President Donald Trump will sign on Friday an executive order to water down the 2010 Dodd-Frank financial regulatory framework put into effect in response to the financial crisis, according to a report from The Wall Street Journal (WSJ).
"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 and former Goldman Sachs Chief Operating Officer, Gary Cohn, is quoted as having said in an interview with the New York City-based newspaper published on Friday.
The publication also claims that the newly installed administration plans another executive action Friday, this time to scale back a controversial regulation due for launch in April which compels retirement advisers to act in the best interests of their clients.
Known at the fiduciary rule, the WSJ confirms Cohn nodded his head when asked if it would be rescinded, quoting him as saying, "It's a bad rule for consumers."
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