Trump moves to scale back financial regulations

Associated Press

WASHINGTON

President Donald Trump is taking his first steps aimed at scaling back financial services regulations, and the Republican-run Congress cast a vote early Friday signaling that it’s eager to help.

The president signed an executive order that will direct the Treasury secretary to review a 2010 financial oversight law, which reshaped financial regulation after the 2008-09 financial crisis.

Trump also signed a presidential memorandum that instructs the Labor Department to delay implementing an Obama-era rule that requires financial professionals who charge commissions to put their clients’ best interests first when giving advice on retirement investments.

Though the financial oversight order won’t have any immediate impact, the administration’s intent is clear.

“The Dodd-Frank Act is a disastrous policy that’s hindering our markets, reducing the availability of credit and crippling our economy’s ability to grow and create jobs,” said Press Secretary Sean Spicer.

Earlier Friday, the Senate used an unusual pre-dawn vote to approve legislation, 52-47, killing a regulation that has required oil and gas companies to disclose payments to the U.S. or foreign governments for commercial development.

The House approved the measure this week, and Trump is expected to sign it.