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| Trump to order review that could relax Dodd-Frank bank rules | Trump to order review that could relax Dodd-Frank bank rules |
| (35 minutes later) | |
| US President Donald Trump is expected to take his first steps to scale back financial services regulations on Friday. | US President Donald Trump is expected to take his first steps to scale back financial services regulations on Friday. |
| He is due to sign an executive order to review the 2010 Dodd-Frank financial regulations, which some people on Wall Street say are overly-restrictive. | He is due to sign an executive order to review the 2010 Dodd-Frank financial regulations, which some people on Wall Street say are overly-restrictive. |
| The law was brought in after the 2008-09 financial crisis with the aim of avoiding another financial meltdown. | The law was brought in after the 2008-09 financial crisis with the aim of avoiding another financial meltdown. |
| "Dodd-Frank is a disaster," Mr Trump said earlier this week. | "Dodd-Frank is a disaster," Mr Trump said earlier this week. |
| He added: "We're going to be doing a big number on Dodd-Frank." | He added: "We're going to be doing a big number on Dodd-Frank." |
| Mr Trump made it a campaign pledge to repeal and replace the Dodd-Frank act, which also created the Consumer Financial Protection Bureau (CFPB). | |
| This US government agency seeks to make sure banks, lenders, and other financial companies treat US consumers fairly. | This US government agency seeks to make sure banks, lenders, and other financial companies treat US consumers fairly. |
| Dodd-Frank, named after the Congressmen who campaigned for the legislation, was introduced to restrict risky practices by banks and other financial companies. | Dodd-Frank, named after the Congressmen who campaigned for the legislation, was introduced to restrict risky practices by banks and other financial companies. |
| But Trump administration officials have said Dodd-Frank did not achieve what it set out to do, and argue that is an example of government being overly-controlling. | But Trump administration officials have said Dodd-Frank did not achieve what it set out to do, and argue that is an example of government being overly-controlling. |
| What is Dodd-Frank? | What is Dodd-Frank? |
| The executive order will direct the Treasury secretary to consult members of different regulatory agencies and the Financial Stability Oversight Council, and report back on potential changes. | The executive order will direct the Treasury secretary to consult members of different regulatory agencies and the Financial Stability Oversight Council, and report back on potential changes. |
| Mr Trump will also sign a presidential memorandum instructing the Labor Department to delay bringing in an Obama-era rule requiring financial professionals to put their clients' interests first when giving advice on retirement investments. | Mr Trump will also sign a presidential memorandum instructing the Labor Department to delay bringing in an Obama-era rule requiring financial professionals to put their clients' interests first when giving advice on retirement investments. |
| The rule, which was set to take effect in April, will be delayed for 90 days while it is reviewed. | The rule, which was set to take effect in April, will be delayed for 90 days while it is reviewed. |
| Meeting with executives | Meeting with executives |
| The so-called "fiduciary rule" was aimed at blocking financial advisers from steering clients toward investments with higher commissions and fees that can eat into retirement savings. | The so-called "fiduciary rule" was aimed at blocking financial advisers from steering clients toward investments with higher commissions and fees that can eat into retirement savings. |
| Critics say the rule limits retirees' investment choices by forcing asset managers to steer them to low risk options. | Critics say the rule limits retirees' investment choices by forcing asset managers to steer them to low risk options. |
| Analysis: Tara McKelvey, White House reporter: | |
| President Trump wants to "do a big number", as he put it, on the Dodd-Frank act, a law that changed financial regulation after the 2008 crisis. | |
| On Thursday evening, a senior White House official told me and other reporters about their plans to examine the act and the regulatory system. | |
| Speaking in the West Wing, the official described Dodd-Frank as "massive government over-reach", and said that an overhaul of the system would empower consumers, giving them a chance to make "independent" financial decisions. | |
| People in the financial industry have welcomed the chance to dismantle Dodd-Frank, and to make other regulatory changes. | |
| Yet, many of those in the briefing room were not impressed. Reporters asked whether bankers were pushing for these changes - and whether a revamping of the regulatory system was necessary. | |
| Also on Friday, Mr Trump is meeting with his business advisory group of senior US executives. | Also on Friday, Mr Trump is meeting with his business advisory group of senior US executives. |
| It will be the first meeting of the Strategic and Policy Forum, a group of executives that includes Jamie Dimon, of banking giant JPMorgan Chase, and Mary Barra chief executive of carmaker General Motors. | It will be the first meeting of the Strategic and Policy Forum, a group of executives that includes Jamie Dimon, of banking giant JPMorgan Chase, and Mary Barra chief executive of carmaker General Motors. |
| Travis Kalanick, the chief executive of ride-sharing service Uber, stepped down from the economic advisory group after strong criticism from staff and the public. | Travis Kalanick, the chief executive of ride-sharing service Uber, stepped down from the economic advisory group after strong criticism from staff and the public. |
| Mr Trump tweeted on Friday: "Meeting with biggest business leaders this morning. Good jobs are coming back to US, health care and tax bills are being crafted NOW!" | Mr Trump tweeted on Friday: "Meeting with biggest business leaders this morning. Good jobs are coming back to US, health care and tax bills are being crafted NOW!" |