Roll­back or­dered on Dodd-Frank rules

The Washington Times Daily - - POLITICS - — Dave Boyer

Pres­i­dent Trump signed ex­ec­u­tive ac­tions Fri­day aimed at rolling back Obama-era reg­u­la­tions un­der the Dodd-Frank fi­nan­cial law that cracked down on big banks, and promised to un­veil “ma­jor” tax re­form next week.

In his first visit to the Trea­sury Depart­ment next to the White House, Mr. Trump signed an ex­ec­u­tive or­der di­rect­ing Trea­sury Sec­re­tary Steve Mnuchin to be­gin a process of sim­pli­fy­ing or elim­i­nat­ing some tax rules.

“Peo­ple can’t do their re­turns. They don’t know what they’re do­ing,” Mr. Trump said. “They’re too com­pli­cated.”

Mr. Trump’s mem­o­randa or­dered Trea­sury to re­view what he called “dam­ag­ing” Dodd-Frank reg­u­la­tions and to re­view the im­pact of the law’s “orderly liq­ui­da­tion author­ity (OLA),” which

Repub­li­cans have called a bailout for big banks.

The pres­i­dent said the reg­u­la­tions “fail to hold Wall Street firms ac­count­able.”

“They’re do­ing in some cases the op­po­site of what they were meant to do,” Mr. Trump said, adding that the reg­u­la­tions “en­shrine too big to fail.”

Mr. Mnuchin said that un­der the first or­der, he will re­view “all sig­nif­i­cant tax reg­u­la­tions” im­posed since the start of 2016 and to is­sue a re­port that could re­sult in re­peal­ing or eas­ing some of those rules.

“If we think it’s too much, we’ll make a rec­om­men­da­tion to the pres­i­dent on how to change that,” Mr. Mnuchin told re­porters. “”We are fo­cused on mak­ing U.S. busi­nesses the most com­pet­i­tive in the world.”

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