Trump Takes Aim at Dodd-Frank Financial Overhaul

Posted at 6:49 PM, Feb 03, 2017
and last updated 2017-02-03 18:49:00-05

WASHINGTON (AP) - President Donald Trump has signed an executive order that will direct the Treasury secretary to review the 2010 Dodd-Frank financial overhaul.

It's Trump's first step at scaling back regulations on financial services. Trump has called the law a "disaster" and said it failed to address some of the causes of the 2008-2009 financial crisis. Supporters say the regulations placed needed limits on high-risk speculations.

The president has also signed a presidential memorandum related to retirement planning. The administration's move will 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.

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