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Tags: US | Trump | Financial Regulations

Trump Signs Order to Scale Back Financial Regulations

Trump Signs Order to Scale Back Financial Regulations

(Chip Somodevilla/Getty Images) 

Friday, 03 February 2017 01:58 PM EST

President Donald Trump signed an executive order Friday that will direct the Treasury secretary to review the 2010 Dodd-Frank financial overhaul. 

It's Trump's first step at scaling back regulations on financial services.

Trump has called the law a "disaster" and said it failed to address some of the causes of the 2008-2009 financial crisis.

The president has also signed a presidential memorandum related to retirement planning.

The administration's move will delay implementing an Obama-era rule that requires financial professionals who charge commissions to put their clients' best interests first when giving advice on retirement investments.

Trump pledged during the campaign to repeal and replace Dodd-Frank, which also created the Consumer Financial Protection Bureau.

"Dodd-Frank is a disaster," Trump said earlier this week during a meeting with small business owners. "We're going to be doing a big number on Dodd-Frank."

The order won't have any immediate impact. But it directs the Treasury secretary to consult with members of different regulatory agencies and the Financial Stability Oversight Council and report back on potential changes.

That likely includes a review of the CFPB, which vastly expanded regulators' ability to police consumer products — from mortgages to credit cards to student loans.

Trump administration officials, like other critics, argue Dodd-Frank did not achieve what it set out to do and portray it as an example of massive government over-reach.

Trump will also sign a presidential memorandum Friday that instructs the Labor Department to delay implementing an Obama-era rule that requires financial professionals who charge commissions to put their clients' best interests first when giving advice on retirement investments.

The rule, which was set to take effect in April, will be delayed for 90 days while it's reviewed.

The so-called "fiduciary rule" was aimed at blocking financial advisers from steering clients toward investments with higher commissions and fees that can eat away at retirement savings.

Critics argue the rule limits retirees' investment choices by forcing asset managers to steer them to the lowest-risk options.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Politics
President Donald Trump signed an executive order Friday that will direct the Treasury secretary to review the 2010 Dodd-Frank financial overhaul. It's Trump's first step at scaling back regulations on financial services.Trump has called the law a disaster and said it...
US, Trump, Financial Regulations
328
2017-58-03
Friday, 03 February 2017 01:58 PM
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