P&A Providers & Administrators
MenuMENU
SearchSEARCH

President Trump Orders Review of Dodd-Frank

February 7, 2017
3 min to read


WASHINGTON, D.C. — President Donald Trump took his first step toward making good on his promise to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, signing on Friday an executive order directing the secretary of the Treasury to review the 2010 financial oversight law.


The order directs the Treasury secretary to consult with members of regulatory agencies and the Dodd-Frank-created Financial Stability Oversight Council and report back to the president within 120 days (and periodically thereafter). The report, and all subsequent reports, will identify any laws and regulations that inhibit federal regulation of the U.S. financial system.

Ad Loading...


“Today we’re signing core principles for regulating the United States financial system,” Trump said after signing the order. “It doesn’t get much bigger than this, right?”


The core principles his order lays out include regulations that “empower Americans to make independent financial decisions”; prevent taxpayer-funded bailouts; foster economic growth; enable American companies to be competitive in domestic and foreign markets; advance American interests in international financial regulatory negotiations; and “restore public accountability within federal financial regulatory framework.”


“The Dodd-Frank Act is a disastrous policy that’s hindering our markets, reducing the availability of credit, and crippling our economy’s ability to grow and create jobs,” said White House Press Secretary Sean Spicer during a press briefing. “Perhaps worst of all, despite all of its overreaching, Dodd-Frank did not address the causes of the financial crisis, something we all know must be done.”


Enacted in response to the Great Recession, the Dodd-Frank Act created new regulations along with several new government enforcement agencies, including the Consumer Financial Protection Bureau (CFPB). While Trump’s order isn’t expected to have an immediate impact, it does set the stage for Trump to fulfill his campaign promise to repeal and replace the act. The likely replacement bill is the Financial CHOICE Act of 2016, which was introduced last year by Rep. Jeb Hensarling (R-Texas). It stands for “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.”


“I’m very pleased that President Trump signed this executive action, which closely mirrors provisions that are found in the Financial CHOICE Act to end Wall Street bailouts, end ‘too big to fail,’ and end top-down regulations that make it harder for our economy to grow and for hardworking Americans to achieve financial independence,” said Hensarling. “Dodd-Frank failed to keep its promises, but President Trump is following through on his promise to the American people to dismantle Dodd-Frank. Republicans are eager to work with the president to end and replace the Dodd-Frank mistake …”

Ad Loading...


Repealing Dodd-Frank, however, doesn’t necessarily mean the CFPB will be eliminated, as it exists independent of the law that created it. However, regulatory insiders say passage of the Financial CHOICE Act could weaken the bureau. A federal appellate court also ruled the bureau’s single-director structure unconstitutional this past October, giving the president the power to remove Director Richard Cordray at will. The CFPB is appealing that decision.


Asked during Friday's  press briefing if the administration planned to keep Cordray, Spicer said he didn’t have an announcement on the bureau. “That’s an area that we need to work with Congress on,” he said.

More Industry

Kia Niro SUV in gold color parked outdoors
Industryby Hannah MitchellSeptember 1, 2026

Kia Closes Out Summer With a Bang

Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.

Read More →
Outside of Auto Park Ford dealership
Industryby Lauren LawrenceSeptember 1, 2026

Indiana Dealership Changes Hands

A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.

Read More →
Three men standing in front of two classic cars handing off gift.
Industryby Hannah MitchellAugust 25, 2026

Texas Dealership No Longer in the Family

The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.

Read More →
Ad Loading...
Outside of modern car dealership “Genesis of San Bruno
Industryby Lauren LawrenceAugust 25, 2026

Genesis Grows California Presence

The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.

Read More →
Red Honda Civic hybrid sedan on two lane road with green hills in background
Industryby Hannah MitchellAugust 21, 2026

August Auto Sales a Mixed Bag

An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.

Read More →
EV charger inserted into dark-colored car port
Industryby Hannah MitchellAugust 18, 2026

EV Market Humming Along

July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.

Read More →
Ad Loading...
car in background with hand giving a thumbs up in front
Industryby Lauren LawrenceAugust 14, 2026

Auto Loan Delinquency Rates Stabilize

Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.

Read More →
blue sky, yellow and orange rollercoaster with riders going up an incline
Industryby Lauren LawrenceAugust 12, 2026

EV Sales Recover in Q2

The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.

Read More →
Photo of blue Toyota Prius parked next to body of water with city skyline in background
Industryby Hannah MitchellAugust 5, 2026

The Cheapest Hybrids to Fuel

The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.

Read More →
Ad Loading...
white SUV parked in front of a body of water with a gray sky background
Industryby Lauren LawrenceAugust 5, 2026

Hybrids and SUVs Gaining Ground

The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.

Read More →