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22 April 2017, 01:49 | Maryann Sutton
Trump Laying Down the Law to GOP on Tax Reform?
All of this happening because Donald Trump has accomplished nothing in his first 100 days as president, and he wants a big legislative accomplishment before the 100-day mark.
Elsewhere, investors welcomed bullish comments from U.S. Treasury Steve Mnuchin, after he said the Trump administration is "close" to bringing forward tax reform.
"Ironically, if those regulations were eliminated, which we all expect that they will be.that would encourage inversions, which is arguably contrary to President Trump's America first stuff", Willens said.
"From our perspective, it is a direction that is dramatically backwards on financial stability", said Lisa Donner, executive director of Americans for Financial Reform.
In a signing ceremony at the Department of the Treasury, Trump will once again signal that he intends to roll back numerous sweeping regulations the Obama administration adopted in the aftermath of the 2008 financial crisis.
Instead, Obama used regulation to crackdown on inversions after a wave of tax-motivated mergers that occur when a US company is bought by a smaller foreign firm in a low-tax country and moves there to avoid paying higher taxes.
Viewed alone, undoing the rules would appear to be at odds with Trump's campaign pledge to reduce incentives for companies to invert.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) will discuss the revised version of his Dodd-Frank replacement bill, the Financial CHOICE Act, at a congressional hearing on April 26.
US stock indexes have wavered in April, as investors dialed back expectations for tax cuts and fiscal stimulus from the Trump administration that initially pushed up stocks and government-bond yields after the November election. A tax inversion is when a U.S. company whose value is based on intellectual property shifts its headquarters overseas to avoid high USA taxes without losing market access. It came from the White House. Within a few months, Pfizer and Allergan surrendered and ended their agreement.
"There is no evidence that broad-based tax cuts can pay for themselves completely, and economic studies from across the spectrum have found that deficit-financed tax cuts only pay for a fraction of their cost", the CFRB said in a blog post.
"They'll be dancing in the streets and jumping for joy", Willens said.
Congressional Republicans are more radical than Trump in their view of the U.S. budget.
The council has the authority to designate some non-banks as systemically important financial institutions, which face tougher oversight. It requires them to hold more capital in reserve in the event of financial emergencies.
Mnuchin said for the first time on Friday that the White House supported the House Republican effort but suggested it would not impede the multiple reviews that the White House has now launched on its own.
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