Throughout his campaign, President Donald Trump promised to curtail financial regulations, particularly those promulgated under the Dodd-Frank Act. President Trump argued frequently that the regulations issued under the act have proven overly burdensome and, among other things, limited job growth. This afternoon, the President took his first formal step in implementing his deregulatory agenda. He
On December 14, 2016, House Freedom Caucus Chairman Mark Meadows released a special report (the “Report”) detailing over 200 rules, regulations, and executive orders the Caucus recommends that President-Elect Donald Trump should examine, revoke, or issue in his first 100 days in office.
The report targets for repeal a diverse set of regulations finalized or proposed during the Obama Administration, including several that are important to the financial services industry. These include the fiduciary rule for investment advisers, the proposed arbitration rule for consumer financial institutions, and rules setting recovery plan guidelines for OCC-regulated banks. The vast majority of the targeted regulations can be nullified by Congress pursuant to the Congressional Review Act (“CRA”), which could fuel further speculation that House Republicans may push for an omnibus resolution to nullify many regulations at once.
See our sister blog, Inside Compensation, for an analysis of everything employers need to know about the Department of Labor’s fiduciary conflict rule.