March 29, 2017

Orders Emerging to Halt Fiduciary Rule and Dodd-Frank

04 February 2017, 12:52 | Ignacio Smith

Trump to order regulatory rollback Friday of finance industry, Wall Street, top aide says

Then-Sen. Chris Dodd and then-Rep. Barney Frank at the signing of the Dodd Frank act in 2010

The order signed Friday will require the Treasury secretary to submit a report on regulatory changes and legislative recommendations in 120 days, Reuters reported, citing a White House official.

So, what's in Dodd-Frank, and what parts might the Trump administration be looking to revise?

As for Dodd-Frank, and its initiatives that protect Americans' money - including the creation of the Consumer Financial Protection Bureau - watchdog groups have expressed concern about how Trump's review of the law could play out.

Jasper Lawler, senior market analyst at London Capital Group, said: "Since Dodd-Frank was introduced, banks have devoted a lot more capital towards compliance and have had to decrease leverage, both of which are a direct hit to profitability".

White House National Economic Council Director Gary Cohn has defended Trump's move, arguing numerous post-crisis regulations are ineffective in targeting the problems they claim to address.

► A presidential memorandum to the secretary of Labor ordering a delay in implementing a rule requiring financial advisers to act in their clients' best interests. Some Democrats have been open to making certain changes to the law, including easing some of the regulations on smaller banks. Dodd-Frank, the biggest Wall Street regulatory overhaul in decades, set out a long list of rules meant to keep the financial system from a repeat of the 2007-09 crisis, including strict new capital standards on banks and tighter oversight of derivatives.

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It's Trump's first step at scaling back regulations on financial services. "Because frankly, I have so many people, friends of mine, that had nice businesses, they just can't borrow money ... because the banks just won't let them borrow because of the rules and regulations in Dodd-Frank". Consumers may be most familiar with this independent government agency the law created, which was designed to prevent financial institutions from offering predatory products and services that abuse consumers.

The Dodd-Frank bill, named for former Sen.

Mr. Cohn also hopes to overhaul government-sponsored mortgage finance giants Fannie-Mae and Freddie-Mac which has been placed into conservatorship, under control of the Treasury Department since the financial crisis.

Trump pledged during the transition that rolling back regulations, particularly 2010 Dodd-Frank law, would be a priority of his administration.

Ahead of the signing the order, Trump met with his business advisory panel, which includes 18 executives from large United States companies including GE, Citigroup, General Motors, Tesla and Disney.

Mr Trump had pledged on the campaign trail to sweep away restrictions he said had stifled U.S. business, but few bankers expected financial deregulation to be so far up his administration's agenda. "Instead of doing favors for the big bank CEOs he invited to the West Wing this morning, President Trump should stand with working families by protecting this critical rule".

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