President Trump issued a much-anticipated executive order to review all financial regulation on February 3
US President Trump’s
executive order compelling a review of all financial laws and
regulation has been widely interpreted as the new
administration’s first step towards dismantling
the vast post-crisis reform Dodd-Frank. Legal experts, however,
have pointed out that the president’s powers are
limited in this respect and progress will likely be slow.
The order consists of two main parts. The
first outlines the policy to regulate the US financial system
along seven 'core principles’ including empowering
American citizens to make independent financial decisions,
prevent taxpayer-funded bailouts, foster economic growth,
enable American companies to be globally competitive, advance
American interests in international financial regulatory
negotiations, make regulation efficient and restore public
accountability within financial regulatory agencies.
The second part of the order compels the
Secretary of the Treasury to consult with the member agencies
of the Financial Stability Oversight Council (FSOC), which
include the Securities and Exchange Commission, Commodity
Futures Trading Commission and the Federal Reserve, to review
existing laws, treaties, regulations, guidance, reporting and
record-keeping requirements according to these core principles
within 120 days.
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