President Donald Trump promised to take action against a number of regulations that hinder trade, finance, economy and jobs. Today, he plans to start rolling back some of the finance regulations that impacted Wall Street and the economy. The hope is that this will help spur the economy and increase jobs.
President Trump plans to order a rollback Friday of regulations governing the financial services industry and Wall Street under the Dodd-Frank law and beyond.
Gary Cohn, White House Economic Council director, told the Wall Street Journal the administration would also move against a regulation designed to force retirement advisers to work in the best interest of their clients, the “fiduciary rule,” set to take effect in April and designed to eliminate conflicts-of-interests among professionals dealing with those enrolled in qualified retirement plans and IRAs.
In an interview with the Journal, Cohn, a former president of Goldman Sachs, said the order was a “table setter for a bunch of stuff that is coming.”
The move would be in line with Trump’s campaign pledge to “dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.”