U.S. President Donald Trump's plan to dismantle crisis-era financial laws faces hurdles in Congress and from the regulatory process – obstacles that could take months if not years to overcome.
Although Mr. Trump vowed to do a "big number" on the Dodd-Frank financial-regulation bill, his administration cannot kill the law unilaterally.
"The President can't change the law by fiat," said Rohit Chopra, senior fellow at the Consumer Federation of America. "The White House wants to move into less regulation of Wall Street; that will require action by the Congress."
DAILY DEALS
One of Canada's unheralded financial-technology success stories is cashing out. Vancouver-based consumer payments processing firm TIO Networks Corp. has been sold to Silicon Valley giant PayPal Holdings Inc. in a $304-million all-cash deal, 20 years after it was co-founded by Iranian immigrant Hamed Shahbazi. Story
Source Energy Services Inc., Canada's largest distributor of high-quality fracking sand, is seeking to raise about $250-million in an initial public offering as a revival in oil drilling boosts demand for its product, according to people familiar with the matter. Story
IN CASE YOU MISSED IT
Andrew Willis: Canadian utilities exploited 'lazy' balance sheets at U.S. rivals Story