peace.
Reference:
The White House – ‘PROTECTING THE NATION FROM FOREIGN TERRORIST ENTRY INTO THE UNITED STATES’ (06.03.2017)
The White House – ‘MEMORANDUM FOR THE SECRETARY OF STATE THE ATTORNEY GENERAL THE SECRETARY OF HOMELAND SECURITY’ (06.03.2017)
The White House – ‘Q&A: Protecting The Nation From Foreign Terrorist Entry To The United States’ (05.04.2017).
The White House – ‘Fact Sheet: Protecting The Nation From Foreign Terrorist Entry To The United States’ (05.04.2017)

A long dragging Court Case between the Japanese Gaming Company Nintendo and Canadian Online Game Shop Go Cyber Shopping (2005) Limited, that started with an application to the court in February 2016. Therefore, years after the final judgement on the case have come. This is interesting because of the law of copyright and the sharing of content. This also provides the legislation for the providers of technology and games towards the ones who sell it in public.
If you don’t know the other company that was sued or taken to court by Nintendo, let the application spell it out:
“The Respondent, Go Cyber Shopping (2005) Ltd., is a registered Ontario corporation. It operates a retail location in Waterloo, Ontario and several commercial websites including http://www.gocybershopping.com and http://www.gocybershop.ca. The Respondent also appears to carry on business under the name “Modchip Central Ltd.” (which is neither a registered corporation nor business name) through the same retail location and through the website http://www.modchipcentral.com (Affidavit of Robert Hunter, “Hunter”, Applicant’s Record, pp. 1088-1091)” (Federal Court of Canada, 2017).
So the corporation that Nintendo is taking to court is provider or retailer of games online. Those are important for all sales of games these days, not only in shops on main-street, but also buys online and get it delivered or downloaded by second party. Therefore, Nintendo had to react to Go Cyber Shopping Limited as they we’re trading and selling games in ways that altered the main use of it or even added own settings on it. Like selling one unit with dozens of games to Consoles and Game Stations that we’re produced and licenced products of Nintendo. Therefore, this case is important to consumers as much as retailer. This case proves certain truths on selling altered products and the legality of it. Like it is allowed to sell empty cassettes, but not selling recorded music on it from radio, unless the cassette already we’re made for the recording artist and the tracks produced for it. The same seems to be when it comes to games and retailers possibility of selling it.
“In 2012, Parliament amended the Copyright Act, RSC 1985, c C-42 (the Act) to add prohibitions against circumventing technological protection measures (TPMs) and trafficking in circumvention devices. In doing so, Parliament explicitly recognized the importance of TPMs for protecting copyrighted works, particularly in the video game industry. The present Application engages novel issues arising from this important legislation” (Federal Court of Canada, 2017).
This here is the actual law that applied to this court case and sets the precedence of what is allowed and what that complies for retailer and for the Video Game industry, which Nintendo is one of the big corporations. Therefore, the reasonable judgement and understanding of what the retailer did puts forward the groundworks for other cases.
To put more forward what Go Cyber did:
“The Applicant also sells hundreds of video games for its consoles in Canada. These video games are sold as game cards (in the case of DS and 3DS games) and discs (in the case of Wii games). Purchasers of genuine Nintendo video games can play these games on the appropriate Nintendo console by inserting the game card or disc into the corresponding console. The Applicant does not and has never authorized downloading of its games onto devices that mimic its game cards or discs and which circumvent its TPMs (Rhoads 1, Applicant’s Record, p. 83)” (Federal Court of Canada, 2017).
So early in the Court the proof that Go Cyber went on to sell games that was mimicking and not direct licenced video games to the consumers that also shows altering with the product possibly sold to use and gamer. This is act of aggression towards the Nintendo and their parties who has produced and made the games with their agreements of trading these as the royalties and profits cannot have come to Nintendo and the makers of these games.
What the Go Cyber has altered:
“Each genuine game card sold by the Applicant contains two of the Header Data works. Authorized DS game cards each contain a copy of the DS Header Data and the Nintendo Logo Data File. Authorized 3DS game cards each contain a copy of the 3DS Header Data and the Nintendo Logo Data File “(Federal Court of Canada, 2017).
This might seem like small details, but the proof of legit and real video games these features are supposed to be on it. If not than the consumer has bought counterfeit and fake ones, that might be similar to the original ones, but the disc, the game cards might been manufactured in other facilities than the licenced produced ones from Nintendo.
They also did this:
“Since at least 2013, the Respondent has advertised and offered for sale, either through its websites or at its retail store, certain devices which the Applicant contends are designed to circumvent TPMs employed on the Applicant’s Nintendo DS, 3DS, and Wii gaming consoles” (Federal Court of Canada, 2017).

So Go Cyber had methods of circumvent the built-in security checks of licenced video games on the Nintendo consoles through various features to curb the strict regulated productions of Nintendo games, nearly as way of selling pirated games to the Canadian consumer online. The Go Cyber company sold “Game-Copier” that did this: “A user in possession of a Game Copier can use it to play unauthorized copies of Nintendo DS or 3DS video games in the following manner” (…) “a user downloads an illegal copy of a DS or 3DS game from the internet in a computer file format commonly known as “ROMs” (…) “when the Nintendo DS or 3DS is switched on, the Game Copier mimics a genuine game card (using copies of the Header Data and encryption/scrambling circuitry) and enables the DS or 3DS console to access the illegally copied ROM on the memory card and play the pirated copy of the Nintendo Game” (Federal Court of Canada, 2017).
So the Canadian Online Video Game store used singular activity and offered broad spectrum of products not licenced or involved directly with Nintendo, while giving the consumer the ability and opportunity to open its console for pirated games. This is what the Go Cyber Shopping tricked the Nintendo device to recognize the pirated games without having the licenced copy. They also sold Mod-chips to circumvent the licenced games:
“Mod chips allow users to play unauthorized copies of Wii video games, such as pirated copies downloaded from the internet. For example, users may download unauthorized copies of video games from the internet onto hard drives. When these hard drives are connected to a “modded” Wii console, the mod chip allows the user to access the pirated video games without owning a genuine Wii game disc (Rhoads 2, Applicant’s Record, 923-925)” (Federal Court of Canada, 2017).

So with this in mind, the Go Cyber Shopping Online stores sold replicated and video games altercations to make sure they could sell pirated goods to the consumers and also provide methods of not paying full price for games and gaming experience to Nintendo. The provider and retailer did by all means trade in illegal merchandise and fake ones that appeared real and with costs to sell experiences that weren’t the true video game from Nintendo. They used technical installations and changes to the similar, but not the same as the licenced games from Nintendo. So the consumer in Canada was getting tricked, while the Nintendo we’re losing royalties and sales in Canada as the efforts to undermine the company by Go Cyber.
Important key aspect of the matter:
“the Respondent’s interpretation defies logic. Replication is not incompatible with circumvention. A burglar who uses an illicitly copied key to avoid or bypass a lock to access a house is no less of a burglar than one who uses a lock pick. Similarly, even if the Respondent’s Game Copiers replicate only a part of the TPM, that does not make their use any less of a circumvention” (Federal Court of Canada, 2017). This here proves the breach of contract with Nintendo and with the consumer; the gamer have bought it in good faith, while Nintendo’s copyright and TPM have been altered by the Canadian retailer.
Nintendo won damages:
“$11,700,000 in statutory damages pursuant to s. 38.1 of the Copyright Act in respect of circumvention of technological protection measures” (…) “$60,000 in statutory damages pursuant to s. 38.1 of the Copyright Act in respect of copyright infringement of the Header Data works” (…) “$1,000,000 in punitive damages” (Federal Court of Canada, 2017). So just by this the Go Cyber Shopping (2005) Limited has to fork up $12,760,000 to Nintendo of America Limited. That is blow to the not licenced video-games industry in Canada, and also shows reassuring trial for other gaming companies that needs sales on the massive investments of productions to consoles and to games. This have to be seen as the day that gaming industry got justice in court against those who sells altering and circumventing methods, which must be a good day for the gaming industry.
Certainly, this is not the last case, but it shows the level of integrity and the hard-work this companies do to respect their consoles and their games, which are righteous since they invest in technology and making games that, are tailor-made for the consoles. So that we the consumer can get the best experience and have games that entertain and put a smile on our face at the end of the day. Peace.
Reference:
Federal Court of Canada in Ottawa, Ontario – ‘Citation: 2017 FC 246: Nintendo of America INC. versus Jermaine Douglas King and Go Cyber Shopping (2005) LTD’ (01.03.2017)



It does not matter if he has the most perfect and most suited address of internal American matters or international yesterday in the Congress. That do not affect me B. Since his Executive Orders, Internal Memo’s and all the other tools that he uses to inflict harm and destroy humanity is that concerns a fellow brother like me.
I does not matter to me if he learned a few new words, spoke with his heart and blurred out some common sense yesterday. Since the lack of respect for intelligence and the lack of understanding of the reactions to his own actions are massive. The reason for the concern is the way he can easily pick something out of context and spread it like a disease.
President Trump, your Executive Orders and Presidential Memorandum is the ones that brings fear to me. The insulting ways of not caring what the experts in fields are saying and your lack of grasping the mentality of being the man-in-charge. The title is easy to carry, but to achieve something with honour and grace seems far-fetched at this point. Therefore, we are at crossroads, the crossing has already appeared and your methods are in use.
I cannot look out say since you said something beautiful yesterday and hopeful. Believe that tomorrow you will act like a man, who respect the constitution, international order and be civil. Since your ways is not like that and seems strange if that really would happen. You have an imagination and self-drive that is out of proportion. The sense of justification for your assaults on others is because you are always the victim, even when you strike first. Which is insulting to the rest of us seeing the whole ordeal and hearing it by all cable-TV.
So that you believe in yourself that you can as a PR stunt in a first Presidential Address take away the inflicted pain and suffrage you have already caused, that is not possible. There is a long way, but your immigration rules, the way you have been fixing the ICE agents procedures and attack on anyone questioning your reasons. Does not rule high in my book of proverbs. More likely shows the lack of morals and the lack of integrity a man of Presidential stature is supposed to have.
President Trump and his administration do not care about the effects as long as the rich multi-national companies earns fortunes, if you spill oil in rivers, frack the Midwest like a Swiss Cheese or even put trade-embargoes on Mexico and Canada, who cares as long as Goldman Sachs or any other big financial organizations earns huge profits. The pain of the ordinary person is not important. Therefore if 20 million Americans lose their health insurance is not that important, but what is important is that they pay for their coverage and get rid of the ones that should not have the ability to covered anyway. That is a true American spirit and wishful society, where the wealthy get yachts and hotels, while the poor has decide if they can by McDonalds burger or medication for their daughter. What a wonderful picture of the new America First.
Certainly, Trump must be so brave to take away the help to the poorest, the ones in need so he can spend fortunes upon fortunes on ammunition, guns and hi-tech military equipment, that is how nations is built. Out of the ashes of war and despair comes the grand fortunes of corruption and multi-million progress salvage pack bought and greased by American business. A favourable package for Trump and financial market friends.
Therefore, the words and speech of hope or whatnot yesterday does not matter to me. Because I cannot believe it or think that, it is true. Since his Executive Orders is to free-market policies or to give way to deport, detain or stop immigration at a scale in modern history that cause havoc. Together with the current political climate and the scales of internal conflict, it does not serve the United States, neither the world.
You can in theory claim that a potato is not a potato, still when you look at it and touch it. You know deep in your heart it is a potato and your mind remembers how a potato feels in your hand. Even if Trump now speaks of peace, promise of better day and of another to make America First. Trust me; I do not trust him, not a single bit. That is because of his acts and the way he does not give in. That is why he has in the past always taken things to court and appealed until the others have given in to a settlement instead of what they was entitle to get in the first place. Trump have manoeuvred that way in the past. So why should the old man change now?

I will not be shocked if read soon more disturbing Executive Orders where the Immigrants and their access to American soil is a danger to all of society, a cost and burden on all sort of employment. Therefore, I do not trust the man. Since his time as President the efforts to humans who flee wars for safe haven has been shut, the deportation with ICE agent has escalated and the reality of the economic is already starting to be shaped. A nice little speech is not changing my perspective on the man. Unless, the man retracts the Executive Orders, stops the internal memos and just stop with rhetoric of his. However, the old man will not do that, since it is not his way.
So please, do not tell me there is new Trump. Glean and Clean Trump does not exist and is not real. It fake like his tan. If there were a new Trump, it would have the changed and begged sorry to some of the people he really has offended. That is not him. We all know that my now and we know that he will not do anything about that. Unless, Bannon or one of the other wise guys at the White House says so.
Well, enough of the nonsense? Not yet! We have so many more days of this administration. Therefore, there will be more of this and this gravy train of ignorance and blatant disregard of decency will not decay, more it will sprite up some more juice and call it soup. Peace.

President Donald J. Trump has decided to the man and leader who love giant corporations and their needs first. Therefore, this February Trump Administration has yet again opened the doors for Business and big corporations to get free space to do their work without interference of the state or federal regulations. Trump wants business to be so free and without taxes, so the wealthy can be stinky rich without considering how they make their fortunes. Therefore, he has already loosen up with Fiduciary Duty Rule, where the investors get good advice or advice that might be better for the consumer, not the ones the wall-street trader or banker earns the biggest profit on and the consumer losing all their savings in. The second is that Trump will continue to cut strings and regulations. Take a look!
“The Department of Labor’s (Department) final rule entitled, Definition of the Term “Fiduciary”; Conflict of Interest Rule — Retirement Investment Advice, 81Fed. Reg. 20946 (April 8, 2016) (Fiduciary Duty Rule or Rule), may significantly alter the manner in which Americans can receive financial advice, and may not be consistent with the policies of my Administration” (E.O. 03.02.2017).
“You are directed to examine the Fiduciary Duty Rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice. As part of this examination, you shall prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Duty Rule, which shall consider, among other things, the following:
So you can see that advice from traders and bankers are getting freer so the U.S. Citizens can get bad advice that the crony capitalist earns on and the consumer loses their savings. They can give advice on investment portfolio that has problematic structures that even could be similar to subprime mortgage loans and the housing bubble of 2008, which started the economic recession. Therefore the ignorance of this proves that the President cares more about Goldman Sachs and other big multi-national banks. Their power eats the White House. Therefore the Trump administration has more plans that was unleashed on Friday!
On revising regulatory rules for business:
“By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to lower regulatory burdens on the American people by implementing and enforcing regulatory reform, it is hereby ordered as follows:
Section 1. Policy. It is the policy of the United States to alleviate unnecessary regulatory burdens placed on the American people” (E.O. 24.02.2017).
“Each Regulatory Reform Task Force shall evaluate existing regulations (as defined in section 4 of Executive Order 13771) and make recommendations to the agency head regarding their repeal, replacement, or modification, consistent with applicable law. At a minimum, each Regulatory Reform Task Force shall attempt to identify regulations that:
(i) eliminate jobs, or inhibit job creation;
(ii) are outdated, unnecessary, or ineffective;
(iii) impose costs that exceed benefits;
(iv) create a serious inconsistency or otherwise interfere with regulatory reform initiatives and policies;
(v) are inconsistent with the requirements of section 515 of the Treasury and General Government Appropriations Act, 2001 (44 U.S.C. 3516 note), or the guidance issued pursuant to that provision, in particular those regulations that rely in whole or in part on data, information, or methods that are not publicly available or that are insufficiently transparent to meet the standard for reproducibility; or
(vi) derive from or implement Executive Orders or other Presidential directives that have been subsequently rescinded or substantially modified” (E.O. 24.02.2017).
If you wonder what this means is that the Trump Administration is working on getting rid of certain financial regulations that is not benefitting the business community, the big-banks and the reforms that is done to secure a stable economic policies, to prevent bubbles and other openings that hurts the economy. Trump Administration rather wants to open all doors and believe fewer regulations are good and greed will create a prosperous society. Therefore, you can expect them to dismantle or repeal the Dodd-Frank regulation that can be summarised like this:
“Generally, the Dodd-Frank Act imposes more stringent regulatory capital requirements on financial institutions. The Act requires that the Council make recommendations to the Federal Reserve regarding the establishment of heightened prudential standards for risk-based capital, leverage, liquidity and contingent capital” (Morrison & Foerster, 2010).
This is seen as preventive for economic growth, even as the numbers and statistics haven’t showed lacking results of the business in the United States after the legislation came to pass. The Banking institutions haven’t lacked funds or investment opportunities in the republic. So the need to repeal or to take away the clear cut regulations of Dodd-Frank is more of ideological belief, than a systematic defaults of the added regulation to make sure the banks and corporations follows guidelines for their investments and follow the standards the Federal Reserves has put. This was put into a new law by the Presidency of Bill Clinton and called the Gramm-Leach-Bliley Act or the GLBA.
This can be summarised like this:
“The Gramm-Leach-Bliley Act makes the most important legislative changes to the structure of the U.S. financial system since the 1930s. Financial services firms will be authorized to conduct a wide range of financial activities, allowing them freedom to innovate in the new economy. The Act repeals provisions of the Glass-Steagall Act that, since the Great Depression, have restricted affiliations between banks and securities firms. It also amends the Bank Holding Company Act to remove restrictions on affiliations between banks and insurance companies. It grants banks significant new authority to conduct most newly authorized activities through financial subsidiaries” (…) “Removal of barriers to competition will enhance the stability of our financial services system. Financial services firms will be able to diversify their product offerings and thus their sources of revenue. They will also be better equipped to compete in global financial markets” (Clinton, 1999).
So surely Trump seems keen on following the traits of William Clinton or Bill, who had his ways of opening the markets and making sure the big-business didn’t had to have issues with regulatory business, giving bankers and banks more power and have more involvement with more financial instruments. Therefore the banks could sufficiently control more of the financial transactions and instruments to earn even bigger profits without any concern of the federal state regulatory bodies. This is one of the reasons for the Dot Com crash and the Subprime Crash of the recent decades, as the banks could easily transform business and create markets without any consideration of the small-investors, the citizens or the ones losing in the banking crisis of 2008. This is scenario coming up if the Trump Administration opens up and repeal the Dodd-Frank Act. There are another one he might look into that has also regulated the businesses in the United States, this being the Sarbanes-Oxley Act (SOX), which can be explained like this:
“Sarbanes-Oxley established the Public Company Accounting Oversight Board to regulate public accounting firms that audit publicly traded companies. It prohibits firms that audit publicly traded companies from providing other services to the companies they audit, and it requires that CEOs and CFOs of the publicly traded companies certify their companies’ annual and quarterly reports. The Act authorized the Securities and Exchange Commission (SEC) to issue rules governing audits” (…) “The law requires that insiders may no longer trade their company’s securities during pension fund blackout periods. It mandates various studies including a study of the involvement of investment banks and financial advisors in the bookkeeping and recordkeeping scandals that motivated enactment of the legislation. Also included are whistle blower protections, new federal criminal laws, including a ban on alteration of documents” (FDIC – ‘Important Banking Laws’ 20.07.2015).
“That aspect of flexibility—being able to exempt some smaller companies from the mandate and make it easier for others to implement—is an important quality to keep in mind when we discuss future regulation,” says Srinivasan, who also cites the important role of the Public Company Accounting Oversight Board (PCAOB), a nonprofit private corporation created by SOX that oversees auditors of SEC-registered companies” (HBS Working Knowledge, 2014).
Certainly the review and the Trump Administration want are lacking accountability and freer market, total lassies-faire economy without any interference. Certainly if they could they would get rid of commissions and regulatory bodies that also interfering in the businesses of the United States…? Therefore, if SOX and Dodd-Frank acts are repealed or replaced with soft laws that opens the gates for free-for-all instead of economic regulations to safety the investors, the banks and the consumers. That would generate more trust for foreign investment and also of the consumers that want to be sure of their savings. Well, that is all a foreign opinion and understands of the world for the Trump Administration, an administration that is a corporate stooge and a not so invisible hand of Corporate America. Certainly Wilbur Ross and Steve Mnuchin will work for more open markets where the giant multi-national businesses get more freedom and less taxes, so profits can hopefully sore and the American consumer can be more rid-of-the-short-change in their pockets.
So if certain laws cease to exist or get repealed, if they get amended to a pointless state or even get new fancy laws made for big-business from Congress, don’t be surprised all the corporate stooges and well-wishers from the big-banks are all settled there, in the interest of capital donors and the republican super-PACs that want their reimbursement for their investment into the politician, certainly the Koch brothers and Mercer’s of this world want the gates open and market to sour for them. Not matter what cost or how many who loses their savings, as long as the wealthy are getting wealthier. Peace.
Reference:
Executive Order – Trump, Donald J. – ‘SUBJECT: Fiduciary Duty Rule’ – White House, United States of America (03.02.2017)
Executive Order – Trump, Donald J. – ‘ENFORCING THE REGULATORY REFORM AGENDA’ – White House, United States of America (24.02.2017)
Clinton, William J (Bill) – ‘Statement on Signing the Gramm-Leach-Bliley Act (12.11.1999) link: http://www.presidency.ucsb.edu/ws/?pid=56922
HBS Working Knowledge – ‘The Costs And Benefits Of Sarbanes-Oxley’ (10.04.2014) link: https://www.forbes.com/sites/hbsworkingknowledge/2014/03/10/the-costs-and-benefits-of-sarbanes-oxley/#77656419478c
Morrison & Foerster – ‘The Dodd-Frank Act: a cheat sheet’ (2010)