Feb 3, 2017

Trump's financial regulation executive actions

Pablo Martinez Monsivais / AP

Trump's executive actions today will direct his advisors to evaluate financial regulations put in place by the Obama administration in response to the 2008 financial crisis.

  1. Trump will be asking federal agencies to identify potential reforms to the financial regulatory system. This won't cause any immediate changes on Wall Street, and a Trump official said this doesn't signal an intent to fire the head of the CFPB or roll back the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
  2. The second directive Trump signed will delay implementation of the "Fiduciary Rule," which required retirement advisors to act in their clients' best interests. The Labor Dept has 90 days to review the rule and report back.

Why this matters: Changes to Dodd-Frank would face Democratic opposition. The CFPB is a particular point of contention. In October, a divided three-judge panel ruled the structure of the Consumer Financial Protection Bureau was unconstitutional. The ruling made it so the president can remove the CFPB director at will, at any time and for any reason. This is the first sign he might follow through on his voiced distaste for the Dodd-Frank reforms that created the agency in the first place. Chuck Schumer has said if Trump moves to remove the current director, there will be a "long fight."

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Wisconsin Supreme Court blocks governor from delaying state's primary

Tony Evers. Photo: Nuccio DiNuzzo/Getty Images

Wisconsin's Supreme Court on Monday blocked an executive order by Gov. Tony Evers (D) that attempted to delay in-person voting for the state's primary election — currently scheduled for Tuesday — until June 9.

Driving the news: Judges ruled 4-2 along ideological lines that Evers does not have the power as governor to unilaterally postpone the election, despite the fact that the state has a stay-at-home order in place due to the coronavirus pandemic.

Go deeperArrowUpdated 10 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 1,331,032 — Total deaths: 73,917 — Total recoveries: 275,851Map.
  2. U.S.: Total confirmed cases as of 5 p.m. ET: 356,942 — Total deaths: 10,524 — Total recoveries: 18,999Map.
  3. 2020 update: Wisconsin governor orders in-person primary voting delayed until June.
  4. States latest: West Coast states send ventilators to New York and other states with more immediate need — Data suggest coronavirus curve may be flattening in New York, Gov. Andrew Cuomo said.
  5. World update: U.K. Prime Minister Boris Johnson moved to intensive care as coronavirus symptoms worsen.
  6. Stocks latest: The S&P 500 closed up 7% on Monday, while the Dow rose more than 1,500 points.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Stocks jump 7% despite bleak coronavirus projections

People passing by the New York Stock Exchange amid the coronavirus pandemic. Photo: John Nacion/NurPhoto via Getty Images

The S&P 500 closed up 7% on Monday, while the Dow rose more than 1,500 points.

Why it matters: The huge market surge comes amid rare optimistic signs that the spread of the coronavirus may be slowing in parts of the country, including New York. But government officials say this will be a difficult week, while economists — including former Fed chair Janet Yellen today — warn that the pandemic could have a catastrophic impact on the global economy.