Investing.com – U.S. President Donald Trump will sign off on an executive order for a complete review of the of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, according to a White House official.
The purpose of the order would be to significantly scale back the regulatory system put in place in 2010.
"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year," White House National Economic Council Director and former Goldman Sachs Chief Operating Officer, Gary Cohn told The Wall Street Journal in an interview.
Trump had previously said that the law damaged the country’s “entrepreneurial spirit” and limited access to needed credit.
The new President is also expected to roll back another of former President Barack Obama’s regulations for the financial industry known as fiduciary duty which requires advisers on retirement accounts to work in the best interest of their clients.
The changes were reportedly designed with the intent to reduce regulatory burdens on financial institutions which hinder their contribution to the nation’s economy and further open up more options for investment.
Trump is expected to sign the executive orders around midday in the U.S. after he meets with a dozen corporate executives.