Dodd-Frank: Trump to Undo Wall Street Reform, Consumer Protection Act

President Donald Trump will sign an executive action Friday designed to significantly scale back the Dodd Frank Act rules enacted in response to the 2008 financial crisis a White House official said

"Donald Trump talked a big game about Wall Street during his campaign - but as president, we're finding out whose side he's really on", Warren said, according to CNBC.

Trump made a scaling back of the 2010 Dodd-Frank Act in the U.S. a key pledge in his election campaign and will now sign an executive order to begin the process of overhauling the law. If Trump succeeds in rolling back Dodd-Frank rules he will rush the country straightforward into another job-killing financial crisis. "It's not just in the financial markets, it's in all markets", said White House National Economic Council Director Gary Cohn on Fox Business Network.

Read the full story here. Previous executive orders have been far more sweeping than originally advertised. As part of this, the new United States president is likely to sign two executive orders asking the Treasury and the Labor Departments to look into ways of reforming rules that were created to make markets safer and give consumers more protection.

The Fed, along with the central banks of most developed countries in the world, has long negotiated with global groups including the Basel Committee on Banking Supervision, the Financial Stability Board, and the worldwide Association of Insurance Supervisors.

What's the goal of Dodd-Frank?

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"There are quite a few things that we could do on Dodd-Frank. that we think will have fairly immediate and dramatic impact", the official told reporters at a briefing on Thursday. But between now and the possible passage of legislation overhauling, Trump could make many changes without involving lawmakers by appointing new regulators and ordering them to ignore most of Dodd-Frank rules.

In it, McHenry said that it is "unacceptable" that the U.S. central bank, which has wide supervisory authority over the financial services industry, "continues to participate in worldwide forums on financial regulation".

Throughout the presidential race, Trump had blasted Clinton for her ties to Wall Street, asserting that the Democratic nominee would enact policies heavily favorable to the financial industry. "For one, the barrage of rules targeted at mortgage bankers has required them to spend hundreds of millions in technology upgrades most of which have nothing to do with improving the actual customer experience".

The basic idea was to make sure that when people were investing in retirement funds, the experts they paid to advise them and manage those funds were actually working for the people who were supposed to be their clients, rather than fattening themselves at their client's expense. Cohn told The Wall Street Journal new orders could be coming t hat would alter the FSOC, which was created by Dodd-Frank as a way to monitor risks in the system, safely dismantle collapsing firms and supervise large nonbanks known as systemically important financial institutions.

Donald Trump has been critical of 2010 financial law, calling Dodd-Frank a "disaster".

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