ABC News(WASHINGTON) — President Trump is set to sign a set of executive actions ordering a review of significant 2016 tax regulations along with two separate reviews aimed at rolling back Dodd-Frank financial regulations.
Treasury Secretary Steven Mnuchin previewed the actions Friday in an off-camera briefing with reporters at the White House. Trump is scheduled to visit the Treasury Department later Friday to sign the actions.
The first is an executive order that will order the Treasury Secretary to review “all significant 2016 tax regulations to determine if they impose an undue financial burden on taxpayers, are needlessly complex, create unnecessary requirements, or exceed what’s allowed under law.”
Mnuchin will have 150 days to recommend action to the president. The order also calls for the Treasury Department and the Office of Management and Budget to reconsider the regulatory review process for new tax regulations, according to the White House.
Asked whether it’s problematic that this review will be underway as the president and Congress look to roll out a tax overhaul package, Mnuchin said it shouldn’t have a significant effect.
Trump will also sign two presidential memoranda on the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, which former President Obama signed in response to the 2007-2008 financial crisis. One will review Dodd-Frank’s Orderly Liquidation Authority to determine whether it “encourages risk-taking, creates moral hazard, or exposes taxpayers to potential liability.”
The memoranda orders a report to be compiled within 180 days.
The second memorandum will be for a 180-day review of Financial Stability Oversight Council designation procedures, or the process of designating banks and financial firms “too big to fail.”
Republicans have said the designation is not fairly applied in some cases. 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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