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Trump to Sign Measures to Review Financial Regulation

Trump to Sign Measures to Review Financial Regulation

And although President Donald Trump's administration is already pushing for comprehensive overhaul of the US tax code in legislation, it's important to review Obama-era regulations as well, Mnuchin said Friday at the White House, where he detailed the provisions in an executive order President Donald Trump will sign later in the afternoon.

Trump is turning his attention to financial reform again as a top House Republican this week unveiled the latest version of legislation to replace Dodd-Frank, which was enacted in the wake of the financial crisis. It came from the White House.

One thing that is generally agreed upon, by numerous people tracking tax reform, is that the White House will have to be the driving force behind a tax overhaul.

Government bonds ticked lower Thursday, with the yield on the 10-year U.S. Treasury note rising to 2.239% from 2.202% in the prior session.

"There is a lot of good news when it comes to earnings and economic data and not only in the US but overseas as well", said Karyn Cavanaugh, senior market strategist at Voya Financial. Mnuchin now says the administration still hoped to get a bill passed well before the end of the year.

The secretary of Treasury must provide the president with a report within 150 days recommending specific action.

House Speaker Paul Ryan is now taking the charge on a much more ambitious tax reform plan, as tax reform was a key component of Trump's agenda during the 2016 campaign.

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In 2014, Eric Garner was killed when NY police officers placed him in a chokehold while trying to arrest him for selling loosies. April 20, is "All Acceptance Day" in New York City - a day when parents find out which Pre-K their child has been accepted to.

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"Although the report takes a period of time, that doesn't mean that we can't start on the more important things right away", Mnuchin said.

"We're certainly going to spend some money", said the Office of Management Budget Director on Thursday who was also speaking at the IIF event.

The US official said the administration's key focus is around fair and balanced trade and investment, but he steered clear of the tensions among finance officials gathered for the semi-annual meeting of the International Monetary Fund due to the worrisome protectionist rhetoric out of Washington.

However, Trump's tax reform executive order also appears to be duplicative. The process can be controversial, in that economists use differing models to gauge such outcomes.

"But the majority of it will be made up by what we believe is fundamentally growth and dynamic scoring", he added.

During the 2016 election campaign, Trump issued a plan that proposed deep cuts in tax rates for individuals and corporations, a reduction in the number of tax brackets to four from seven, repeal of the estate tax, an offshore profits repatriation tax holiday for multinationals and a cap on the deductibility of business interest.

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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