WASHINGTON _ President Donald Trump will sign an executive order Friday directing Treasury Secretary Steven Mnuchin to review any significant tax regulations from last year, especially those that burden Americans.
The president will also sign memos related to the designation process of systemically important banks and to orderly liquidation authority.
Trump will visit the U.S. Treasury department Friday to sign the order, which will look to identify and reduce tax regulatory burdens that "add undue complexity" and "exceed statutory authority," the White House said in a preview of the president's planned actions.
One of the memos Trump will sign will require a review of the Financial Stability Oversight Committee's designation process for systemically important banks _ and risks created by such designations. The other will review orderly liquidation authority, with a report due to Trump within 180 days, and examine whether enhanced bankruptcy authority is a better alternative for failing financial companies. It will also look at the adverse impact of failing financial firms, and whether availability of bankruptcy authority could lead to excessive risk-taking.
Mnuchin on Thursday said he aims to complete the biggest overhaul of the tax code since the 1980s by the end of this year. He and National Economic Council Director Gary Cohn are spending a lot of time on a proposal, Mnuchin said during a conference in Washington.
Mnuchin also said the White House's tax plan wouldn't increase the deficit because lower rates would be mostly offset by economic growth that would keep revenue steady. The plan would also trim deductions and simplify taxes generally _ aiding the goal of revenue neutrality, he said.
