Trump to order US Treasury to delve into taxes, post-crisis reforms

Posted April 22, 2017

While at Treasury, Trump signed an executive order that directs the Treasury Department to review significant tax regulations issued previous year.

The White House confirmed to Reuters that Trump will visit the Treasury Department on Friday. (AP Photo/Alex Brandon) President Donald Trump listens as Treasury Secretary Steve Mnuchin speaks at the Treasury Department in Washington, Friday, April 21, 2017. Dynamic scoring refers to complex economic models that take into account the impact of tax policies on economic growth and consumer well-being.

The Trump administration is targeting some of the tax and financial regulations established by President Barack Obama.

EXXON The Treasury Department will not give permission to American companies, including Exxon Mobil Corp, to drill for oil in areas prohibited by US sanctions on Russia, Treasury Secretary Steven Mnuchin says.

The second memo will examine the risks of placing "systemically important" non-bank financial firms under the oversight of the Federal Reserve, which subjects them to stricter regulation.

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 US election.

United States futures suggested a fairly muted open on Wall Street on Friday, although some gains were expected following solid earnings in the previous session and after Treasury Secretary Steven Mnuchin said Trump's administration was close to bringing forward major tax reform.

Supreme Court bans Jehovah's Witnesses in Russia
The judicial action came after a request from the Russian Ministry of Justice to label the Jehovah's Witnesses an extremist group. In March, Justice Ministry already suspended the center's activity pending the final decision by the Supreme Court.

"People can't do their returns", Trump said.

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. Solid earnings from American Express and railroad operator CSX earlier in the day also helped. Banks say the regulations have hurt their liquidity and created burdensome processes. Mnuchin had previously said his team was already looking into both the SIFI designation process and the use of orderly liquidation.

"This will be the most significant change to the tax code since Reagan", the Treasury Secretary added.

Wednesday's announcement isn't expected to be a specific legislative proposal, but the plan is to provide more details than what the White House has issued so far, a senior administration official said.

President Donald Trump has made no secret of the fact that he wants to deregulate the big banks, but on Friday he took his deregulatory fetish to a whole new level.

Raising imports tariffs and eliminating tax deductions would immediately boost budget revenues by about $2 trln, Congressional Republicans said.