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| Economy |
| POTUS to order reg rollback Friday for finance industry starting with Dodd-Frank |
| 2017-02-03 |
| [WAPO] 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, a White House source confirmed. Gary Cohn, White House Economic Council director, told the Wall Street Journal in an interview published last night that the administration would also move against a regulation designed to force retirement advisers to work in the best interest of their clients. That "fiduciary rule" is set to take effect in April. Promulgated by the Department of Labor, it’s meant to eliminate conflicts-of-interest among professionals dealing with people 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, set for announcement at a White House meeting with business leaders, 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." The law is one of the most sweeping overhauls of the financial regulatory system in history. Among other things, it spawned the so-called Volcker rule, which limited the types of investments allowed by U.S. banks, as well as the Consumer Financial Protection Bureau and the Financial Stability Oversight Council that’s supposed to control risks that affected the financial industry. |
| Posted by:Besoeker |
| #1 FrankenDodd is crap regulation. It ruined work for me. |
| Posted by: newc 2017-02-03 18:58 |