(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.

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