WASHINGTON: The US Treasury Department unveiled a sweeping plan on Monday to upend the country’s financial regulatory framework, which, if successful, would grant many items on Wall Street’s wishlist.
The nearly 150-page report suggested more than 100 changes, most of which would be made through regulators rather than Congress, Treasury Secretary Steven Mnuchin said in an interview.
“We were very focused on, what we can do by executive order and through regulators,” he said. “We think about 80 per cent of the substance in the report can be accomplished by regulatory changes, and about 20 per cent by legislation.”
Republican President Donald Trump has gradually been nominating heads of financial agencies to carry out his agenda, but only Mnuchin and Securities and Exchange Commission Chairman Jay Clayton have been approved by Congress. Other agencies are operating under “acting” chiefs or have leaders appointed by Trump’s Democratic predecessor, Barack Obama.— Reuters
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