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Trump’s regulatory overhaul goes beyond Dodd-Frank, fiduciary rule

Joe Mont | February 7, 2017

In recent days, the rumors were intense. The Trump Administration was preparing executive orders, crafting memorandum, and pushing legislative goals that would gut the Dodd-Frank Act, dramatically overhaul the Consumer Financial Protection Bureau, and kill the Labor Department’s controversial “fiduciary duty” rule.

Given the President’s aggressive nature—on plentiful display during his first two weeks in office—his campaign rhetoric, and brusque cadre of insiders, it made perfect sense that a promised regulatory overhaul would be more axe than scalpel.

Evidence of that brash approach was on full display when leaked copies of a Feb. 3 memorandum to the Labor Department freely circulated. It called for a 180 –day moratorium on the fiduciary rule and retreating from the government’s defense of a lawsuit challenging it.

A funny thing happened as the day drew to a close. The final executive order, once it was made public and official late on the Friday afternoon,...

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