President Trump signed an executive order to ease regulations put in place after the 2008 financial crisis to rein in Wall Street. The move addressed a Trump campaign promise to dismantle 2010’s financial legislation, known as Dodd-Frank. The law forced banks to take steps to prevent another financial crisis, including holding more capital and taking yearly “stress tests” to prove they could withstand economic turbulence. The financial industry, particularly its small community banks, complained the rules went too far. Trump also signed a presidential memorandum to roll back the Labor Department’s rules that would require financial professionals to put their clients’ interests ahead of their own. The “fiduciary rule,” scheduled to go into effect in April, has been a target of Republicans, who call it burdensome and costly. The tech industry’s opposition to Trump escalated as corporate leaders drafted a letter warning of the economic risks of his immigration policies, Uber’s chief executive quit an administration advisory board and Lyft pulled its ads from Breitbart News, the site founded by the White House chief strategist Stephen K. Bannon. Apple, Amazon and other companies said they were exploring legal action against Trump’s executive order that temporarily barred travelers from seven majority-Muslim countries. Nordstrom will stop selling the Ivanka Trump brand this season, a move that follows boycott threats and concerns about the first daughter’s conflicts of interest. The chain made the decision based on sales, it said. Apple will begin assembling iPhones in India by the end of April, heightening its focus on the world’s fastest-growing major smartphone market as growth slows elsewhere.
Nestlé USA, the maker of HäagenDazs, Baby Ruth, Lean Cuisine and dozens of other mass brands, is moving its U.S. headquarters to Arlington’s Rosslyn area, bringing roughly 750 jobs. The world’s largest packaged-food company — which bills itself as a nutrition, health and wellness company — will move in at 1812 N. Moore St., the region’s tallest building, which has remained vacant since it was completed in late 2013. Nestlé was lured to the area, executives say, by its proximity to lawmakers, regulators and lobbyists — and more than $16 million in state and county subsidies.
U.S. employers added the most workers in four months while wage growth slowed more than projected, suggesting some slack remains in the labor market. January’s 227,000 increase in payrolls followed a 157,000 rise in December. The jobless rate rose to 4.8 percent.
Trump nominated Colorado federal appeals court judge Neil Gorsuch for the Supreme Court, opting in the most important decision of his young presidency for a highly credentialed favorite of the conservative legal establishment to fill the opening created last year by the death of Justice Antonin Scalia. Trump fired acting attorney general Sally Yates after she ordered Justice Department lawyers not to defend his immigration order temporarily banning entry into the United States for citizens of seven majorityMuslim countries and refugees from around the world.
Trump vowed to “totally destroy” a law passed more than 60 years ago that bans tax-exempt churches from supporting political candidates, a nod to the religious right that helped sweep him into office. Repeal of the Johnson Amendment — which is part of the tax code and would require action by Congress — has been sought primarily by conservative Christian leaders, who argue that it is used selectively to keep them from speaking out freely.