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- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
- BigLaw Hogan Lovells Announces Hundreds of Buyouts, Layoffs - Almost 500 Affected
- Faith-Based Advisor Censured for Selling Class A Shares to Clergy
- After FINRA Bar, CFP Board Suspends Texas Advisor
- iCapital Network to Acquire U.S. Private Equity Access Fund Platform from Deutsche Bank
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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.