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On Friday, President Trump signed an executive order enacting sweeping reforms to the Dodd-Frank Act and instructed the Department of Labor (DOL) to do a thorough review of the fiduciary rule. This is good news for American small businesses who have been looking to the new administration for signs of financial stability and growth. Pulling back burdensome regulation is the first step towards prosperity.
U.S. Chamber President Thomas J. Donohue responded to the executive order:
“Today marks the first step towards mending the dysfunctional regulation of the past and helping Main Street with the financing needed for growth and job creation. Last year the Chamber recommended over 100 ideas for smart, forward-looking financial reforms that promote stability and encourage growth. This executive order stops Washington from picking winners and losers and helps put America’s entrepreneurs back to work. We look forward to working with the administration and Congress in achieving these goals."
Reforms to both Dodd-Frank and the fiduciary rule will help spur Main Street economic growth and put businesses back in control. The fiduciary rule, as written, would have restricted the advice that financial experts can share with small business owners, raise costs and limit potential plan options, and even drive advisors out of the market. The Department of Labor was on course to hurt the small businesses and workers it is intended to protect.
President Trump's actions show us a path forward for breaking down dysfunctional regulations and freeing up our robust free enterprise system.
Here's a helpful infographic explaining how the fiduciary rule (as proposed) would create a web of challenges for Small Businesses offering retirement plans: