President Donald Trump on Friday will take two financial-related actions, including one to explore ways to fix "overarching" banking rules put into effect after the 2008 crisis, according to a senior White House official.
Trump will sign an executive order directing the Treasury Department and other regulators to review actions taken by the Dodd-Frank Wall Street Reform law, including the Volcker Rule, the Trump official said.
The Volcker Rule, originally proposed by former Federal Reserve Chairman Paul Volcker, restricts U.S. banks, or an institution that owns a bank, from making certain kinds of speculative investments with their own money that could hurt their customers.
The White House official also mentioned as part of the executive order an examination of issues dealing with financial institutions that are deemed "too big to fail," taxpayer bailouts, and the role of Freddie Mac and Fannie Mae in the housing market.
"Everything is going to be looked at," said the senior official, when asked specifically about the Consumer Financial Protection Bureau. That agency was put in place to shield consumers from deceptive business practices.
While the administration believes Dodd-Frank "in many respects was a piece of massive government overreach," the official added, "this is not an attempt to undo Dodd Frank."
"There are quite a few things that we could do on Dodd-Frank ... that we think will have fairly immediate and dramatic impact," the official said, including personnel changes at regulatory agencies and additional executive orders.
Earlier this week, during another meeting with business owners, Trump described Dodd-Frank as "a disaster."