President Trump launched his long-promised attack on banking rules that were rushed into law after the nation's economic crisis, signing new orders Friday, the AP reports. Wall Street cheered him on, but Trump risks disillusioning his working-class voters. Trump directed his Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which was signed by President Obama to overhaul regulations after the financial and housing crisis of the past decade. It aimed to restrain banks from misdeeds that many blamed for the crisis. Trump also signed a memorandum instructing the Labor Department to delay an Obama-era rule that requires financial professionals who charge commissions to put their clients' best interests first when giving advice on retirement investments.
While the order on Dodd-Frank won't have an immediate impact, Trump's intent is clear. "The law has been a disaster in restricting banks' activities," he said earlier this week. "We're going to be doing a big number on Dodd-Frank." Gesturing toward JPMorgan Chase CEO Jamie Dimon on Friday, he said, "Frankly I have so many people, friends of mine that have nice businesses that can't borrow money." In his other action Friday, Trump's presidential memorandum on financial advisers delayed implementation of the past administration's "fiduciary rule," aimed at blocking consultants from steering clients toward investments with higher commissions and fees that can eat away at retirement savings.