President Donald Trump is taking his first steps aimed at scaling back financial services regulations, and the Republican-run Congress cast a vote early Friday signaling that it's eager to help.

The president signed an executive order that will direct the Treasury secretary to review a 2010 financial oversight law, which reshaped financial regulation after the 2008-09 financial crisis.

Trump also signed a presidential memorandum Friday that instructs the Labor Department to delay implementing the "fiduciary rule," which was aimed at blocking financial advisers from steering clients toward investments with higher commissions and fees that can eat away at retirement savings.

Dory Rand, a consumer advocate and president of the Woodstock Institute in Chicago, spoke with The Associated Press about impact on consumers.

The rule, which was set to take effect in April, will be delayed for 90 days while it's reviewed.

Critics argue the rule limits retirees' investment choices by forcing asset managers to steer them to the lowest-risk options.

Trump also signed a presidential memorandum that instructs the Labor Department to delay implementing an Obama-era rule that requires financial professionals who charge commissions to put their clients' best interests first when giving advice on retirement investments.

While the financial oversight order won't have any immediate impact, the administration's intent is clear.

Chicago - 3 February 2017

1. Wide of Dory Rand working at her desk.

2. SOUNDBITE (ENGLISH), Dory Rand, Woodstock Institute:

"The fiduciary rule requires retirement investment advisors to put the customer's best interest first."

3. Medium of Rand at desk.

4. SOUNDBITE (ENGLISH), Dory Rand, Woodstock Institute:

"Not having a fiduciary standard is very expensive for consumers, because it allows the people selling them retirement investment vehicles to put their own interests first. And to line their pockets rather than putting the customer's best interest first."

5. Close of Rand's hands working at desk.

6. SOUNDBITE (ENGLISH), Dory Rand, Woodstock Institute:

"My biggest fear is that American workers and retirees will have less financial security if the rule is not implemented than they would have under the new rule.That means they'll have less money to pay their bills, less money to pass down to the next generation, and probably more reliance on social security and government programs than if they had more of their own money in the pockets."

6. Medium of Rand working at desk.

7. SOUNDBITE (ENGLISH), Dory Rand, Woodstock Institute:

"If we want people to have financial security and have some wealth that they can fall back on, we need to have effective retirement savings policies in this country."

8 . Medium of Rand working at desk.

9. SOUNDBITE (ENGLISH), Dory Rand, Woodstock Institute:

"If the fiduciary rule is not implemented as scheduled in April of this year, the winners are the Wall Street firms who give conflicted advice and don't put consumer's interests first. And the big losers are American workers and retirees who get ripped off to the tune of $17-billion a year."

10. Close of Rand's hands.

11. SOUNDBITE (ENGLISH), Dory Rand, Woodstock Institute:

"Consumers who are not financially sophisticated are at greatest risk, because research shows that most people believe when they ask for retirement investment advice that the people giving it to them are putting their best interests first."

12. Wide of Rand working at desk.

13. SOUNDBITE (ENGLISH), Dory Rand, Woodstock Institute:

"If your financial advisor is not a fiduciary, then that advisor is not putting your best interests first. You need to go to another advisor who is a fiduciary."

14. Wide working at desk.

15. SOUNDBITE (ENGLISH), Dory Rand, Woodstock Institute:

"A fiduciary is an investment advisor who puts the consumer's interest first and does not have a conflict of interest regarding the type of investments that the advisor is recommending."

16. Close of Rand's hands with paperwork.