Wall Street is loving Donald Trump right now.
On Friday afternoon, President Trump ordered a review of the 2010 financial regulatory law Dodd-Frank and directed the Secretary of Labour to review the fiduciary rule, a regulation set to go into effect in April.
Bank stocks are rallying hard.
Congress passed Dodd-Frank in the wake of the 2008-09 financial crisis in sweeping reforms that changed how banks could do business.
The president has previously derided Dodd-Frank as “a disaster” and promised to “do a big number” on the law.
The fiduciary rule would set in place, universally and for the first time, a requirement for financial advisers’ to act in their client’s best interests when overseeing retirement money. You can read more about the intricacies of the rule here.
It’s not surprising that financials are rallying in light of Trump’s executive orders. Here’s the scorebord as of 2:25pm EST:
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