President Donald Trump is planning separate executive actions to revise the 2010 Dodd-Frank Act and the Department of Labor's Conflict of Interest Rule, The Wall Street Journal reported, citing an interview with White House National Economic Council Director Gary Cohn.
Trump is expected to sign an executive order Feb. 3 that will require the Treasury Secretary and financial regulators to draft a plan to revise the Dodd-Frank law's rules. Existing rules under the law are extensive making it difficult for banks to lend and limits the choice of financial products for consumers, the former Goldman Sachs Group Inc. executive told the Journal.
Additionally, the president intends to ask the Labor secretary, using a memorandum, to consider revising or rescinding the DOL's fiduciary standard rule, set to take effect in April. Cohn reportedly said that the rule aimed at reducing conflicts of interest for financial advisers working with retirement accounts, and compliance limits consumer choice.
Cohn also said the Treasury Department may lead an initiative to overhaul government-sponsored enterprises Fannie Mae and Freddie Mac. In addition, the White House could influence the mission of the Consumer Financial Protection Bureau by replacing current director Richard Cordray, Cohn suggested.