Trump takes aim at Dodd-Frank financial overhaul

Jon Howard
February 4, 2017

President Donald Trump has yet to overhaul the financial reforms put in place after the economic crisis, but Massachusetts Senator Elizabeth Warren and some consumer groups Friday morning launched their first salvos in defense of the regulations, an indication of the drawn-out battle that is likely to follow.

The executive order directs the Department of Treasury to consult with regulatory agencies and report to the president about what could be done to eliminate what the administration considers "overreaching" aspects of Dodd-Frank affecting Wall Street, reported.

Dodd-Frank was originally meant to increase transparency by implementing a consistent set of regulations aimed at closing loopholes and making firms accountable for their own mistakes.

Read the full story here. The new executive order will ask the Labor Department to revise or revoke the Fiduciary Rule.

The review will be headed by the treasury secretary. Trump then signed a second directive to repeal a Labor Department rule that requires "brokers to act in a client's best interest, rather than seek the highest profits for themselves, when providing retirement advice". There is nobody better to tell me about Dodd-Frank than Jamie [Dimon], so you gonna tell me about it.

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Bolstering U.S. equities and stock exchange traded funds, President Donald Trump prepared to roll back regulations under Dodd-Frank and U.S. employers added the most workers in four months.

The regulations in Dodd-Frank are "consumer-focused", and have nothing to do with the broader economy, says CBS News senior business analyst Jill Schlesinger.

Brian Montgomery, former FHA Commissioner and Vice Chairman of the Washington D.C. -based think tank The Collingwood Group, echoed Delgado's sentiment on potential changes to Dodd-Frank. The DOL Fiduciary Rule, a rule with a benign description that hides an ugly trap for consumers, has lost favor as well.

Trump has so far been vague about what he would do to the complex law: The language of his executive order did not even include the phrase "Dodd-Frank".

"The Federal Reserve must cease all attempts to negotiate binding standards burdening American business until President Trump has an opportunity to nominate and appoint officials that prioritize America's best interests". Cohn told The Wall Street Journal new orders could be coming t hat would alter the FSOC, which was created by Dodd-Frank as a way to monitor risks in the system, safely dismantle collapsing firms and supervise large nonbanks known as systemically important financial institutions.

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