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Trump to sign measures to review financial regulation

Trump to sign measures to review financial regulation”

The Trump administration is aiming to complete the biggest overhaul of the tax code since President Ronald Reagan by end of the year, even if a second attempt to repeal the Affordable Care Act fails, according to Treasury Secretary Steven Mnuchin.

"Some of the lowering in (tax) rates is going to be offset by less deductions and simpler taxes", Treasury Secretary Steven Mnuchin said while meeting with the International Monetary Fund and World Bank in Washington.

Lastly, expectations of USA reflationary policies continued to cool, as reflected in the Dollars, which depreciated once again today, as investors anxious about a significant delay in promised United States tax reforms.

Mnuchin is also at work on a tax reform created to end the incentives for tax inversions in the first place, but declined to say when that plan would be ready. The director of the National Economic Council said the administration's tax plan would offer sweeping reforms for both individuals and corporations.

Government bonds ticked lower Thursday, with the yield on the 10-year U.S. Treasury note rising to 2.239% from 2.202% in the prior session.

The secretary of Treasury must provide the president with a report within 150 days recommending specific action.

"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.

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

Mnuchin has worked on the tax plan for months, but details have remained fluid, with White House officials considering a range of options in how they restructure the tax code. Earlier, Mnuchin suggested that a tax proposal would "pay for itself".

The administration's goal is to unveil a plan soon that can quickly pass the House and Senate. Other major tax changes addressed how multinationals treat and report income from foreign subsidiaries, and how real-estate investment trusts are taxed.

"Fundamentally, fewer brackets, less deductions, simpler tax code", said Mnuchin. "The process has begun long ago, but the reform will begin on Wednesday". "Whenever you heard about an inversion and how the tax rate of the combined company was going to be startlingly below what the USA company's historically was, that was because of earnings stripping", he said.

Many congressional Republicans want to eliminate this provision, arguing it would allow regulators to keep failing institutions operating with taxpayer money. Futures suffered their largest decline in weeks (http://www.marketwatch.com/story/oil-steadies-as-investors-await-eia-inventory-report-2017-04-19) on Wednesday after a surprise climb in USA gasoline supplies.



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