Financial safety

Trump takes aim at Dodd-Frank

President Trump on Friday took the first step toward unwinding Wall Street reforms put in place during the depths of the financial crisis, sparking outrage from consumer groups across the country.

After a meeting with business executives, including the head of JP Morgan Chase & Co. and private equity giant Blackstone Group, Trump signed an executive order launching a sweeping Treasury Department review of the 2010 Dodd-Frank legislation, with an eye toward overhauling the law. He also signed off on postponing a recent rule that requires financial advisers to act in the best interest of their clients when giving retirement advice.

The moves fulfill Trump’s campaign promises to scuttle the financial regulatory legacy of the Obama administration, which moved to rein in risky Wall Street behavior and bolster consumer protections after the worst economic crisis since the Great Depression.