- The president later today is expected to sign executive orders to scale back Dodd-Frank and to postpone implementation of the Department of Labor's fiduciary role.
- "We’re not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year,” White House National Economic Council Director Gary Cohn tells the WSJ. “The banks are going to be able to price product more efficiently and more effectively to consumers ... This is a table setter for a bunch of stuff that is coming."
- The moves are sure to upset consumer groups and the opposition party, not to mention the ambitious CFPB and its director Richard Cordray (of whom, Cohn implies his days heading that agency are numbered).
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- Bank of America (BAC +2.1%), Citigroup (C +2%), Goldman (GS +3%), Morgan Stanley (MS +3.3%), U.S. Bancorp (USB +1.1%), Regions Financial (RF +1.9%), KeyCorp (KEY +1.5%), PNC (PNC +1.5%), Invesco (IVZ +3.6%), T. Rowe Price (TROW +1.4%), Legg Mason (LM +1.3%), AllianceBernstein (AB +0.8%), Federated (FII +1.4%), Waddell & Reed (WDR +1.8%), LPL Financial (LPLA +1.8%)