The wave of financial deregulation is upon us

Trump to delay major new rule for financial advisers

The US president said his latest executive order was necessary because the regulations are too onerous on business and hurting the economy. He is expected to sign an executive order at noon Friday instructing Treasury officials to conduct a sweeping review of the law.

Trump's order will not have an immediate impact on Dodd-Frank but could lead to recommendations for reform by Congress.

President Donald Trump took the first step Friday to undoing key reforms enacted after the 2008 financial crisis, aiming to scale back regulatory burdens on the banking industry. "And there are a lot of Dodd-Frank rules that are subjective and so what one regulator would view as okay, another might say it's not okay".

White House National Economic Council Director Gary Cohn echoed the president in an interview with Fox Business Network's Maria Bartiromo.

The regulation, as announced by the U.S Labor Department last spring, would have imposed by next January the requirement that all financial advisers involved in giving retirement advice to act in their customers best interests.

In its regulatory rollback, the administration has a willing partner in the Republican-controlled Congress which got the ball rolling this week. Dodd-Frank, the biggest Wall Street regulatory overhaul in decades, set out a long list of rules meant to keep the financial system from a repeat of the 2007-09 crisis, including strict new capital standards on banks and tighter oversight of derivatives.

"We're going to attack all aspects of Dodd-Frank", Cohn told Bloomberg. Despite this, Trump has signalled he is confident he can make a sizable dent in the law: "We're going to be doing a big number on Dodd-Frank".

"The banks are going to be able to price products more efficiently and more effectively to consumers", said Cohn, a former Goldman Sachs executive.

At a meeting Friday morning with business leaders and CEOs, Trump spoke to his motivation for cutting back Dodd-Frank's regulations on finance and lending.

There are plenty of people who had issues with Dodd-Frank.

Donald Trump lit a fire under bank shares after pressing ahead with plans to scrap swathes of the Dodd-Frank Act as part of a drive to slash restrictive regulations on businesses.

"The Dodd-Frank Act is a disastrous policy that's hindering our markets, reducing the availability of credit and crippling our economy's ability to grow and create jobs", said Press Secretary Sean Spicer. The Federal Reserve stepped in to aid banks during the financial crisis largely because they didn't have enough cash in reserve once the value of their mortgage-based assets fell.

Conservatives opposed to the legislation argue that it doesn't fully address what caused the financial crisis - which they say was the USA government's housing policies. Dodd-Frank created a new Consumer Financial Protection Bureau, which has returned almost $12 billion to wronged households since it's founding.

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