Rss@dailykos.com (joan Mccarter) · Friday, April 21, 2017, 8:49 pm
With Goldman Sachs back in control of the White House, it should come as a surprise that the Dodd-Frank Wall Street reforms are the second major target of the Trump regime, after the Affordable Care Act. Because, you know, the banksters only almost blew up the entire global economy. Just because they could. Surely they learned their lesson and would never do that again, right?
The Trump administration embarked Friday on new efforts to study and possibly dismantle some of the tax and financial regulations established by former President Barack Obama. […]
One memo will order Mnuchin to review a component of the law that allows federal regulators to liquidate failing financial firms during an economic crisis if those companies are large enough that their collapse would pose a threat to the entire U.S. economy.
The other memo will order the Treasury to review a process that designates which non-bank firms could threaten the financial system if they fail. Critics argue this process is costly and arbitrary.
Both measures will be suspended while they're under review.
Mnuchin said taxpayers won't be left on the hook.
"Let me make it absolutely clear: President Trump is absolutely committed to make sure that taxpayers are not at risk for government bailouts of entities that are too big to fail," he said.
Gosh, I feel so much better now. Don't you feel better? Trump is sure looking out for us little guys, again.
In addition to letting the banksters loose again, the regime is looking at whether they should get rid of the Obama administration's tightened rules on inversions—major corporations merging with foreign companies to move their headquarters overseas to avoid paying high corporate taxes in the U.S. That's part and parcel of the regime's effort to reduce corporate taxes. Mnuchin says that the "tax system is way too complicated and burdensome," and that that's what's driving companies to pursue inversions. Here we were just thinking it was out-of-control greed.