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GENERAL ELECTRIC COMPANY

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Trump's message to bankers: Wall Street reform rules may be eliminated

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04/12/2017 | 12:26am EDT
A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York City

WASHINGTON (Reuters) - President Donald Trump told a group of chief executives on Tuesday that his administration was revamping the Wall Street reform law known as Dodd-Frank and might eliminate the rules and replace them with "something else."

At the beginning of his administration, Trump ordered reviews of the major banking rules put in place after the 2008 financial crisis, and last week he said officials were planning a "major haircut" for them.

"For the bankers in the room, they'll be very happy because we're really doing a major streamlining and, perhaps, elimination, and replacing it with something else," Trump said on Tuesday.

"That will be the minimum. But we're doing a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many," he said.

The White House is not unilaterally able to upend Dodd-Frank’s rules, almost all of which are implemented by independent regulatory agencies like the Securities and Exchange Commission and the Federal Reserve.

A sweeping change to the law would require congressional action, though in some cases regulators may also have wiggle room to make changes through a formal rule-making process.

In February, Trump issued an executive order requiring Treasury Secretary Steve Mnuchin to consult with U.S. regulators and submit a report outlining a proposal for possible regulatory and legislative changes that would help fuel economic growth and promote American business interests.

That report, due to be released in June, will likely serve as a blueprint for possible changes down the road.

Congressional action on a Wall Street bill is not expected in the near term, as Congress focuses primarily on healthcare and tax reform.

On Tuesday, House of Representatives Financial Services Committee Chairman Jeb Hensarling announced that he was planning to introduce a new draft by month's end of sweeping legislation known as the "Financial CHOICE Act" that would give Dodd-Frank a major overhaul.

The new draft of the bill would largely defang the Consumer Financial Protection Bureau's supervisory powers and make the director removable at will.

It would also revamp bank stress-testing rules and loosen securities regulations to help companies raise cash.

The bill is likely to face an uphill battle in the Senate, where Democrats are expected to be resistant and a 60-vote threshold is needed to pass legislation.

Participants in Tuesday's meeting included Rich Lesser, chief executive of Boston Consulting Group; Doug McMillon, chief executive of Wal-Mart Stores Inc (>> Wal-Mart Stores Inc); Indra Nooyi, chief executive of PepsiCo (>> PepsiCo, Inc.); Jim McNerney, former chief executive of Boeing Co (>> Boeing Co); Ginni Rometty, chief executive of IBM (>> International Business Machines Corp.); and Jack Welch, former chairman of General Electric Co (>> General Electric Company).

The business leaders are part of Trump's "Strategy and Policy Forum" that last met with him in February.

Trump also reiterated his criticism of the North Atlantic Free Trade Agreement between the United States, Canada and Mexico.

"NAFTA is a disaster. It's been a disaster from the day it was devised. And we're going to have some very pleasant surprises for you on NAFTA, that I can tell you," he said.

(Reporting by Jeff Mason and Sarah N Lynch; additional reporting by Patrick Rucker; Editing by Alistair Bell and Jonathan Oatis)

By Jeff Mason and Sarah N. Lynch

Stocks mentioned in the article
ChangeLast1st jan.
BOEING COMPANY (THE) 0.75% 330.45 Delayed Quote.1.71%
GENERAL ELECTRIC COMPANY 9.74% 8.79 Delayed Quote.5.81%
INTERNATIONAL BUSINESS MACHINES CORPORATION 1.39% 133.76 Delayed Quote.16.06%
WALMART INC. 0.27% 112.99 Delayed Quote.21.30%
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Financials (USD)
Sales 2019 116 B
EBIT 2019 10 909 M
Net income 2019 3 790 M
Debt 2019 36 383 M
Yield 2019 0,48%
P/E ratio 2019 21,7x
P/E ratio 2020 17,5x
EV / Sales2019 0,97x
EV / Sales2020 0,98x
Capitalization 76 711 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 11,33  $
Last Close Price 8,79  $
Spread / Highest target 82,0%
Spread / Average Target 28,8%
Spread / Lowest Target -43,1%
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NameTitle
H. Lawrence Culp Chairman & Chief Executive Officer
Jamie S. Miller Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
James J. Mulva Independent Non-Executive Director
William Geoffrey Beattie Independent Director
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