Donald Trump will sign an executive order and two presidential memorandums ordering the Treasury Department to review several tax regulations that were put in place by the Obama administration.
“This has to do with the complexity of tax regulations,” Secretary of the Treasury Steve Mnuchin said as he briefed reporters ahead of the bill signing Friday. “The president wants to make clear to the American people that we are going to fix the tax code.”
Mnuchin said the executive order launches a review of all significant 2016 tax regulations to determine if they place an undue burden on taxpayers. Mnuchin said the review will target regulations that are “needlessly complex” and “create unnecessary requirements,” and he will have 150 days to recommend action to the president.
“I think everyone would agree the tax system is way too complicated and burdensome.”
The two memorandums target two pillars of the Dodd–Frank Wall Street Reform and Consumer Protection Act. One orders a review of the Orderly Liquidation Authority — a provision of the act concerning financial institutions that are on the verge of collapse, which critics believe encourages risk-taking — and the second orders a review of the Financial Stability Oversight Council.
A review on those is expected within 180 days.
“President Trump is committed to making sure taxpayers are not at risk of government bailouts of entities that are too big to fail,” Mnuchin said.