Trump to sign two financial executive orders on Friday

President Donald Trump

Kristian Rouz - One of US President Donald Trump's electoral promises was to boost his country's economic growth through an unprecedented fiscal stimulus plan, which is set to include massive business and individual income tax cuts, greater infrastructure spending, and the rearrangement of border taxation.

Of course, both SIFI designation and liquidation authority would also presumably be reviewed under the executive order Trump signed in February to review the entire Dodd-Frank law.

White House economic adviser Gary Cohn said he and Mnuchin are spending a lot of time working together on tax policy and that there would be a "united proposal" coming from the Trump administration.

Friday's actions are part of broader administration efforts to dismantle the 2010 Dodd-Frank law and come alongside steps by congressional Republicans to do the same.

"There is no evidence that broad-based tax cuts can pay for themselves completely, and economic studies from across the spectrum have found that deficit-financed tax cuts only pay for a fraction of their cost", the CFRB said in a blog post.

The Trump administration is targeting some of financial regulations established by former President Barack Obama.

Treasury Secretary Steven Mnuchin (mih-NOO'-shin) says Trump is "absolutely committed to make sure that taxpayers are not at risk for government bailouts of entities that are too big to fail".

The second memo will examine the risks of placing "systemically important" non-bank financial firms under the oversight of the Federal Reserve, which subjects them to stricter regulation.

In comments on Thursday, US Treasury Secretary Mnuchin stated that the Treasury is working day and night and is close to bringing forward major tax reform and that the plan will be unveiled very soon. He said Senate lawmakers, so far, share the same objectives, including making USA business taxes more competitive.

"We'll be having a big announcement on Wednesday having to do with tax reform".

The liquidation authority and the FSOC were both created as part of the Dodd-Frank law meant to prevent a repeat of the 2007-09 financial crisis, when the U.S. government injected billions of dollars in aid into failing banks to keep them from destroying the country's economy.

The review could cover regulations the Obama administration issued previous year to crack down on inversions, in which US companies take up foreign addresses through mergers with other firms to cut their tax bills.

Republican lawmakers say the FSOC uses a flawed process lacking transparency to designate non-bank institutions.

Neither senior official offered specific details of what the administration's plan might look like.

The latest directive by the president calls on Mnuchin to complete a report within 180 days on whether an improved bankruptcy authority is a better alternative for failing financial companies.

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