As US President Donald Trump and his administration take a chainsaw to the regulatory system, several observers have suggested that it is unclear whether these efforts will have the desired effect of promoting economic growth, or if they will create financial instability and bring about another financial crisis.
The Financial Times Editorial Board recently argued that the latter was more likely. "Where the US banking system goes, other major financial centres will be tempted to follow," the FT wrote. “[G]iven the breadth of America's plans to slash financial red-tape, the risk of a broader race to the bottom in regulatory standards remains.”
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