Wall Street Poised to Profit Under Trump

Plan B for Trump's 'Big Number' on Dodd-Frank Bypasses Democrats

"President Trump's order is consistent with our vision in Congress to end the "Washington-knows-best" mentality, as we move forward with the Financial CHOICE Act to kick-start our economy and provide hardworking Americans with clear opportunities for a successful future", Wagner says.

The two executive actions would not take effect immediately, but rather ask federal agencies to review options to cancel existing or proposed regulations, a senior White House official told reporters in a briefing Thursday. "But more wholesale changes to the overall structure of those rules will likely require help from Congress". The big jump in bank stocks has implied that investors anticipated a roll back of regulations on Wall Street, expectations encouraged by statements from Trump that he would "do a big number" on the Dodd-Frank law, which he has called "a disaster". Many mortgage and banking industry groups have decried the act, saying it created an onerous regulatory burden.

Another order is expected to begin a review of the Dodd-Frank law that consumer advocacy groups say threatens vital safeguards to protect consumers and keep the financial system from melting down as it did a decade ago.

The executive actions are expected to be signed following a meeting President Trump will be holding with economic advisers and CEOs visiting the White House as members of the president's special advisory council.

Trump also signed an order delaying the implementation of a rule that would require financial advisers to act in their client's "best interests" when handling retirement accounts.

"Dodd-Frank has made it impossible for bankers to function", Trump told Reuters when he was running for president in May.

"We expect to be cutting a lot out of Dodd Frank, because frankly I have so many people, friends of mine, that have nice businesses and they can't borrow money", he said.

The executive order will be a major move toward Trump's promise of reducing the regulatory burden on U.S. business - a stance that is well received by Republicans. "The banks are going to be able to price product more efficiently and more effectively to consumers". "We have the best, most highly capitalized banks in the world, and we should use that to our competitive advantage", he added.

"If Dodd-Frank is watered down, that's a direct boost to the bottom line for banks".

It could also include a dismantling of "orderly liquidation" authority for too-big-to-fail banks. The rule blocks certain forms of speculative investment that according to Paul Volcker, former Fed chairman, played a major role in the 2008 financial crisis. Dodd-Frank created a new Consumer Financial Protection Bureau, which has returned almost $12 billion to wronged households since it's founding.

Trump pledged during the transition that rolling back regulations, particularly 2010 Dodd-Frank law, would be a priority of his administration.

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