HASH(0xbed530)

Trump takes first step to scale back financial regulations

Trump takes first step to scale back financial regulations

WASHINGTON — President Donald Trump is taking his first steps aimed at scaling back financial services regulations, and the Republican-run Congress cast a vote early Friday signalling that it’s eager to help.

The president will sign an executive order Friday that will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped financial regulation after the 2008-09 financial crisis.

But first, the Senate used an unusual pre-dawn vote to approve legislation, 52-47, killing a regulation that has required oil and gas companies to disclose payments to the U.S. or foreign governments for commercial development. The House approved the measure this week, and Trump is expected to sign it.

Republicans said the rejected regulation gives foreign competitors valuable information about U.S. firms and would hurt the economy. Democrats said erasing the requirement means big companies will be able to hide questionable dealings with foreign governments like Russia.

Trump pledged during his campaign to repeal and replace the Dodd-Frank law, which also created the Consumer Financial Protection Bureau. A senior White House official outlined his executive order in a background briefing with reporters Thursday.

“Dodd-Frank is a disaster,” Trump said earlier this week during a meeting with small business owners. “We’re going to be doing a big number on Dodd-Frank.”

The order won’t have any immediate impact. But it directs the Treasury secretary to consult with members of different regulatory agencies and the Financial Stability Oversight Council and report back on potential changes.

That likely includes a review of the CFPB, which vastly expanded regulators’ ability to police consumer products — from mortgages to credit cards to student loans.

Trump administration officials, like other critics, argue Dodd-Frank did not achieve what it set out to do and portray it as an example of massive government over-reach.

Trump will also sign a presidential memorandum Friday that instructs the Labor Department to delay implementing an Obama-era rule that requires financial professionals who charge commissions to put their clients’ best interests first when giving advice on retirement investments.

The rule, which was set to take effect in April, will be delayed for 90 days while it’s reviewed.

The so-called “fiduciary rule” was aimed at blocking financial advisers from steering clients toward investments with higher commissions and fees that can eat away at retirement savings.

Critics argue the rule limits retirees’ investment choices by forcing asset managers to steer them to the lowest-risk options.

Jill Colvin, The Associated Press

Just Posted

Fall is in the air, check out how to embrace the chill in Kelowna

We have compiled Fall worthy activities to fill those long chilly nights

West Kelowna Warriors dominate the Nanaimo Clippers

Three goals were scored during power plays

Fundraiser with wine to raise money for JoeAnna’s House

The Sovereign Order of St. John has committed to raise and donate $50,000

Okanagan artist donates painting to Okanagan College

Bryan Ryley, former instructor at the college donated an acrylic painting

Kiwanis Club donates money to Okanagan College

This establishes the Kiwanis Kelowna 2018 Legacy Education Endowment

Conservation officer frees B.C. deer from flotation gear mishap

BC Conservation Officer Service is reminding residents to keep backyards clear of entanglements

Fuhr: A looming pilot shortage

By Stephen Fuhr Recently, I had the pleasure of speaking with local… Continue reading

VIDEO: B.C.-born firefighter remembered by MP in emotional speech

Family asks first responders to look after one another in wake of suicide, growing concerns of PTSD

Airline has ‘close call’ with drone while en route to B.C. airport

Jazz Aviation reported the drone sighting near Vancouver to the RCMP and Transport Canada

Tragic accident claims life of B.C. toddler

Fundraising effort has been created to help mom and family

B.C. nanny charged with sex abuse of 3 children

Saanich Police seek potential victims of Johnathon Lee Robichaud from Central Saanich

‘I’m no quitter’ on climate change issues, McKenna says at G7 ministers meeting

David Suzuki says if McKenna believes what she’s saying, she too should quit

VIDEO: Inside an eerily empty mall in Canada

Only nine of 517 retail spaces are open for business as the grand opening postponed to next year

B.C. wildfires burned large areas affected by mountain pine beetles: Experts

The mountain pine beetle epidemic affected more than 180,000 square kilometres in B.C.

Most Read