Donald Trump's move marks a step toward making good on a campaign promise to dismantle the 2010 Dodd-Frank law, which was passed in the wake of the 2007-2009 financial crisis
Washington: US President Donald Trump will sign executive orders on Friday to review the Dodd-Frank Wall Street reforms and halt a Labour Department rule designed to curb potential conflicts among brokers who give retirement advice, according to a senior White House official.
Trump’s move marks a step toward making good on a campaign promise to dismantle the 2010 Dodd-Frank law, which was passed in the wake of the 2007-2009 financial crisis.
Earlier this week during a meeting with business owners, Trump described the Wall Street reform law as “a disaster."
The official said the Dodd-Frank executive order will ask the Treasury secretary to work with other regulators to determine what the administration can do to fix issues with measures issued under the 2010 Dodd-Frank Wall Street reform law.
“There are quite a few things that we could do on Dodd-Frank ... that we think will have fairly immediate and dramatic impact," the official told reporters at a briefing on Thursday.
Some of those changes could include personnel changes at regulatory agencies or additional executive orders, the official added.
The Labour Department’s retirement advice rule is not part of the Dodd-Frank law, but has long remained a thorn in the side of the financial services sector.
It was issued by the Obama administration in 2016, and is set to take effect in April.