Yahoo Finance is tracking the financial sector as President Donald Trump is expected to take the first steps to scale back financial services regulations in the US. He is scheduled to sign an executive order directing the Treasury Department to take a look at Dodd-Frank, including the Volcker Rule. Dodd-Frank was introduced in 2010 to clamp down on risky practices by banks and to address “too-big-to-fail” institutions.
Big bank stocks are moving on the news. Share of Goldman Sachs (GS), Bank of America (BAC), Citigroup (C), JPMorgan (JPM), Wells Fargo (WFC) and Morgan Stanley (MS) are posting gains in intraday trading. The sector has been on the rise since Trump won the presidential election in November.
In a second action, Trump will tell the Labor Department to delay implementing the fiduciary rule which requires retirement advisers who oversee about $3 trillion in assets to act in the best interest of their clients. Trump’s White House Economic Council director Gary Cohn told the Wall Street Journal that the rule limits consumer investment choices. The Labor Department estimates it could cost companies up to $31 billion in the next 10 years.
For more on how Trump’s actions targeting Dodd-Frank and the retirement advice rule will impact the banking sector, check out the Final Round, live today at 4 p.m. EST, right here on Yahoo Finance.
