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Trump to delay rule requiring retirement advisers to avoid conflicts: official

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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.

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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.

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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.

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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)

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Trump’s economic ‘brain trust’ ridiculed as America braces for a trade war recession: report

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President Donald Trump appears unprepared to deal with a potential recession, the Associated Press reported Friday.

"Facing a trade war against China that has shaken the global economy, President Donald Trump gathered his most trusted economic aides in the Oval Office," the AP reported. "The assembled brain trust for Friday’s urgent consultations included an economics chief best known for his stint as a cable TV commentator; a trade adviser whose pro-tariff views are outside the economic mainstream; and a treasury secretary (joining by phone on his way back from vacation) who made millions off the housing crisis and then turned to financing Hollywood movies."

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ICE and Homeland Security busted pushing right-wing propaganda and conspiracy theories

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Donald Trump in Oval Office

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Trump claimed North Korea missile testing ‘would stop’ — but they just launched again: report

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The upcoming G7 summit meeting in Bairritz, France will have one more issue to grapple with after North Korea reportedly conducted missile tests.

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"North Korea has now conducted nine rounds of launches since early May. But this one's notable because it comes after Trump says Kim promised "this testing would stop when the exercises end." They did end Tuesday. And yet..." he noted.

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