By Ayesha Rascoe and Sarah N. Lynch
WASHINGTON (Reuters) – U.S. President Donald Trump on Friday will scale back major regulations that resulted from the financial crisis, directing a review of the Dodd-Frank Act and putting the brakes on a retirement advice rule.
The executive order Trump will sign on the 2010 Dodd-Frank law on Wall Street reform will be largely symbolic towards rolling back the regulations that Trump sees as hurting the economy, because only Congress can rewrite the legislation.
Even though the directives to agencies to examine possible changes to the landmark law may not have teeth, Wall Street embraced the possibility of simpler bank regulations by pushing stocks up in morning trade.
“The first thing that we are going to attack is regulation, over-regulation. It’s not just in the financial markets, it’s in all markets,” said White House National Economic Council…