Trump to sign measures to review financial regulation

House panel to hold hearing on sweeping Dodd Frank rewrite

"This is really the beginning of a whole new way of life that this country hasn't seen in really many, many years", the president said before signing the measures during his first visit to the Department of the Treasury.

White House economic adviser Gary Cohn said he and Mnuchin are spending a lot of time working together on tax policy and that there would be a "united proposal" coming from the Trump administration.

The border-adjusted tax is estimated to raise more than $1 trillion in revenue over a decade, which could help pay for cuts to the individual and corporate tax rates that Trump and House Republicans want.

Mnuchin and his Treasury staff are already fulfilling a prior request by the president to review regulations and find ways to reduce the burdens on businesses.

That order could be aimed at rules enacted by the Obama administration to crack down on so-called inversions in which companies shift their headquarters overseas to reduce their US tax bills.

"We're at the stage where we believe we could have heightened volatility, " said Mr. Aanes, who recently hedged clients' portfolios to protect against a pullback in USA stocks. Officials scaled back the rule before finalizing it last October. But then any changes to the tax code would expire.

Speaking to reporters earlier on Friday, Mnuchin disputed the notion that his agency's review under the executive order would slow the administration's tax overhaul efforts.

"There are just a bunch of little things adding to this rally today", said Jeremy Klein, chief market strategist at FBN Securities.

The tax code became too expensive and burdensome under former President Barack Obama's administration, making a review of 2016 and 2017 tax rules necessary, Treasury Secretary Steven Mnuchin said. Trump issued an executive order in February calling for a review of potential Dodd-Frank changes, which will culminate in an FSOC report in June.

This mechanism, known as orderly liquidation authority, was hotly debated during the creation of the controversial Dodd-Frank law.

One memorandum will order the treasury secretary to review a component of the 2010 Dodd-Frank financial reform law that allows federal regulators to liquidate large, failing financial firms during a financial crisis as an alternative to bankruptcy.

Asked whether a huge tax cut would enlarge the U.S. budget deficit, Mnuchin acknowledged there would be an impact but said it will balance out once the positive growth anticipated from the increased investment is factored in, a calculation method known as "dynamic scoring". The regulators, who make up the Financial Stability Oversight Council, can identify financial firms, outside of banks, that could pose a threat to the economy.

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