Today's charts: Big banks gain on Trump's plan to cut regulations

Plan B for Trump's 'big number' on Dodd-Frank bypasses Democrats

US President Donald Trump's top economic adviser former Goldman Sachs banker Gary Cohn signals the death of

There's no timetable for how long the review of Dodd-Frank provisions would last, but the halt of Obama's Fiduciary Rule would be nearly immediate.

The first directive proposes "guideline principles that sets the table for a regulatory system that mitigates risks, encourages growth, and more importantly, protects consumers", White House spokesman Sean Spicer said just prior to Trump signing the directives.

Wall Street has rallied since Trump won the White House with financials and big banks like Goldman Sachs and JPMorgan leading the way. It seems President Trump's campaign promises to rein in Wall Street weren't worth the bank notes they were printed on.

At a meeting Friday morning with business leaders and CEOs, Trump spoke to his motivation for cutting back Dodd-Frank's regulations on finance and lending. Analysts said Trump could make many changes without involving lawmakers, such as by appointing new personnel or simply choosing not to enforce rules already enacted. Critics, many in the financial industry, have said it makes it more hard to lend and harms smaller banks.

An administration official told reporters that the law "in many respects was a piece of massive government overreach" and that some of the rules within the law, passed in the wake of last decade's financial crisis, "may have even been unconstitutional".

The department, the memorandum reportedly stated, should consider whether the rule could hurt investors or disrupt the retirement services industry, the Post reported.

Trump also cheered brokers offering retirement advice by imposing a 180-day delay on the implementation of the "fiduciary rule" which orders them to act in the best interests of their clients. "Dodd-Frank is a disaster".

"We must not allow Wall Street banks to once again strip wealth from middle-class families". That, he said, is far from a bad thing - but forcing advisers to make that switch by April was. The best route is to ensure banks have enough capital and to oversee them in a way that prevents recklessness. It also would replace the head of the controversial Consumer Financial Protection Bureau with a five-member panel and establish an office of inspector general.

"Bankers that candidate Trump pledged to purge from his administration are instead now apparently, invited to bully independent regulators into a review and possible dismantlement of the guardrails established after the Wall Street crash". "The banks are going to be able to price product more efficiently and more effectively to consumers".

The rule had been stalled for years under Obama until the president personally threw himself behind the project in 2015. Sen. Big bank CEOs like Dimon and Goldman Sach's Lloyd Blankfein have always been critical of the law.

"We think philosophically, it's in the best interest of the people", said Tom Reese, a partner and consulting actuary with Conrad Siegel.

In its regulatory rollback, the administration has a willing partner in the Republican-controlled Congress which got the ball rolling this week.

Cardinals sign Carlos Martinez to 5-year, $51 million deal
Tigerair unable to meet Indonesia rules, ends Bali flights