Donald Trump to order review of US Dodd-Frank Act

The DOL Fiduciary Rule, a rule with a benign description that hides an ugly trap for consumers, has lost favor as well.

"The Dodd-Frank Act is a disastrous policy that's hindering our markets, reducing the availability of credit and crippling our economy's ability to grow and create jobs", said Press Secretary Sean Spicer.

Donald Trump has signed another two executive orders to review and roll back financial industry regulations which were imposed by former President Barack Obama after the financial crisis. A federal court this autumn ruled the president should be able to fire the director at will, but the decision was stayed pending appeal. Some CFPB expect Trump to try to replace Cordray nonetheless, which would probably lead Cordray to sue. The group is led by JP Morgan Chase CEO Jamie Dimon and executives of other major US companies. "This is like putting only healthy food on the menu", he tells the Journal, "because unhealthy food tastes good but you still shouldn't eat it because you might die younger". "I've heard there's a regulatory compliance burden and it has increased, there's no doubt about it", he said. "I think a lot of people had chose to become ERISA fiduciaries, or at least to act more as such, and that is a positive thing". Republicans have always been opposed to the law.

However, it was the prospect of Dodd-Frank - one of the biggest pieces of financial regulation for decades - being scaled back that drew the most attention. It will not take effect immediately and awaits Senate confirmation of Trump's Treasury Secretary nominee Steve Mnuchin.

Any substantial repeal of Dodd-Frank would require congressional action, but the Trump White House is keen to send a signal that it is ready to slash red tape. A bill sponsored by Republicans called the Financial Choice Act would eliminate the Volcker Rule, which bans banks from making risky bets with their own money, and also the Consumer Financial Protection Bureau, the Warren-inspired watchdog that has gone after big banks like Wells Fargo. One order will also attempt to delay the Department of Labor's recent "best-interest" rule protecting retirement savers from having their pockets picked by Wall Street banks and insurance companies.

More news: H-1B visa reform: Is Indian IT heading for a crash?

They were boosted by hopes the President would also target a new law from President Obama's time in office aimed at ensuring retirement advisers and brokers act in their clients' best interests on United States accounts.

Trump plans on Friday to issue a memo asking the Labor Department to determine whether the rule should be revised or be scrapped altogether, according to the White House.

Opponents of the rule argued it would raise costs and make small accounts unprofitable.

The executive order Friday will surely be met with opposition from Democrats and lobbying groups who believe the post-2008 regulatory reforms are protecting consumers from predatory investment brokers, a narrative challenged by Trump's performance with voters in the Midwest, where homeowners were hit hardest by the housing crisis.

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