According to Bloomberg, Trump plans to order a review of Dodd-Frank, with an eye to significantly scale back the regulations. Trump also plans to do away with the “fiduciary rule”, which requires retirement account advisers to perform in the best interests of their clients.
This confirms Trump’s goal to loosen regulations in the financial services industry. While the Dodd-Frank review will not have an immediate impact, Trump’s order will stall the fiduciary rule from going into effect this April. Trump is likely to face significant opposition to his efforts to dismantle Dodd-Frank, but will likely succeed in scaling back at least some of its regulations.
We will continue to monitor developments in this area and provide further updates as they unfold.