Trump Orders Review of Financial Regulations

President Trump on Friday ordered a review of financial-services regulations imposed by the Dodd-Frank Act. White House Economic Council Director—and former president of Goldman Sachs—Gary Cohn said the administration will also move to dismantle the “fiduciary rule” set to take effect in April that would have required retirement-fund advisers to act in the best interests of their clients and eliminate conflicts of interest related to retirement plans. Cohn called the upcoming order a “table setter,” adding that the actions are intended to keep the president’s campaign promises, in which he said he would “dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.” Dodd-Frank was enacted in 2010, in the aftermath of the subprime-mortgage meltdown that led to the 2008 financial crisis and has long been the subject of Republican and Wall Street ire. In an interview with The Wall Street Journal, Cohn said the mission of the independent Consumer Financial Protection Bureau, the watchdog created by Dodd-Frank that governs credit-card and mortgage rules, could be redirected with a simple change in its leadership, by replacing its director, Richard Cordray. “Personnel is policy,” Cohn said.