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Trump signs pair of orders on financial regulation

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It’s official – US President Donald Trump has signed off on two executive actions to kick off his promised reform of financial regulation, one taking aim at the Dodd-Frank law passed in response to the financial crisis and another concerning financial professionals’ advice to clients on their retirement savings.

 “Today we are signing core principles for regulating the United States financial system,” said Mr Trump.

The first action outlines “guideline principles that sets the table for a regulatory system that mitigates risk, encourages growth and more importantly protects consumers,” White House press secretary Sean Spicer said in a briefing before the signing, during which he called Dodd-Frank a “disastrous policy.”

“We desperately need to overhaul how we approach financial regulation,” Mr Spicer said.

Bank stocks and the broader financials sector on the S&P rallied in advance of the signing, which took place early Friday afternoon.


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