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Newsletter January 2017

MARKET NOTES - CURRENT REGULATIONS, ACTS & AGENCIES THAT MAY CHANGE

Dodd Frank – An act signed into law in 2010 to regulate financial services and banking. Has become a burden to smaller community banks due to heightened rules and regulations. It has consequently made it more difficult for homebuyers to qualify because of strict requirements imposed.

Consumer Financial Protection Bureau (CFPB) – An agency formed in 2011 to protect consumers in the financial sector. Enacted as part of the Dodd Frank Act. The CFPB has been plagued by bureaucratic conflicts and ill experienced, overpaid employees since its inception, providing little benefit to consumers.

Volcker Rule – Enacted as part of the Dodd Frank Act. Restricts banks from trading their own bond portfolio for profit. Has led to less liquidity in the fixed income markets with banks not holding bond inventories.

Affordable Care Act (ACA) – Created as affordable health care for every American. Many believe that it just has not worked, and Trump has pledged to "repeal and replace" the act.

Trans Pacific Partnership (TPP) – Free trade agreement with Asian and Latin countries promoting non-tariffs and lifting barriers to trade. Concern among many that it may not benefit the U.S.

North American Free Trade Agreement (NAFTA) – Free trade agreement with Canada and Mexico. Many argue that it has benefited Canada and Mexico at the expense of U.S. jobs.

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Sources: Bloomberg