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President Trump Takes First Steps on Dodd-Frank Reform

Today, the Trump Administration took initial action toward Dodd-Frank reform. President Trump signed two Presidential actions—one Executive Order regarding the Dodd-Frank Act more broadly, and one Presidential Memorandum regarding the “Fiduciary Rule.” The text of the order is available here and the text of the memorandum is available here.

The first action is an Executive Order that directs the Secretary of the Treasury, consulting other Financial Stability Oversight Council agency heads, to conduct a review and submit a report to the President, within 120 days, that identifies the laws and policies that promote and support the “Core Principles” of proper regulation of the financial system. The Core Principles listed in the order range from the prevention of taxpayer-funded bailouts to the need to make “regulation efficient, effective, and appropriately tailored.”

The second action is a Presidential Memorandum that instructs the Secretary of Labor to examine the Fiduciary Rule and determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice, as well as prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Rule. The analysis required by the memorandum will consider whether the rule harms investors, disrupts retirement markets, causes an increase in litigation and increases prices for retirement services, among other things. If so, the Secretary is directed to publish for notice and comment a proposed rule rescinding or revising the Rule, as appropriate and as consistent with law.

© 2017 Bracewell LLP

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Josh Zive, Legislative Regulatory Advocacy attorney, Bracewell law firm
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Josh Zive is a senior principal at Bracewell with an eclectic background in legislative and regulatory advocacy, campaign finance and ethics laws, strategic communications and issues related to international trade and economic sanctions. He works closely with associations and companies involved in legal and political controversies to craft and deliver arguments that can be successful with legal, political and public audiences. No matter the forum or the specific controversy, Josh strives to serve as trusted counsel for his clients and to provide timely and practical...

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Robert E. Sheeder, Labor Law Attorney, Bracewell Law Firm
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In private practice since 1976, Bob Sheeder represents clients in all aspects of labor and employment law before federal and state agencies and courts. As head of the firm's labor and employment section, his practice includes litigation and counseling in areas of discrimination, harassment, collective actions and class actions, union organizing and wage-hour issues.

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Cheri Hoff, Corporate, Securities, Litigation, attorney, bracewell
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Cheri Hoff is a partner in the firm's Corporate and Securities section. Her practice focuses on providing advice to private investment funds, investors and advisers. Ms. Hoff forms and represents private funds, including hedge funds, private equity funds, funds of funds, and hybrid funds, with diverse strategies and structures. She handles a variety of regulatory and transactional matters for private investment funds and investment advisers. Ms. Hoff has experience providing regulatory advice to registered investment advisors regarding compliance with various aspects of...

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Paul S. Maco, Bracewell Law Firm, Securities Attorney
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Paul Maco practices in the areas of federal securities and commodities law, corporate governance, and public finance. A former senior official at the U.S. Securities and Exchange Commission (SEC), his transactional, regulatory, enforcement and enforcement defense experience brings a comprehensive perspective to the needs of his clients, whom he represents before the SEC, Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) in enforcement, regulatory, and compliance matters.

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