The Trump administration embarked on Friday on new efforts to study and possibly dismantle some of the tax and financial regulations established by former President Barack Obama. President Donald Trump, signing executive orders calling for a re-examination of some Obama-era financial regulations, said on Friday he would have a major tax reform announcement next week.
“We’ll be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago but the reform will begin on Wednesday,” Trump said at the US treasury department. Trump’s executive order directs review tax regulations set last year by his predecessor, as well as two memos to potentially reconsider major elements of the 2010 Dodd-Frank financial reforms passed in the wake of the Great Recessions. The review of tax regulations could give greater leeway to companies looking to shelter income overseas, or simply seeking to reduce paperwork related to the enforcement of such regulations.