After months of campaigning on a broad and basic platform of “making America great again”, Donald Trump is finally starting to put some specific proposals on the table. Surprisingly for the FX industry, he is pledging support for the smaller companies and is keen to part with the cumbersome regulations that have stifled the development of the retail forex industry in the U.S.
Speaking at a rally at the New York Fed, the Republican presidential hopeful stated: “Our regulators are a disgrace: they are taking our jobs offshore, to Cyprus, Mauritius and New Zealand. We have to make the financial industry great again, it holds the key to building a better future for our parents that are sending their savings to unregulated offshore binary options brokerages instead.”
Build a Firewall!
“I say we have to license all binary options and forex brokers that are willing to operate in the U.S. legally, but we also have to build a firewall to block all unregulated companies from accepting deposits. Canada is going to pay for it, cause they have a similar problem,” Trump vociferously added.
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The candidate expressed disdain with the Uncle Frank bill and is pledging to overturn it on his first day in office. Trump has also elaborated on the prospective jobs that can be created: “All of the jobs that we lost to China are gone for good, we better start winning again. U.S. based brokerage companies will take care of the high savings rates in China and reverse the trade deficit.”
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After a question by a reporter about the viability of such a plan, Trump explained, that brokerages should rethink how they are training their sales staff. “We’re gonna start winning again, it’s all about making good deals – if every firm in this industry mandates their sales staff to read The Art of the Deal, we will be able to quickly reverse our trade deficit with China and the rest of the world.
Unfortunately for many of us, this article is purely the byproduct of a fictional scenario which could unfold only if the current republican frontrunner becomes president of the U.S. – Happy April Fools’ Day.