Trump to Sign Executive Actions Targeting Wall Street and Banking Reforms

President Donald Trump is scheduled to sign two executive actions related to financial regulations later today that take aim at Wall Street and banking regulations.

One of the actions is an executive order directing the Secretary of the Treasury to consult regulatory agencies and report to President Trump about what can be done to eliminate the "overreaching" aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a federal law signed by President Barack Obama in 2010, and its Volcker rule, which limits the ability of banks to speculate, an official said.

The official said Trump’s executive order will not be an attempt to undo Dodd-Frank, but could mean the elimination of certain regulations and "personnel decisions." It was not clear which regulations were under consideration.

The second of the executive actions will be a memorandum that will delay the implementation of the fiduciary rule, which would require financial advisers to act in the “best interests” of their clients in handling retirement accounts.

The Obama-era rule was set for implementation early this year.

According to the official, the rule would be reviewed by the Labor Secretary and Department of Labor over 90 days, who will decide if it is necessary to implement the measure at all.

According to the White House source, the Trump administration believes the fiduciary rule is a liability to the financial sector.

The executive actions are expected to be signed following a meeting President Trump will be holding with economic advisers and CEOs visiting the White House as members of the president's special advisory council.

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from ABC News: Politics http://ift.tt/2kzJqsP

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