"We have some of the bankers here", Trump said, totally blowing whatever cover the financiers attending the ceremony might have had.
President Donald Trump on Friday signed an executive order Friday that will begin chipping away at the landmark Dodd-Frank Act, a set of financial regulations passed in the aftermath of the Great Recession, according to Bloomberg News.
Trump's new plan will mandate a review of the Dodd-Frank rules, overseen by treasury secretary nominee Steve Mnuchin and the Financial Stability Oversight Council, and send recommendations back to the White House.
Democrats immediately pounced on President Trump's efforts to roll back rules policing the financial industry, accusing him of doling out gifts to Wall Street and vowing to fight him tooth and nail.
The executive order will be a major move toward Trump's promise of reducing the regulatory burden on United States business - a stance that is well received by Republicans.
"There is nobody better to tell me about Dodd-Frank than Jamie", Trump said, referring to Dimon.
The law, a signature piece of the legacy of former-President Obama, was enacted in July, 2010 after a brutal battle in Congress. The ruling effectively requires brokers to act in their clients' best interests when they are advising them on retirement or 401k plans. His executive order is also expected to delay the implementation of a more recent rule that requires financial advisors to act in the best interest of their clients when giving retirement advise.
On Wednesday, the House voted 235-187 to repeal a controversial Dodd-Frank requirement that publicly traded companies disclose confidential information related to the negotiation of business contracts.
Just how much money are we talking? The DOL Fiduciary Rule, a rule with a benign description that hides an ugly trap for consumers, has lost favor as well.
Other consumer groups warned that undoing Dodd-Frank, which created the Consumer Financial Protection Bureau, required banks to hold more capital in case of a crisis, and curbed some risky trading behavior by financial institutions, would invite a rehash of the 2008 crisis.
At least one group is happy about Trump's latest executive orders: Shares of the Financial Select Sector SPDR ETF - an index of companies in the financial services industry, including Wells Fargo, JP Morgan Chase, and Bank of America - was up almost 2% as of Friday afternoon.
Since its passage, Wall Street reform has protected crises and protected consumers, all while the stock market flourished and rose to unprecedented heights. Since it was proposed by the Obama administration in 2015, the rule termination has been the target of broker-dealers and other financial advisers.
In its regulatory rollback, the administration has a willing partner in the Republican-controlled Congress which got the ball rolling this week.
Cohn argued regulations are "the biggest hindrance to job creation" and have a negative impact on banks' lending practices.
"We think its a problem".