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- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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NEWSLETTERS & ALERTS
Will Vacancies at the Treasury Hinder Tax Reform
[Photo: Steven Mnuchin, by Eduardo Munoz Alvarez / AFP]
Donald Trump may prefer to operate with a small, close-knit group of advisors – particularly when he has relatives to help fill those ranks. However, as the NYTimes points out, it may prove difficult for his administration to push through a new tax code given the Treasury Department's skeletal leadership structure. Besides Treasury Secretary Steven Mnuchin, none of the 27 other political appointees who staff the department’s leadership have been confirmed – and that includes assistant secretary of tax policy, a critical post for spearheading a rewrite of the tax code.
“There are no people in the driver’s seat,” said Paul O’Neill, first Treasury secretary in President George W. Bush's administration. “I think it’s really a big problem.”
That’s not to say that tax reform is ‘dead in the water’. Yes, Mnuchin has had to do more heavy lifting than one might expect of a person in his position. But he’s been able to work with people like Gary Cohn, Trump’s top economic adviser, and several senior advisers who do not require congressional confirmations – such as:
- Justin Muzinich is advising on tax policy. He’s the former president of an investment firm, Muzinich & Company, as well as national policy director for Jeb Bush’s presidential campaign.
- Craig Phillips is advising on domestic policy – e.g., housing finance and financial regulation. He was with BlackRock and donated significant sums to Hillary Clinton’s campaign.