Washington, April 21: US President Donald Trump is planning to order a review of key financial rules on Friday, according to a White House official.
Trump will sign two presidential memos in this regard, Politico news reported.
One will direct Treasury Secretary Steven Mnuchin to examine the government’s so-called orderly liquidation authority to wind down failing megabanks outside of bankruptcy court, the official said on Thursday.
The second memo will examine the risks of placing “systemically important” non-bank financial firms under the oversight of the Federal Reserve, which subjects them to stricter regulation.
According to the official, both memos appear to be more specific extensions of the financial regulatory review that Trump on February 3 ordered Treasury to conduct, to determine how rules governing banks, insurers and other financial firms can be improved.
The President will also sign an executive order directing Mnuchin to examine if any significant tax rules impose an undue burden on US taxpayers, add unnecessary complexity or exceed statutory authority.