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The order was, of course, deliberately vague in its wording. The NYT provides a succinct translation: President Trump on Friday moved to chisel away at the Ob
by kafkaesq 10y ago
The order was, of course, deliberately vague in its wording. The NYT provides a succinct translation:
President Trump on Friday moved to chisel away at the Obama administration’s legacy on financial reform, announcing a series of steps to revisit the rules enacted after the 2008 financial crisis and setting the stage for a showdown with Democrats over the future of Wall Street regulation.
After a White House meeting with the executives, Mr. Trump signed a directive calling for his administration to identify potential changes to provisions of the Dodd-Frank Act, crafted by the Obama administration and passed by Congress in response to the 2008 meltdown. A second directive he signed will effectively halt an Obama-era 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.
The executive order impacting Dodd-Frank is vague in its wording and broad in its reach; it never mentions the Dodd-Frank law by name, instead laying out “core principles” for regulating the financial system, including empowering American investors and enhancing the competitiveness of American companies. But it amounts to a broad grant of authority to the Treasury Department to find ways of restructuring major provisions of Dodd-Frank, directing the secretary to conduct a sweeping review of existing laws and make sure they align with the administration’s goals.
Mr. Trump’s action on the fiduciary rule will have a more immediate impact. His memorandum directs the Department of Labor to review whether the rule may “adversely affect” investors’ ability to access financial advice — and if it does, he authorized the agency to rescind or revise the rule.
https://www.nytimes.com/2017/02/03/business/dealbook/trump-congress-financial-regulations.html https://www.nytimes.com/2017/02/03/business/dealbook/trump-c...