Trump Eyes Changes To Obama's Tax And Wall Street Rules

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Mnuchin on Friday said the administration has been "working closely with Chairman Hensarling" on overall financial regulation reforms, but he did not comment on specific provisions.

One of former President Obama's signature accomplishments, Dodd-Frank was enacted with nearly no Republican support.

"I think the most important part of FSOC is that I can bring the regulators together, get everybody in a room, be able to address important part of regulation", Mnuchin said.

In addition, the president will order six-month reviews of the 2010 Dodd-Frank law regulating Wall Street.

Asked when the details of the plan would be released, Treasury Secretary Steven Mnuchin said, "Soon, very soon".

► Review significant tax regulations issued in 2016 and 2017 that are overly complex and "impose an undue financial burden" on taxpayers.

Mnuchin told journalists on Friday that rules enacted by Obama's Treasury Department, meant to reduce corporate tax avoidance specifically through the process of tax inversions, would be among those targeted under Trump's order.

Trump, who campaigned on large tax cuts for businesses and individuals, had said on February 9 that he would be releasing a "phenomenal" tax plan to overhaul the tax code within two to three weeks.

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In the House, where any tax legislation would have to begin, "our intention has always been and continues to be to coalesce around a unified GOP plan and those conversations continue", said AshLee Strong, a spokeswoman for House Speaker Paul Ryan.

Asian shares mostly gained on Friday while monitoring events following a suspected terrorist shooting in Paris days ahead of presidential polls in France as comments overnight on US tax policy lifted overall sentiment.

The latest directive by the president calls on Mnuchin to complete a report within 180 days on whether an improved bankruptcy authority is a better alternative for failing financial companies. But then Trump said he wanted to focus on healthcare before tackling tax reform.

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Norquist said Congress could remove 70 percent of the pain of Dodd-Frank through a budgetary process that would require only 51 Senate votes instead of the normal 60-vote supermajority.

"From our perspective, it is a direction that is dramatically backwards on financial stability", said Lisa Donner, executive director of Americans for Financial Reform.

The documents Trump will sign Friday are small potatoes compared with a comprehensive overall of the tax code.

"We should be reciprocal", Cohn said.

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