Published: Sat, April 22, 2017
Business | By Sandy Mccarthy

Trump to sign measures to review financial regulation

Trump to sign measures to review financial regulation

President Trump signing an executive order on tax rules on Friday.

Then, minutes later, at the Treasury Department, during a signing of three executive orders, Trump issued another conflicting statement.

U.N. Secretary-General Antonio Guterres meets with Trump at the White House for the first time since both took office earlier this year and amid a USA push to cut funding to the world body and its agencies.

Trump is turning his attention to financial reform again as a top House Republican this week unveiled the latest version of legislation to replace Dodd-Frank, which was enacted in the wake of the financial crisis.

"I think the Obama inversion regulations are most likely to be targeted, notably the earnings stripping rules", said Steve Rosenthal, senior fellow at the Urban-Brookings Tax Policy Center.

In a signing ceremony at the Department of the Treasury, Trump will once again signal that he intends to roll back numerous sweeping regulations the Obama administration adopted in the aftermath of the 2008 financial crisis.

Mnuchin, however, said the White House expects some $2 trln in new budget revenues, which will be produced by the quicker pace of economic growth resulting from the tax reform alone.

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One of the memoranda will look at the Financial Stability Oversight Committee's (FSOC) designation process of significantly important financial institutions, commonly known in regulatory speech as "SIFIs".

Asian stocks rose broadly on Friday after the Nasdaq Composite index in NY hit a record high overnight, buoyed by solid earnings from American Express and others and on optimism for a USA tax overhaul.

U.S. President Donald Trump ordered the Treasury Department on Friday to examine two powers given to regulators to police large financial companies following the 2008 financial crisis, Treasury Secretary Steven Mnuchin said.

Mnuchin said for the first time on Friday that the White House supported the House Republican effort but suggested it would not impede the multiple reviews that the White House has now launched on its own.

The administration is also trying to pass tax reform that would reduce corporate rates and encourage businesses that have trillions of dollars stowed overseas to bring their profits back to the U.S.

Republican lawmakers say the FSOC uses a flawed process lacking transparency to designate non-bank institutions. Specifically, the Treasury will be tasked with finding taxes and regulations that add undue burdens for the American taxpayer or exceed statutory authority, Reuters reports.

Asked whether this was the administration's attempt to get rid of "too big to fail", Mnuchin said, "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".

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