September 23, 2019

Treasury Deputy Secretary Cites Recent Developments

U.S. Treasury Deputy Secretary Justin Muzinich highlighted recent developments in housing finance reform, Committee on Foreign Investment in the United States ("CFIUS") reform, digital taxation, and cryptocurrency policy. In his remarks at the 2019 U.S. Treasury Market Structure Conference, Mr. Muzinich discussed:

  • releasing the Housing Finance Reform Plan in an effort to protect taxpayers, encourage competition, and preserve widespread and affordable access to the 30-year fixed-rate residential mortgage;

  • expanding the authority of CFIUS to review foreign investments in U.S. businesses and real estate through new proposed regulations to implement last year's Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA);

  • engaging with the Organization for Economic Cooperation and Development (OECD) to address the tax revenue of digital businesses (i.e., digital taxes) falling "disproportionately" on U.S. firms; and

  • addressing concerns surrounding cryptocurrency by (i) confirming – in "no uncertain terms" – that legal frameworks apply to digital assets, and (ii) assessing cryptocurrency's effects on financial stability, the monetary base, consumer protection and privacy.

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