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Trump is reportedly going to sign executive orders on Friday to repeal two huge Wall Street regulations


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President Donald Trump is set to sign two executive orders on Friday that would roll back two major Wall Street regulations, according to the Wall Street Journal.

Trump will target the Dodd-Frank Act, which was written in the aftermath of the financial crisis to scale back risk taking at the country's largest financial institutions, as well as the fiduciary rule, which requires investment advisers to put client interests above their own when it comes to investment choices for retirement accounts, according to the Journal's Michael Bender and Damian Paletta.

The executive orders will not immediately repeal the two regulations, Gary Cohn — White House National Economic Council Director and former Goldman Sachs COO — told the Journal. Instead, Trump orders will direct the Labor secretary to rescind the fiduciary standard and the Treasury secretary to devise a plan to replace Dodd-Frank.

Cohn also told the Journal that the orders will not be the end of the deregulation effort by Trump, saying the moves are a "table setter" for further action.

Trump has expressed a desire to deregulate the financial sector, a promise that has made bank stocks one of the best performing sectors since the election. Trump, however, has been somewhat inconsistent as well.

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