By Andrew Ackerman

WASHINGTON -- President-elect Donald Trump's transition team is promising to "dismantle" the Dodd-Frank law, the Obama administration's signature response to the financial crisis.

Mr. Trump's transition team, in a brief note on its website, blamed the 2010 law for a tepid economy recovery since the financial crisis and said the Trump administration would "replace it with new policies to encourage economic growth and job creation."

The comments, which provide no additional details, reinforce remarks from Mr. Trump during the campaign in which he vowed to roll back or eliminate the sprawling law. The Dodd-Frank Act established the Consumer Financial Protection Bureau, imposed restrictions on financial instruments known as derivatives and placed curbs on large banks taking risky bets with their own money, among other things.

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(END) Dow Jones Newswires

November 10, 2016 13:11 ET (18:11 GMT)

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