07:13 GMT +314 December 2017
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    US President Donald Trump prepares to sign an executive order cutting regulations, accompanied by small business leaders at the Oval Office of the White House in Washington US, January 30, 2017.

    Trump Signs Executive Order on Easing US Financial Regulations

    © REUTERS/ Carlos Barria
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    US President Donald Trump on Friday signed an executive order at the White House to relax major financial services regulations imposed after the economic crisis in 2008.

    WASHINGTON (Sputnik) — Trump's executive action will direct the US Treasury Secretary to revise the Dodd-Frank financial reform passed by former President Barack Obama's administration in 2010.

    Trump also signed an executive order at the White House on Friday that delays implementation of the so-called "fiduciary rule" for financial advisers who provide counsel on retirement investments.

    "What we're doing is we are returning to the American people, low- and middle- income investors, and retirees, their control of their own retirement savings," Congresswoman Ann Wagner said as Trump signed the document.

    Although President Donald Trump has pledged to repeal the banking law — known as Dodd-Frank Wall Street Reform and Consumer Protection Act — Vice President Mike Pence gave one of the clearest explanations yet of the logic behind Trump’s determination dismantle the law and undo thousands of other regulatory mandates imposed by former President Barack Obama.

    "President Trump was talking about a guy who owns a couple of pizza parlors in the [US state of] Nevada, and he stopped the president on the campaign trail and told him he was trying to get a loan to open a third one," Pence stated on January 27. "Largely because of the heavy mandate that followed Dodd-Frank, he said his local bank told him ‘we just don’t make loans like that anymore’."

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