Trump Signs Executive Actions Targeting Wall Street and Banking Reforms
One concerns the Dodd-Frank Wall Street Reform and Consumer Protection Act.
— -- President Donald Trump signed two executive actions Friday related to financial regulations that take aim at Wall Street and banking regulations.
One of the actions is an executive order directing the secretary of the Treasury to consult regulatory agencies and report to Trump about what can be done to eliminate the "overreaching" aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a federal law signed by President Barack Obama in 2010, and a frequent target of Republicans on Capitol Hill during the Obama administration.
The order also takes aim at the law's Volcker rule, which limits the ability of banks to speculate, an official told ABC News earlier today.
The official said Trump’s executive order is not an attempt to undo Dodd-Frank but could mean the elimination of certain regulations and "personnel decisions." It was not clear which regulations were under consideration.
The second of the executive actions is a memorandum that will delay the implementation of the fiduciary rule, which would require financial advisers to act in the “best interests” of their clients in handling retirement accounts, and not profits.
The Obama-era rule was set for implementation early this year.
According to the official, the rule would be reviewed by the labor secretary and Department of Labor over 90 days, who will decide if it is necessary to implement the measure at all.
According to the White House source, the Trump administration believes the fiduciary rule is a liability to the financial sector. Consumer advocates say it would help better protect investors as they make investments for their retirement.
The executive actions were signed this afternoon following a meeting the president held with economic advisers and CEOs visiting the White House as members of the president's special advisory council.
Speaking to reporters outside the Oval Office following the signing, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, said the actions marked the "beginning of the end" of Dodd-Frank.
He said he has a commitment from the White House and House Speaker Paul Ryan that his Financial Choice Act, which would dismantle the 2010 law, is a "this year priority" for Republicans, who are also working their way through tax reform and plans to repeal and replace Obamacare.
ABC News' Morgan Winsor and Benjamin Siegel contributed to this report.