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U.S. President Donald Trump gestures as he speaks before the signing ceremony for S. 2155 - Economic Growth, Regulatory Relief, and Consumer Protection Act in the Roosevelt Room at the White House in Washington, U.S., May 24, 2018. REUTERS/Kevin Lamarque

Donald Trump signs law that loosens bank restraints enacted after Great Recession

WASHINGTON — President Donald Trump has signed into law a measure loosening key restraints for banks that came in the wake of the 2008 financial crisis and Great Recession.

Trump savored the legislative triumph Thursday.

The Republican-led legislation cleared Congress on Tuesday with the help of some Democrats’ votes and allowed Trump to realize his campaign pledge of dismantling the landmark Dodd-Frank law. The 2010 law was enacted by President Barack Obama and Democrats in Congress in response to the crisis that brought millions of lost jobs and foreclosed homes.

Trump notched the win on banking rules as reaction swirled over his abrupt diplomatic turn earlier Thursday in canceling next month’s summit with North Korean leader Kim Jong Un.

Trump says, “This is truly a great day for America.”

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