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

Brittany BishopApr 22, 2017

Kristian Rouz - One of US President Donald Trump's electoral promises was to boost his country's economic growth through an unprecedented fiscal stimulus plan, which is set to include massive business and individual income tax cuts, greater infrastructure spending, and the rearrangement of border taxation.

On Friday, Trump is scheduled to make the short walk from the White House to the Treasury Department to sign executive memos targeting two specific provisions about which Republicans have complained.

Secretary of the Treasury Steven Mnuchin will have 180 days to report to Trump on his findings regarding the liquidation authority.

House Republicans are also working to loosen Dodd-Frank regulations.

Treasury has been holding meetings with banking and finance officials about how the regulations are working, and he said "we're going to make sure all these rules make sense".

Mnuchin defended the timing of the executive order ahead of the release of the tax reform bill, saying some regulations wouldn't be addressed by the as-yet-unseen tax reform bill, which is why Trump's executive order is necessary.

"Tax reform that adds to the 10-year debt projection is pretty much dead on arrival with most Republican members of Congress".

U.S. President Donald Trump's tax reform plan will rely largely on future revenue gains from faster economic growth to justify major tax cuts, top Trump advisers said on Thursday.

"I think this concern is why Trump ordered a review-to delay actually doing something", he said.

"These regulations enshrine too big to fail and encourage risky behavior", Trump said.

One memorandum will order the treasury secretary to review a component of the 2010 Dodd-Frank financial reform law that allows federal regulators to liquidate large, failing financial firms during a financial crisis as an alternative to bankruptcy.

Reports earlier of a potential breakthrough (http://www.cnn.com/2017/04/20/politics/health-care-congress-republicans/?link=mktw) among key House Republicans to secure more support for their health care bill had also contributed to market's upside momentum given Trump had previously prioritized repealing and replacing Obamacare over other policy changes.

Mnuchin promised Thursday the administration promises to release a "major tax reform" package "very soon", regardless of "whether health care gets done or health care doesn't get done".

"We should be working to lower taxes for hardworking families and workers across OH, not helping multimillion-dollar corporations cheat the system to avoid paying their fair share", Brown said. Mnuchin had previously said his team was already looking into both the SIFI designation process and the use of orderly liquidation.

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