(Bloomberg) -- President Trump will halt the Department of Labor fiduciary rule, hated bythe financial industry, that requires advisers on retirementaccounts to work in the best interests of their clients.

He will also order a sweeping review of the Dodd-Frank Act rulesenacted in response to the 2008 financial crisis, a White Houseofficial said, signing an executive action Friday designed tosignificantly scale back the regulatory system put in place in2010.

Trump’s order will give the new administration time to reviewthe fiduciary rule.

Related: Even if fiduciary rule delayed, many firmsplanning to comply

Taken together, the actions are designed to lay down the Trumpadministration’s approach to financial markets, with an emphasis onremoving regulatory burdens and opening up investor options, saidthe White House official, who briefed reporters on condition ofanonymity.

The orders are the most aggressive steps yet by Trump to loosenregulations in the financial services industry and come after hehas sought to stock his administration with veterans of theindustry in key positions. His plans are sure to face fiercecriticism by Democrats who charge that Trump is intent on undoingchanges designed to protect everything from average investors tothe global banking system.

He also could face a backlash from some of his own supporters,whose distrust of big banks and the financial industry helped fuelthe populist anger that propelled Trump to the White House.

Banks ‘shackled’

Trump is scheduled to issue the directives at a signing ceremonyaround noon following a meeting of more than a dozen top corporateexecutives led by Blackstone Group LP Chief Executive Officer SteveSchwarzman. Gary Cohn, director of Trump’s National EconomicCouncil, is meeting with House Financial Services Committee membersFriday morning, said two people familiar with his schedule.

Cohn said Friday on Fox Business that the executive ordersare intended to relieve restrictions and scrutiny that post-crisisregulations have put on banks, and that firms have been forced to“hoard capital” rather than lend it out to their clients.

“All banks have been shackled,” Cohn said. “We need to get banksback in the lending business.”

On Monday, Trump promised to do “a big number” on the Dodd-FrankAct during a meeting with small business owners. He said the lawhad damaged the country’s “entrepreneurial spirit” and limitedaccess to needed credit.

Related: See all Fiduciary Rule news

“Regulation has actually been horrible for big business, butit’s been worse for small business,” the president said.“Dodd-Frank is a disaster.”

Trump’s Treasury secretary nominee, Steven Mnuchin, willmeet with members of the Financial Stability Oversight Council andreport back on what changes the administration should take to alterDodd-Frank, the official said. Particular attention will be paid tothe Volcker Rule limits on banks making speculative bets withtheir own funds, a restriction promoted by former Federal ReserveChairman Paul Volcker.

Immediate impact

The official wouldn’t say how long the Treasury Department wouldhave to complete its review, but did say that the administrationwould be looking for ways to make an immediate impact, includingthrough administrative changes and personnel decisions.

Trump’s directive also starts the process of stalling theso-called fiduciary rule -- set to take effect in April -- that theObama administration said would protect millions of retirees frombeing steered into inappropriate high-cost or high-risk investmentsthat generate bigger profits for brokers.

The review will include examining making personnel changes atfinancial regulators as a way of accomplishing the administration’sobjectives, the official said. They declined to answer a questionon whether Trump would try to fire Richard Cordray, the director ofthe Consumer Financial Protection Bureau. The official did say theadministration believed that some of the rules created underDodd-Frank may have been unconstitutional, including the creationof new agencies, an apparent reference to the bureau.

Asked Monday about whether Trump would retain Cordray in hisposition, White House press secretary Sean Spicer declined toanswer. Mnuchin said during his congressional testimony that hebelieved the CFPB as a whole should be preserved but that Congressshould take more direct control of its budget.

The Trump administration doesn’t believe Dodd-Frank measures,including the Volcker Rule, addressed real issues in the financialsystem, the official said. The president’s team also believes theLabor Department fiduciary rule was unnecessarily restrictinginvestor choice without providing necessary consumer protection,the official said.

Read more: A QuickTake explainer on the Volcker rule

Republican lawmakers and some financial firms say the fiduciaryrule is deeply flawed, arguing that it will restrict options forconsumers and result in some savers being denied advice on theirretirements. Trump will call for the Labor Department to stop andreview the regulation in its entirety.

While the review will be undertaken independently by the LaborDepartment, the White House aide signaled that the president wasexpecting significant change.

Broader overhaul

Delaying implementation of the Labor Department rule is thefirst step Republicans and the finance industry are eyeing as partof a broader overhaul of the measure. GOP Lawmakers have arguedthat the Securities and Exchange Commission, not the LaborDepartment, should oversee and regulate any changes related tofinancial firms.

Banks, asset managers and insurers have been fighting thefiduciary rule ever since the Labor Department approved it lastyear, saying the regulation could raise the costs of providingadvice and make it harder to serve lower-income clients. Businessgroups including the U.S. Chamber of Commerce and American Councilof Life Insurers have sued to try to block it.

Still, representatives of some financial services companies saidthey planned to change practices to meet the regulation’s standardeven if it is halted.

“We plan to go forward with the majority of the work we’vedone,” Bill Morrissey, managing director of business development atLPL Financial Holdings Inc., said in an interview before Trump’sorder was disclosed. “What investors want is more transparency andlower fees.”

Morgan Stanley, one of the biggest U.S. brokerages, said on Jan.26 it plans to move ahead with changes designed to comply with therule, despite uncertainty over whether the regulation will beimplemented. Insurers including American International Group Inc.and Principal Financial Group Inc. stressed after Trump’s victorythat they would continue to forge ahead as though the rules wouldbe carried out.

“My expectation is that a lot of firms are going to continueinstalling a best-interest standard, regardless,” said Brian Graff,chief executive officer of the American Retirement Association, agroup that represents pension administrators and plan advisers.

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