Why Bernie Sanders Just Called President Trump a Fraud

Sen. Bernie Sanders, I-Vermont, called President Donald Trump "a fraud" Sunday on CNN's "State of the Union" as he denounced Trump's executive order to undercut 2010 regulations put in place to rein in Wall Street.

Sander told CNN anchor Jake Tapper:

"I don't mean to be disrespectful; this guy is a fraud. This guy ran for president of the United States saying, 'I, Donald Trump, I'm going to take on Wall Street. These guys are getting away with murder.' Then suddenly he appoints all these billionaires, his major financial adviser comes from Goldman Sachs, and now he's going to dismantle legislation that protects consumers."

Sanders was referring to an executive order Trump signed Friday to order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, which Trump argued created excessive burdens for business owners who want to borrow money.

Both Sanders and Trump were seen by many as populists during the 2016 election.

Both made statements that reached out to voters who felt disenfranchised.

But Sanders says now that Trump's outreach amounted to hypocrisy. "He is a good showman, I will give you that — he is a good TV guy," Sanders said. "But I think he is going to sell out the middle class and the working class of this country."

Former Democratic Rep. Barney Frank of Massachusetts — after whom the regulatory package was partly named — also pushed back against Trump.

"There are no restrictions on lending in this bill. There are restrictions on the manipulation of derivatives of complex financial instruments like the ones AIG used that got people into serious trouble," Frank said in an interview on New York's AM 970.

The actual effect of Trump's executive order is minimal. But critics view it as a sign that Trump is preparing to cut financial regulations that will benefit large corporations at the expense of ordinary people.