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- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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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.