U.S. President Donald Trump on Friday will direct the Labor Department to delay implementation and review a rule designed to prevent conflicts of interest when advisers give retirement advice, a senior White House official said.
“We think that they have exceeded their authority with this rule and we think this is something that is completely overreaching,” the official told reporters at a briefing on Thursday.
Trump has pledged to sharply reduce U.S. regulations, which he says have harmed American businesses.
The retirement advice rule was issued by the Obama administration and was set to take effect in April. It has been staunchly opposed by the financial services industry.
Opponents of the rule argued that the rule would result in high costs that will ultimately make small accounts unprofitable.
While some lawsuits were filed against the rule, companies like Bank of America Corp’s Merrill Lynch and Morgan Stanley had announced plans to cooperate with the rule.
The Labor Department had estimated that it could cost firms as much as $31 billion over the next decade to comply.
Trump’s memo will ask the Labor Department to determine whether the rule should be revised or whether it should be scrapped altogether, the official said.
Trump will also sign an order on Friday that will ask the Treasury secretary work with other regulators to determine what the administration can do to fix issues with measures issued under the 2010 Dodd-Frank Wall Street reform law.
Earlier this week during a meeting with business owners, Trump described the reform law as “a disaster.”
“There are quite a few things that we could do on Dodd-Frank … that we think will have fairly immediate and dramatic impact,” the official said, including personnel changes at regulatory agencies and additional executive orders.
(Reporting by Ayesha Rascoe; Editing by Lisa Shumaker)
‘I don’t care’: Watch Kamala Harris shut down Chris Hayes for asking a dumb question about Trump
Sen. Kamala Harris shut down MSNBC anchor Chris Hayes during a post-debate interview on Tuesday evening.
Hayes questioned Harris about her call for Twitter to follow their terms of service and kick President Donald Trump off of the platform.
"Do you think he puts people’s lives in danger when he targets them in tweets?" Hayes asked.
"Absolutely," Harris replied.
"Do you think he knows that?" Hayes asked.
"Does it matter?" Harris replied.
"The fact is he did it. The fact is that he is irresponsible, he is erratic," she explained. "He is like a 2-year-old with a machine gun."
Democrats blast Trump and demand his impeachment at CNN debate
Democratic White House hopefuls united in searing condemnation of Donald Trump during their fourth debate Tuesday, saying the president has broken the law, abused his power, and deserves to be impeached.
From the opening moments, most of the dozen candidates on stage launched fierce broadsides against Trump over the Ukrainian scandal at the heart of the impeachment inquiry.
"The impeachment must go forward," said Senator Elizabeth Warren, who is neck and neck with former vice president Joe Biden at the head of the 2020 nominations race.
"Impeachment is the way that we establish that this man will not be permitted to break the law over and over without consequences," she thundered.
Here are 3 winners and 4 losers from the CNN/NYT Democratic presidential primary debate
Twelve Democrats took to the stage Tuesday night for yet another debate in the party's 2020 president primary hosted by CNN and the New York Times.
After only ten candidates qualified for the previous debate, an additional two — Hawaii Rep. Tulsi Gabbard and wealthy donor and former hedge fund manager Tom Steyer — made it to the stage this round for an even more crowded event.
The candidates discussed a range of important policy issues, but since the format was a debate, and they're all competing for the same nomination, it is ultimately most critical who won and who lost the night. Here are three winners and four losers — necessarily a subjective assessment, of course — from the debate: