President Donald Trump plans to order a rollback of Dodd-Frank regulations today, according to a Wall Street Journal report.
Gary Cohn, director of the White House Economic Council, said that the order was a “table setter for a bunch of stuff that is coming.”
Trump pledged during his campaign to “dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.”
The Dodd-Frank Act has long been a thorn in the side of congressional Republicans and business leaders alike. Many mortgage and banking industry groups have decried the act, saying it created an onerous regulatory burden.
“Americans are going to have better choices and Americans are going to have better products because we’re not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year,” Cohn told the Journal.
But consumer advocacy groups are likely to fight any attempt to roll back the act, according to a Washington Post report. And congressional Democrats have already vowed that any attempt by the administration to weaken the Consumer Financial Protection Bureau, which was created by Dodd-Frank, would result in a bitter fight.