President Trump moved to roll back the Obama administration’s legacy on financial regulation on Friday, announcing an array of steps to undo rules enacted to prevent a repeat of the 2008 financial crisis and turning to the Wall Street titans he had demonized during his campaign for advice.
After a White House meeting with the business executives on Friday, Mr. Trump signed a directive calling for a rewriting of major provisions of the Dodd-Frank Act, crafted by the Obama administration and passed by Congress in response to the 2008 meltdown, the White House said. A second directive he signed is expected to halt and possibly require an overhaul of an Obama-era Labor Department rule that requires brokers to act in a client’s best interest, rather than seek the highest profits for themselves, when providing retirement advice.
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