President Donald Trump is expected to sign executive action Friday that rolls back the 2010 Dodd-Frank regulatory law, first put in place after the financial crisis.
"Americans are going to have better choices and Americans are going to have better products because 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 told The Wall Street Journal. "The banks are going to be able to price product more efficiently and more effectively to consumers."
Consumer groups and Democrats are expected to rally to challenge any proposed changes, The Washington Post reports.
Another executive order will direct the treasury secretary and financial regulators to favorably revise some of Dodd-Frank's rules. "We have the best, most highly capitalized banks in the world, and we should use that to our competitive advantage," Cohn said. "But on the flip side, we also have the most highly regulated, overburdened banks in the world."