Wall Street

Trump set to dismantle Dodd-Frank framework

Trump expected to scale back Dodd-Frank
Trump expected to scale back Dodd-Frank

President Donald Trump will sign an executive order on Friday to water down the 2010 Dodd-Frank financial regulatory framework put into effect in response to the financial crisis, according to The Wall Street Journal.

"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year," Trump chief economic adviser Gary Cohn told the newspaper.

The newspaper also reported that the administration plans another executive action on Friday to scale back an Obama-era regulation that compels retirement advisers to act in the best interests of their clients.

The fiduciary rule is due for launch in April. The Journal said Cohn nodded his head when asked if it would be rescinded. "It's a bad rule for consumers," the former chief operating officer of Goldman Sachs told the newspaper.

Read the full article here.

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