President Trump Moves to Kill Obama-Era Financial Regulation

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President Trump signs executive orders

On Friday, President Trump signed an executive order temporarily halting what's known as the fiduciary rule.

The Obama-era rule, which was to have gone into effect in April, was aimed at blocking financial advisers from steering clients toward investments with higher commissions and fees that can eat away at retirement savings.

Helaine Olen, a personal finance columnist at Slate, told WNYC host Sean Carlson that the situation now is not beneficial to consumers. Not only are financial advisers not required to act in their client's best interest, they're also not required to tell their clients they're not doing so. 

According to Olen, the financial industry has many reasons to oppose the rule. "They have 17 billion reasons to be against it," she said. "Those are their profits."

White House Press Secretary Sean Spicer holds a different view. 

"The rule is a solution in search of a problem," he said. 

Its implementation will be delayed for 90 days while it's reviewed.