Treasury Secretary Steven Mnuchin speaks with President Trump. Photo: Reuters/Kevin Lamarque

The Trump administration has laid out recommendations on reforming financial sector regulations in a new report, which focuses on lending and is expected to be followed by other issue area reports on money-management and insurance.

The Wall Street Journal reports that the recommendations have been on the banking industry’s wish list for years, with many arguing that restrictions implemented in the aftermath of the financial crisis as part of the Dodd-Frank financial law are overly restrictive.

While some of the changes require congressional action, according to a senior Treasury official, most can be approved by regulatory agency officials.

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