Trump to sign measures to review financial regulation

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.

Federal Reserve Vice Chairman Stanley Fischer said in a Friday interview with CNBC that there are aspects of the Dodd-Frank law which if taken away would have "potentially serious impacts on the economy, not immediately, but when times get tough". Several large companies performed or attempted these transactions in 2014 and 2015.

White House economic adviser Gary Cohn said he and Mnuchin are spending a lot of time working together on tax policy and that there would be a "united proposal" coming from the Trump administration.

Last year Obama's Treasury Department, concerned about Pfizer's $152 billion bid to acquire the Botox maker Allergan, issued rules to thwart inversions. And after blasting Goldman Sachs during the campaign, Trump has picked several Goldman Sachs veterans for senior roles in his administration. This White House is going to insane lengths to make it look like Trump isn't failing.

The White House is insanely claiming that Congress will vote on healthcare, tax reform, and keep the government open next week, even though Congress is only in session for four days, and Republicans have no votes scheduled.

Mnuchin said taxpayers won't be left on the hook. "We're pretty close to being able to bring forward what is going to be major tax reform".

His report will explore if it would be better to liquidate troubled financial firms through a modified form of bankruptcy.

Steel stocks rallied on President Trump's announcement of a government probe into whether foreign steel imports are harming national security.




Trump will sign two presidential memos in this regard, Politico news reported.

Many congressional Republicans want to eliminate this provision, arguing it would allow regulators to keep failing institutions operating with taxpayer money.

Speaking to reporters earlier on Friday, Mnuchin disputed the notion that his agency's review under the executive order would slow the administration's tax overhaul efforts.

The president also said the White House would have a "big announcement" on a tax reform plan on Wednesday.

The House of Representatives Intelligence Committee says it has invited FBI, National Security Agency and Obama administration officials to testify as it restarts its investigation into alleged Russian meddling in the 2016 USA election.

"The American Bankers Association has welcomed and embraced the administration's thorough review of financial regulations", said ABA EVP Wayne Abernathy. The Financial Stability Oversight Council, a panel of top regulators that Mnuchin now chairs, oversees the process.

Republicans have complained the process could be similar to a bailout. MetLife launched - and won -a public battle against the designation.

Insurance company MetLife Inc. was designated systemically important in 2014 and sued to have the tag rescinded.

(Copyright © 2015. All Rights Reserved.)
 
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