[JURIST] US President Donald Trump on Friday issued an executive order and a presidential memorandum [texts] with orders aimed at an incremental dismantling of the Obama administration’s financial regulations. Trump’s orders direct his administration to review the regulations put in place by former president Barack Obama in the wake of the 2008 financial downturn and also delay the implementation of a fiduciary rule requiring retirement financial advisors to work in the best interests of their clients. With his orders, Trump is soliciting input from leaders in the financial sector on how to best reform the Dodd-Frank law, on which he previously vowed to “do a big number.” His administration is not seeking to repeal the act, however, with a recognition that to do so, Congress would have to act. The orders closely follow the US Department of Labor’s employment figures for January [text], which Trump has generally questioned as being inaccurate.

These measures seem to be part of President Trump’s greater promise to implement a “pro-growth” economic policy [press release], including a roll-back on regulations. Earlier this month, the US Senate voted 52-48 to approve [JURIST report] a resolution that would repeal a Securities and Exchange Commission rule requiring oil, gas and mineral companies to disclose payments made to foreign governments. The rule, officially known as the Disclosure of Payments by Resource Extraction Issuers, was adopted in June as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act and was designed to “promote greater transparency” in the resource extraction industry, according to the SEC. Late last month, the president issued an executive order [JURIST report] that requires two regulations to be eliminated for every new one created. The president stated that this would spur economic growth and the entrepreneurial spirit and we do not need “97 different rules to take care of one element.”