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Trump signs orders targeting U.S. taxes and financial regulation

Staff Writer |
U.S. President Donald Trump signed three directives as part of his bid to lift financial regulations and ease the tax burden.

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The actions were part of his broader effort to spur the U.S. economy, Trump said in a visit to the US Treasury Department next to the White House, accompanied by Treasury Secretary Steven Mnuchin.

In an executive order, Trump has asked the Treasury Department to review all tax regulations put in place since last year to determine if they pose any undue financial burdens to taxpayers, are overly complex or are unnecessary.

"People can't do their returns, they have no idea what they're doing, they're too complicated," Trump said.

The move is separate from legislative action to reform the U.S. tax code, which Trump indicated would be unveiled Wednesday.

Two additional memoranda signed Friday take aim at the Dodd-Frank financial regulatory legislation enacted after the 2008 financial crisis, ordering a review of a provision that allows the government to lend taxpayer money to failing banks and a separate review of the process by which the Financial Stability Oversight Committee designates firms as systematically important.

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