Donald Trump Plans to Undo Dodd-Frank Law, Fiduciary Rule

White House adviser Gary Cohn says banks burdened by rules added after financial crisis

Gary Cohn, White House National Economic Council directorPHOTO: EVAN VUCCI/ASSOCIATED PRESS

By Michael C. Bender and Damian Paletta
Updated Feb. 3, 2017

WASHINGTON—President Donald Trump on Friday plans to sign an executive action that establishes a framework for scaling back the 2010 Dodd-Frank financial-overhaul law, part of a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis.

Mr. Trump also plans another executive action aimed at rolling back a controversial regulation scheduled to take effect in April that critics have said would upend the retirement-account advisory business.

“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,” White House National Economic Council Director Gary Cohn said in an interview with The Wall Street Journal. “The banks are going to be able to price product more efficiently and more effectively to consumers.”

Read the full article here.

Share this article