US Treasury’s Mnuchin: Trump to order reviews of financial rules
President Donald Trump will order the U.S. Treasury Department on Friday to examine two powers given to regulators after the 2008 financial crisis to police large financial firms, Treasury Secretary Steven Mnuchin said.
In his first visit to the Treasury building, Trump will sign two memos, both viewed by analysts as largely symbolic gestures.
One will temporarily bar regulators from identifying new nonbank financial institutions as “systemically important financial institutions” (SIFIs) needing tighter oversight, while also ordering a review of the SIFI process, Mnuchin said in a briefing with reporters.
The other memo will put a temporary halt to the use of “orderly liquidation authority” to unwind troubled financial institutions, unless the president directs it in an emergency. Trump will order a review of this, as well, Mnuchin said.
(Reporting by Pete Schroeder; editing by Kevin Drawbaugh)