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On February 3, 2017, President Trump signed two executive actions intended to provide a framework for scaling back the Dodd-Frank Act (“Dodd-Frank Act”) and rescinding or revising the Department of Labor’s “fiduciary rule.” As we have previously written, President Trump and the Republican-majority Congress have various levers to rapidly revise and reverse the previous administration’s policies, short of legislative change. Such mechanisms include the Congressional Review Act and various forms of executive action, including executive orders, discretionary agency directives and enforcement decisions. These executive actions are likely the beginning of a series of changes intended to reduce the regulatory burden on U.S. financial markets.This memorandum discusses the two executive actions and their significance within a broader agenda to reshape financial regulation.