Trump moves to kill Dodd-Frank finance curbs
WASHINGTON — President Donald Trump is taking his first steps aimed at scaling back financial services regulations, and the Republican-run Congress cast a vote early Friday signaling that it’s eager to help.
The president signed an executive order that will direct the Treasury secretary to review a 2010 financial oversight law, which reshaped financial regulation after the 2008-09 financial crisis.
Trump also signed a presidential memorandum 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.
While the financial oversight order won’t have any immediate impact, the administration’s intent is clear.
“The Dodd-Frank Act is a disastrous policy that’s hindering our markets, reducing the availabilit y of credit and crippling our economy’s ability to grow and create jobs,” said press secretary Sean Spicer.
Earlier Friday, the Senate used an unusual pre - dawn vote to approve legislation, 52-47, killing a regulation that has required oil and gas companies to disclose payments to the U.S. or foreign governments for commercial development. The House approved the measure this week, and Trump is expected to sign it.
Republicans said the rejected regulation gives foreign competitors valuable information about U.S. firms and would hurt the economy. Democrats said erasing the requirement means big companies will be able to hide questionable dealings with foreign governments like Russia.
Trump pledged during his campaign to repeal and replace the Dodd-Frank law, which also created the Consumer Financial Protection Bureau. A senior White House official outlined his executive order in a background briefing with reporters Thursday.
“Dodd-Frank is a disaster,” Trump said earlier thi s week during a meeting with small business owners. “We’re going to be doing a big number on DoddFrank.” The shorthand name for the law refers to its Democratic sponsors, former Sen. Chris Dodd of Connecticut and former Rep. Barney Frank of Massachusetts.
The president discussed the topic with top CEOs and banking executives at a meeting Friday morning at the White House, where attendees included Jamie Dimon, the CEO of JPMorgan Chase.