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» VISIT US ONLINE @ DSNEWS.COM 67 issue an executive order to impose a temporary regulation moratorium on new agency regulations." Calling the Dodd-Frank Act a "negative force," Trump said on Wednesday that he planned to overhaul the controversial Wall Street reform law that was passed in 2010 in response to the crisis. While he did not disclose specific changes he would make, Trump told Reuters that his plan will be a "near dismantling" of Dodd-Frank. "Dodd-Frank has made it impossible for bankers to function," Trump said. "It makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop." Hillary Clinton, was swift to respond to Trump's stated intention to overhaul Dodd- Frank, calling the suggestion the "latest reckless idea from Trump: gut rules on Wall Street, and leave middle-class families out to dry." But despite the stronger than normal opposition to his candidacy within his own party, a Dodd-Frank rollback is likely an issue where Trump could find common ground with most, if not all republicans. e party has been trying to roll back Dodd-Frank since it was passed in July of 2010. is year alone, several bills aimed at chipping away at the law have gained traction in Congress. In mid-April, two such bills passed in the House Financial Services Committee; one to repeal Dodd- Frank's bailout fund for large, complex financial institutions and one to put the Consumer Financial Protection Bureau's spending on a budget in an attempt to make the Bureau more accountable to taxpayers. Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, recently told DS News that "America needs a new vision—a new model for financial reform— because the Dodd-Frank Act is a failure." But Democrats have been fiercely protective of Dodd-Frank and highly critical of Republican efforts to undermine it. Rep. Maxine Waters (D-California), ranking member of the House Financial Services Committee, said of those two bills that passed in the Committee, "Both of these bills, if enacted, would take our financial system back to September of 2008, when regulators did not have the tools to protect consumers or the broader economy from financial sector ruin. It would take us back to a time when we were hemorrhaging nearly 800,000 jobs a month, household wealth dropped by $13 trillion, and millions of our fellow Americans were facing foreclosure, eviction, and potential homelessness." FORECASTING THE FUTURE e industry seems to be skeptical that a Trump presidency would lead to a prosperous housing market. Zillow polled more than 100 U.S. economists, real estate experts and academics say they expect home values to grow steadily in the 3 percent to 4 percent range over the next few years, but that those expectations could change depending on who is elected president come November. e report states that among those panelists expressing an opinion, 45 percent said a Donald Trump presidency would impact their expectations for future home value growth either very negatively or somewhat negatively. is is compared to 16 percent who said their expectations would be impacted somewhat or very positively. "e overwhelming majority stated that if Secretary Clinton were to become president, very little would actually change in the panelists outlook and forecast for the general economy, the housing market and even housing finance reform," says Zillow Chief Economist, Svenja Gudell. "In contrast, if Mr. Trump were to become president, the panelists forecast for the economy, the housing market, and housing finance reform were all impacted negatively." e possible election of Hillary Clinton is reported to show a more positive impact on panelists' expectations for home value growth going forward with 33 percent having an opinion that the election of Hillary Clinton would have a somewhat or very positive effect on their home value forecast. Only 16 percent said her election would have a somewhat or very negative impact. Zillow also notes that panelists were then asked to evaluate their expectations for the future of housing finance reform and their overall economic outlook over the next few years depending on which of the presidential candidates were to be elected. e report states that a majority of those with an opinion, 59 percent, stated that their overall economic outlook would be very or somewhat negatively impacted if Trump were to win the presidency. irty percent said if Clinton were to be elected, it would somewhat or very positively influence their overall economic outlook, while 29 percent said their view would be somewhat or very negatively swayed. ese results are interesting but may have to be taken with a grain of salt. Donald Trump is perhaps the most unique candidate to emerge as a major party candidate in American history and traditional analysis of his effect on the market may (or may not) be colored by the reaction that his antics produce. But the choice on the approach that the candidates take toward housing policy could not be clearer. Time will tell whether it is a deciding factor moving forward. "THE OVERWHELMING MAJORITY STATED THAT IF SECRETARY CLINTON WERE TO BECOME PRESIDENT, VERY LITTLE WOULD ACTUALLY CHANGE IN THE PANELISTS OUTLOOK AND FORECAST FOR THE GENERAL ECONOMY, THE HOUSING MARKET AND EVEN HOUSING FINANCE REFORM." –ZILLOW CHIEF ECONOMIST, SVENJA GUDELL

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