President Trump plans to order a rollback Friday of regulations governing the financial services industry and Wall Street under the Dodd-Frank law and beyond, a White House source confirmed.

Gary Cohn, White House Economic Council director, told the Wall Street Journal in an interview published last night that the administration would also move against a regulation designed to force retirement advisers to work in the best interest of their clients. That "fiduciary rule" is set to take effect in April. Promulgated by the Department of Labor, it's meant to eliminate conflicts-of-interest among professionals dealing with people enrolled in qualified retirement plans and IRAs.


Republicans have vowed to scrap the law as well. But as it is basically constructed of thousands of pages of regulations promulgated since its enactment, it is susceptible to effective dismantling by modifying or rescinding regulations and guidance actions issued by a multitude of agencies, including but not limited to the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Treasury Department and the Federal Reserve Board. The 850-page law required some 400 rules, some of which have yet to be completed.


As The Post's Brady Dennis reported, the law established an independent consumer bureau within the Federal Reserve to protect borrowers against abuses in mortgage, credit-card and other types of lending. It gave the government new authority to seize and wind down large, troubled financial firms, set up a regulatory council to monitor threats to the financial system and mandated oversight of the vast market for derivatives, the instruments that helped fuel the crisis.

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