By Bonnie Clark and Ray Hennessey via Iris.xyz
President Donald J. Trump is delivering on his promises to Wall Street.
Earlier this month, he signed an executive order easing many of the financial regulations put in place following the financial crisis of 2008—including loosening provisions of Dodd-Frank Act and paving the way to reverse the Department of Labor fiduciary rule that requires retirement professionals to act in their clients’ best interest. There is also talk of ousting Richard Cordray, the powerful chairman of the Consumer Financial Protection Bureau, the government agency responsible for seeing that financial institutions treat their customers fairly when it comes to mortgages, credit cards and student loans.
Many financial-services executives welcome the changes as a way to free themselves from the cost and burden of regulatory compliance, particularly around rules the industry fought hard to avoid.
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