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Trump to order review of Dodd-Frank

  • Publish Date: Posted over 7 years ago

Donald Trump will ask for a sweeping review of the Dodd-Frank Act rules established in response to the financial crisis in 2008. Signing an executive action Trump wants to significantly scale back the regulatory system put in place in 2010. Trump will also halt another of former President Barack Obama’s regulations, hated by the financial industry, that requires advisers on retirement accounts to work in the best interests of their clients. Trump’s order will give the new administration time to review the change, known as the fiduciary rule. The actions are thought to represent the new administration’s approach to financial markets, with an emphasis on removing regulatory burdens and opening up investor options. The orders are the most wide reaching steps yet to loosen regulations in the financial services industry and come after he has sought to stock his administration with veterans of the industry in key positions. His plans are sure to face fierce criticism by Democrats who charge that Trump is intent on undoing changes designed to protect everything from average investors to the global banking system.