Trump Signs Executive Orders Rolling Back Dodd-Frank, Fiduciary Rule
by Tyler Durden
ZeroHedge.com
Feb 3, 2017
As previewed earlier today, moments ago President signed two executive aimed at starting the process of rolling back the regulatory system put in place after the financial crisis. Among the targets are rules that protect against predatory lenders, force brokers to lower fees for retirees and ban proprietary trading.
ordering the review of Dodd-Frank rules enacted after 2008 financial crisis, and halting the “fiduciary rule” that would require advisers on retirement accounts to work in the best interests of their clients.
Wall Street CEOs, tired of being constrained from blowing up the financial world with undue government regulations, have been pushing for changes for years, arguing that the industry has been too constrained by the system put in place by the 2010 Dodd-Frank Act. After Trump focused on limiting trade and immigration during his first two weeks in office, policies opposed by many in the financial industry, the president’s stroke of a pen unleashes a process to undo many of the rules they find most “irksome” as Bloomberg put it.
“We’re going to attack all aspects of Dodd-Frank,” Gary Cohn, former Goldman president director of the White House National Economic Council, said Friday in an interview with Bloomberg Television. “We are going to engage the House, we’re going to engage the Senate. They are equally interested in reforming some of the regulatory processes as well. We can do quite a bit without them, but the more help we get from Congress the better off we’re all going to be.”
And while it will take a while to fully roll back the legislation, we are confident that Wall Street is already preparing for the next big push into prop trading, major releveraging, blowing a whole new set of asset bubbles, and all those other thing which brought the system to a near collapse less than 10 years ago.
The Rest…HERE
