Trump to sign two executive orders on finance at Treasury – The Hill
President Trump on Friday will sign two executive orders dealing with financial regulation at the Treasury Department, CNBC reported.
The White House confirmed to The Hill that Trump would visit the Treasury tomorrow, but would not share details about the purpose or timing of his visit, nor the details of any executive orders.CNBC reported that one order would direct Treasury Secretary Steven Mnuchin to review and report back on whether the federal government’s orderly liquidation authority (OLA) is useful or hurtful to the U.S economy.
Established in the Dodd-Frank Act, OLA is the process through which the federal government would help large failing banks sell off their assets without triggering an economic crisis. Though OLA is funded through fees paid by large banks and financial firms, Republicans call it a “bailout” for big banks and seek to replace it with a new bankruptcy process. Democrats typically support OLA as a safeguard against another financial crisis.
Trump’s executive orders come as House Republicans prepare major legislative overhauls to Dodd-Frank. The House Financial Services Committee is expected to hold a hearing on April 26 to consider Chairman Jeb Hensarling’s (R-Texas) sweeping rewrite of the post-recession financial regulation.
Trump promised to “dismantle” Dodd-Frank during his campaign, and signed two executive orders in February instructing his cabinet to look for economically beneficial reforms they could make to the law.
This story is developing.
Trump to sign two executive orders on finance at Treasury – The Hill}