Trump Takes First Step to Scale Back Financial Regulations

WASHINGTON (AP) — President Donald Trump is taking his first steps aimed at scaling back financial services regulations.

The president will sign an executive order Friday directing the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped financial regulation after the 2008-09 financial crisis.

A senior White House official outlined the measures in a background briefing Thursday.

Trump pledged during the campaign to repeal and replace the law, which also created the Consumer Financial Protection Bureau.

Trump also will sign a memorandum instructing the Labor Department to delay implementing an Obama-era rule that requires financial professionals who charge commissions to put their clients' best interests first when giving advice on retirement investments.

Critics argue the rule limits investment choices by forcing asset managers to steer them to the lowest-risk options.