Monday, February 13, 2017

Unraveling Dodd-Frank Without Congress




President Trump doesn’t need Congress to begin unraveling Dodd-Frank, the complex law enacted as a bulwark against the financial excesses that triggered the 2008 crisis.

The executive orders signed by Trump last week show that he won't wait for the slow-moving legislative process to loosen Dodd-Frank restrictions on Wall Street. One order gives top regulators 120 days to prepare a report detailing which Dodd-Frank provisions aren't working. In the other, he instructed the acting Labor secretary to delay a rule requiring financial advisers who handle retirement accounts to work solely in the interest of their clients.

Over time, Trump's ability to fine-tune regulation through his agency chiefs will grow as he directs the biggest turnover in leadership at financial regulatory agencies since Dodd-Frank was enacted in 2010. 

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