WASHINGTON President Donald Trump will order the U.S. Treasury Division on Friday to look at two powers given to regulators after the 2008 monetary disaster to police massive monetary corporations, Treasury Secretary Steven Mnuchin stated.
In his first go to to the Treasury constructing, Trump will signal two memos, each considered by analysts as largely symbolic gestures.
One will briefly bar regulators from figuring out new nonbank monetary establishments as “systemically vital monetary establishments” (SIFIs) needing tighter oversight, whereas additionally ordering a evaluation of the SIFI course of, Mnuchin stated in a briefing with reporters.
The opposite memo will put a short lived halt to the usage of “orderly liquidation authority” to unwind troubled monetary establishments, except the president directs it in an emergency. Trump will order a evaluation of this, as effectively, Mnuchin stated.
(Reporting by Pete Schroeder; modifying by Kevin Drawbaugh)