U.S. President Donald Trump ordered the Treasury to find ways to cut taxes and Dodd-Frank rules. Roselle Chen reports.
U.S. President Donald Trump ordered Treasury to review tax code and post-financial crisis regulations. The goal - tax cuts and easing Dodd-Frank commitments that banks and insurers say hinder their ability to do business. (SOUNDBITE) U.S. PRESIDENT DONALD TRUMP (ENGLISH) SAYING: "We've lifted one terrible regulation after another at a record clip, from the energy sector to the auto sector, and we have many more to go, and that's gonna be happening over the next, I would say, four to five weeks." David Miller of Catalyst Funds: (SOUNDBITE) DAVID MILLER, SENIOR PORTFOLIO MANAGER, CHIEF INVESTMENT OFFICER, CATALYST FUNDS (ENGLISH) SAYING: "It seems like the DOL rule, those making of financial advisors become fiduciaries, could be put on hold because some of the implications of his executive orders. I don't think they are going to be adding more regulations, certainly not when he is essentially telling them to do the opposite. And this could free some of the banks up which could get some more juice to the system and get GDP growth going a bit if things kind of continue on that deregulatory path." Trump's Treasury Secretary Steven Mnuchin said on Thursday that his department is working on tax reform "day and night" and will soon create a sweeping overhaul. The House of Representatives Speaker Paul Ryan said earlier this week that tax overhaul may not be done until well into 2017.