President Trump on Friday signed an executive order that aims to begin unwinding the The Dodd–Frank Wall Street Reform and Consumer Protection Act, a massive piece of financial reform legislation signed into law by President Barack Obama in 2010.
Federal agencies governed by Dodd-Frank have for years been implementing rules put in place by the legislation, which created the Consumer Financial Protection Bureau, consolidated government agencies, increased oversight of certain financial institutions and provided sweeping changes both for Wall Street and Main Street.
The signing of the order was televised on Friday by major news outlets.
“We’re… regulating the U.S. financial system,” President Trump said upon signing the order “It doesn’t get much bigger than that.”
While the details of the executive order have yet to be published, some of the plans were shared with the Wall Street Journal and other outlets this week by Gary Cohn, the White House National Economic Council Director and a former top executive at Goldman Sachs, who was present during the signing of the order.
The move was anticipated, as Trump had referenced overhauling the legislation as recently as Friday morning, having made comments to the effect of “taking a lot out of Dodd-Frank.”
The White House said Friday it will work with Congress on a “legislative piece,” to address the law, Reuters reported. Major changes to the Dodd-Frank legislation would likely require congressional approval.
Written by Elizabeth Ecker