BROWSE BY TOPIC
Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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.