Trump Moves to Roll Back Financial Regulation
US president to order review of Dodd-Frank, halt Obama fiduciary rule
US President Donald Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action on Friday desig ned to sig ni ficantly scale back the regulatory system put in place in 2010.
Trump also will halt another of formerPresidentBarackObama’sregulations, hated by the financial industry, that requires advisers on retirement accounts to work in the best interests of their clients. Trump’s order will give the new administration time to review the change, known as the fiduciary rule.
Taken together, the actions are designed to lay down the Trump ad minist rat ion’s approach to financial markets, with an emphasis on removing regulatory burdens and opening up investor options, said the White House official, who briefed reporters on condition of anonymity. The orders are the most aggressive steps yet by Trump to loosen regulations in the financial services industry and come after he has sought to stock his administration with veterans of the industry in key positions. His plans are sure to face fierce criticism by Democrats who charge that Trump is intent on undoing changes designed to protect everything from average investors to the global banking system.
Trump’s Treasury secretary nominee Steven Mnuchin will meet with members of the Financial Stability Oversight Council and repor t back on what changes the administration should take to alter DoddFrank, the official said. Particular attention will be paid to the Volcker Rule limits on banks making speculative bets with their own funds, an restriction promoted by former Federal Reserve chairman Paul Volcker.
Trump’s di rective also stal ls the so-called fiduciary rule — set to take effect in April — that the Obama administration said would protect millions of retirees from being steered into inappropriate high-cost or high-risk investments that generate bigger profits for brokers.
The review will include examining making personnel changes at financial regulators as a way of accomplishing the administration’s objectives, the official said.
The carving of ‘Donald Trump’ at the Southwell Minster church in England is 700 years old. The 14th-century head is one of 280 at the Minster, and is located at the pulpitum, a screen which separates the nave from the choir. It is thought to be made of stone, with some plaster renovations which took place in the 19th century. Trump’s carving was snapped way before he became president but has recently caused quite a stir on social media, The Sun reported.