President Donald Trump signs an executive action to scale back the Dodd-Frank Act.
The Obama-era law was signed in 2010. The move fulfills one of Trump's campaign promises to dismantle the Dodd-Frank law. The Act was passed in response to the 2008 financial crisis. It increased transparency in the U.S. financial system -- and ended bailouts.
It changed the way Wall Street and American banks do business.
Politico reports Trump argues the law discourages lending and prevents new firms from forming.
White House Economic Council director, Gary Cohn, told The Washington Post Trump would also undo the "fiduciary rule," which is set to take effect in April.