Trump eyes changes to Obama's tax and Wall Street rules

22 April 2017, 01:57 | Andres Norman

Trump eyes changes to Obama's tax and Wall Street rules

Trump eyes changes to Obama's tax and Wall Street rules

The other is the power of the Federal Deposit Insurance Corporation-one of the institutions responsible for minimizing systemic risk in finance-to put failing banks through a kind of bankruptcy procedure, rather than bailing them out with government capital, as was done during the 2008 financial crisis.

Mnuchin said that Trump is working with Congress to create a comprehensive tax reform package but insisted on sticking to discussions of Friday's executive order, which Trump plans to sign on his first visit to the Treasury Department as president.

The administration has yet to provide exact details of a tax proposal, but Cohn said the administration's plan would be in line with campaign promises made by President to lower rates, make them more simple, and increase US competitiveness.

In his first 92 days, Trump will have signed 25 executive orders and 15 presidential memoranda.

David Perdue, R-Ga., and Treasury Secretary Steve Mnuchin, holds up a signed Executive Order, Friday, April 21, 2017, at the Treasury Department in Washington.

(President Trump) "We'll be having a big announcement on Wednesday having to do with tax reform". While Mnuchin said no specific rules were being targeted, he acknowledged that Obama rules on so-called "inversions" would be among them. The most telling: Treasury secretary Steven Mnuchin will review every tax regulation issued in 2016 to evaluate which should be repealed or modified.

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"Whether health care gets done or health care doesn't get done, we're going to get tax reform done", Mnuchin said. "We appreciate the administration's efforts to understand how financial regulations are working in practice and how to refine them to make them more supportive of economic growth".

"Let me make it absolutely clear: President Trump is absolutely committed to make sure that taxpayers are not at risk for government bailouts of entities that are too big to fail", he said.

The dollar and USA stocks rose after Mnuchin's comments, which came as the White House and congressional Republicans are at odds over whether to try for another vote on replacing the 2010 Affordable Care Act, known as Obamacare, next week. Banks say the regulations have hurt their liquidity and created burdensome processes.

Mnuchin said it would "a little bit premature" to provide any further details on which direction the administration might recommend. But rules came under fire from Republicans, who said the measures overstepped administration authority and could discourage foreign investment in the United States.

The Committee for a Responsible Federal Budget (CRFB) added Friday in a release, "Not paying for tax reform is extremely misguided, would explode the federal deficit and end up harming long-term economic growth prospects".

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