“The House voted to exempt small and regional banks from some of the most stringent rules put in place after the financial crisis, while also loosening some of the rules aimed at keeping the biggest banks from failing,” the Washington Post reports.

“The measure does not repeal the 2010 Dodd-Frank law, as some in the GOP had hoped, but it does represent the most significant scaling back of the rules to date.”

New York Times: “While the legislation offers little for the very largest banks, the Trump administration has already been working through the regulatory system to make things easier for them.”

An analysis by the Associated Press shows the nation’s six big Wall Street banks saved at least $3.59 billion in taxes last quarter, thanks to the recently enacted Trump tax law.

Bloomberg: “The turmoil has damaged Trump’s ranking when it comes to equity returns. The Dow Jones Industrial Average’s 32 percent rally during his first year gave him the third-best start by a president going back more than 100 years. But tack on the turmoil since January and he drops to the middle of the pack, behind former Presidents Barack Obama, Bill Clinton and George H.W. Bush.”

New York Times: “Even after a fast start to 2018, stock markets finished the first quarter down for the year — the first quarterly decline since 2015. It suggested that a period of calm and steadily rising markets had given way to a turbulent new era with a bearish bent.”

Financial Times: “Traders said anxieties were being exacerbated by Donald Trump’s tweets and trade policies.”

[alert type=”general” dismiss=”no”]The Dow is up 19% since Trump took office. By comparison, it was up 32% for Barack Obama during the same time period.[/alert]

“The Senate is preparing to scale back the sweeping banking regulations passed after the 2008 financial crisis, with more than a dozen Democrats ready to give Republicans the votes they need to weaken one of President Obama’s largest legislative achievements,” the Washington Post reports.

“Eight years after nearly every Senate Democrat backed a sweeping set of new rules for financial firms large and small, the party is now split, with moderates, several of them facing tough midterm election contests, working with the opposing party.”

“President Trump is learning a basic and painful lesson of Wall Street: Stocks also go down,” Politico reports.

“A global market sell-off accelerated Monday with the Dow Jones Industrial Average plunging nearly 1,600 points at one point in roller-coaster afternoon trading. After a volatile session, the Dow ended down 1,175 points, or 4.6%, at 24,346. It was the largest ever single-day point drop for the Dow and it rattled both Wall Street and Washington, abruptly ending a remarkable period of placid markets where it often seemed the only direction was up.”

Financial Times: “A rout swept through European and Asian stock markets in the wake of the biggest sell-off on Wall Street in six years as a sudden burst of turmoil shattered the long period of calm.”

As President Trump traveled to Ohio to tout the benefits of the new tax law, the Dow had dropped more than 500 points.

The Dow was down more than 1,100 points for the day and down more than 1,600 points over the last two trading days.

“The Trump administration has stripped enforcement powers away from Consumer Financial Protection Bureau office that specializes in pursuing cases against financial firms for breaking discrimination laws,” the Washington Post reports.

“The move comes about two months after President Trump installed his budget chief Mick Mulvaney at the head of an agency that has long been in the cross-hairs of Republicans. The Office of Fair Lending and Equal Opportunity had imposed penalties on lenders that it said had systematically imposed higher interest rates on minorities than whites.”

Bloomberg: “Only about 45 percent of private-sector workers participate in any employer-sponsored retirement plan, and the lower-income workers in Trump’s political base are the least likely to hold money in such an account.”

“Trump mentions the stock market almost daily in tweets or public remarks, taking direct credit for record highs by the Dow Jones Industrial Average and other indices. But only about 14 percent of U.S. families directly own stocks, an asset class dominated by the country’s top earners, according to the Federal Reserve. Meanwhile, the president has also rolled back efforts to expand retirement savings options to more middle-class and low-income workers.”