Treasury Secretary Mnuchin Calls for Broad Regulatory Relief and Tax Reform

U.S. Treasury Department ("Treasury") Secretary Steven T. Mnuchin emphasized that a combination of tax reform, financial regulatory reform and trade reform is needed in order to drive sustained economic growth.

On June 20, 2017 at the SelectUSA Investment Summit, Secretary Mnuchin highlighted the following key elements of the Trump Administration's agenda:

• Regulatory relief: Secretary Mnuchin stressed the importance of making regulatory changes in order to facilitate foreign investment in the U.S. banking system, and cited a recent report by the Treasury that outlined recommendations for improving financial regulation (see previous coverage);

• Tax reform: Secretary Mnuchin argued that the current tax code provides for too many complex loopholes and exemptions that inhibit market competition. He advocated simplifying the tax code and lowering the corporate tax rate.

In particular, Secretary Mnuchin contended that implementing these changes, in conjunction with trade reforms, would help to drive revenue back toward American companies and create new jobs within them.