President Donald Trump pledged Thursday to order the Department of the Treasury to conduct thorough reviews of both the U.S. tax code and the banking regulations put in place following the financial crisis of 2007.
The president is expected to sign an executive order Friday morning at the Treasury that will direct Treasury Secretary Steven Mnuchin and his staff on how to go about identifying areas in the tax code where the government can afford to make reductions. Specifically, the Treasury will be tasked with finding taxes and regulations that add undue burdens for the American taxpayer or exceed statutory authority, Reuters reports.
Trump will also additionally sign two memoranda ordering the review of a few key features of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act enacted under former President Barack Obama.
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