THE RE­CAP

The Washington Post Sunday - - TAKING STOCK -

Busi­ness

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.

Cap­i­tal Busi­ness

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.

Econ­omy

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.

Wash­ing­ton

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.

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