President Trump signed three executive actions on Friday that will have the Treasury Department begin the process of simplifying tax and banking regulations, and empower the department to review Dodd-Frank regulations that Republicans say are hurting banks.
Speaking at the Treasury Department’s headquarters, Trump said the first measure, an executive order, would empower Treasury Secretary Steve Mnuchin to initiate a “tax simplification” review.
“Such a big thing. People can’t do their returns,” Trump said. “They don’t know what they’re doing. They’re too complicated.”
Two additional executive actions, in the form of memos, would take aim at financial reforms passed in the wake of the housing crisis, Trump said.
“I’m also issuing two directives that instruct Secretary Mnuchin to review the damaging Dodd-Frank regulations that fail to hold Wall Street firms accountable,” the president said. “I mean, they’ve done really, in many cases, the opposite of what they’re supposed to.”
“These regulations enshrine too big to fail and encourage risky behavior,” Trump added. “As part of our broader financial strategy, we’re working to open up lending to small businesses and entrepreneurs, including our incredible women entrepreneurs.”
