The wave of financial deregulation is upon us
With the stroke of a pen, President Trump has potentially started the unwinding of many of the hallmark financial regulations of the Obama administration.
This afternoon, the president ordered a review of the 2010 financial regulatory law Dodd-Frank and directed the Secretary of Labor to review the fiduciary rule, a regulation set to go into effect in April.
The president has derided Dodd-Frank as "a disaster" and promised to "do a big number" on the law.
Trump said on Friday January 3 that he hoped to talk to JPMorgan CEO Jamie Dimon about revising the Dodd-Frank financial regulation.
"There is nobody better to tell me about Dodd-Frank than Jamie," Trump said, referring to Dimon. "So he has to tell me about it, but we expect to be cutting a lot from Dodd-Frank because I have so many people, friends of mine, that have nice businesses, and they can't borrow money. They can't get money from the banks - they just can't get any money because the banks won't let them borrow because of rules and regulations in Dodd-Frank."
The administration is set to look at three key areas of the rule. In particular, they seem set to look at: