The first stage of the Department of Labor’s fiduciary rule may be delayed from April 10 to May 10 because of President Trump’s regulatory freeze announced after his swearing in Friday.

However, the directive won’t have any impact on the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Consumer Financial Protection Bureau and the federal bank overseers, John Coffee, one of the nation’s leading academics on financial regulatory matters, said in an email.

“The president cannot compel the independent agencies to take (or not take) action, but he can effectively decimate their budgets, and that is a powerful deterrent,” said Coffee, a Columbia University Law School professor who has testified before Congress numerous times.

At the same time, Harvey Pitt, who chaired the SEC under the last Republican President, George W. Bush, said the acting SEC chair would almost certainly comply voluntarily.

The freeze issued by White House Chief of Staff Reince Priebus calls on federal agencies to delay regulations that have not been put into effect by 60 days.

Priebus’s memorandum also tells agencies to consider starting a formal public notice and comment period to delay regulations even longer.

Former President Obama issued a near identical order when he took office in 2009, New York Times reporter Binyamin Applebaum tweeted shortly after Trump’s freeze was announced.