Mnuchin: Trump to order review of financial rules

Economy | Politics 4/21/2017, 7:19 PM
Mnuchin: Trump to order review of financial rules

United States Treasury Secretary Steven Mnuchin (pictured) said on Friday that President Donald Trump intends to sign an executive order and two presidential memoranda later today, directing the Treasury to analyze core aspects of the Dodd-Frank Act and tax regulations adopted in 2016.

One of the memos is designed to temporarily bar regulators from identifying new non-bank financial institutions as systemically important, or "too big to fail," and thus in need of tighter oversight, the secretary stated. The other will put a temporary halt to the use of the so-called orderly liquidation authority to unwind troubled financial institutions, unless Trump orders such a move in an emergency, Mnuchin added.

The president will sign the orders in order to "make clear what the administration's priorities are and to signify the importance of them to the American people," the secretary said, adding that the administration plans to release a tax reform plan "very soon." He stated that the tax review to be initiated by today's order will also include the Obama administration's rules from 2016 on "tax inversions," that is, situations where a US company merges with a foreign one and reincorporates abroad to cut its tax bill.

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