auto dealer in black and red logo
MenuMENU
SearchSEARCH

President Trump Orders Review of Dodd-Frank

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.

February 4, 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.

“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 …”

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 F&I

Industryby StaffMarch 6, 2026

Explore the 12 Rules for an F&I Life at EFI

EFI 2026 will take place April 13–15 at The Cosmopolitan Las Vegas.

Read More →
Industryby StaffMarch 2, 2026

Prove You Can Do F&I at EFI

‘So You Think You Can Do F&I’ is a live role-play contest taking place at the 2026 Ethical F&I Managers Conference.

Read More →
F&Iby Lauren LawrenceFebruary 27, 2026

Price Driving Insurance Churn

Over half of insurance holders ages 18 to 29 reported to be 'somewhat' likely to change providers in the next 90 days, according to CivicScience, which found that interest was lower among older age groups.

Read More →
Ad Loading...
StoneEagle logo beside a headshot of Cindy Allen, CEO, on a pink background with a stylized upward-trending chart.
Industryby StaffDecember 5, 2025

EV Surge Shows AI Steadied Softer Q3

StoneEagleData reveals the gross reality behind the rise in EV leasing and the steady role F&I offices played.

Read More →
Two people signing auto insurance paperwork
Industryby Lauren LawrenceNovember 26, 2025

Auto Insurance Rates Dip

Insurers are shifting their focus from raising rates to customer satisfaction.

Read More →
F&Iby Hannah MitchellNovember 11, 2025

Autos With the Lowest Insurance Costs

Ranking intuitive in many ways, but there are many factors

Read More →
Ad Loading...
F&Iby StaffOctober 15, 2025

The F&I Agent's Roadmap: Mastering the Cold In-Store Visit

Register for Allstate's FREE webinar on Oct. 21

Read More →
SalesAugust 25, 2025

How to Build a High-Performance Sales and F&I Team

Performance and profits start with people chosen and led the right way.

Read More →
IndustryJuly 23, 2025

5 Industry Legends Join F&I Hall of Fame

The second annual induction recognized luminaries who helped advance F&I training, production, compliance, agency-building and product development.

Read More →
Ad Loading...
F&Iby StaffMay 21, 2025

Auto Insurance Shopping Stays Brisk

One segment is looking around more for better rates, signaling a market shift, report says.

Read More →