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Executive Order and DOL Memo Signal Shift in Federal Financial Regulatory Agenda
5 February 2017
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On February 3, 2017, President Trump issued an Executive Order (“EO”) setting out “core principles” that the new administration intends to use to guide financial regulation.
The EO directs the Treasury Secretary to consult with the member agencies of the Financial Stability Oversight Council (“FSOC”) and to prepare a report outlining how the current financial regulatory framework supports, promotes or inhibits the core principles. The EO could indicate that the new administration will seek to use the FSOC as a means to influence independent agencies to pursue a de-regulatory agenda.
On the same date, the President published a memorandum to the Secretary of the Department of Labor directing the Secretary to examine the legal and economic impact of the fiduciary duty rule on retail investors and the overall retirement services industry. In response, the Department of Labor issued a statement that it will consider options to delay the rule’s applicability date.
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