Trump Markets on SOTU-Eve — Rhetoric, Rally, and Reality (Feb. 27)

April 2, 2024 | Miscellaneous, Update

Update 165:  Trump Markets on SOTU-Eve — Rhetoric, Rally, and Reality  A couple of hours ago, the Senate okayed Wilbur Ross for Commerce Secretary on a 72-27 vote.  He is expected to square the administration’s four percent growth imperative with its hostility toward multilateral trade agreements, domestic spending cuts, even immigration and other commercial restrictions. Amid the …

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Mnuchin's Summer Job (Feb. 23)

April 2, 2024 | Taxes, Update

Update 164 — Mnuchin’s Summer Job: Tax Reform by July, a Snowball’s Chance? This morning, Treasury Secretary Steve Mnuchin outlined an “aggressive timeline” for passing tax reform, saying comprehensive reform of the U.S. tax code would be signed this summer.   In an interview this morning with Maria Bartiromo, Mnuchin said the administration is aiming …

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The Mnuchin Rule (Feb. 13)

April 2, 2024 | Dodd-Frank, Taxes, Update

Update 163 — The Mnuchin Rule The Senate voted tonight to confirm Steven Mnuchin, mostly voting by party line.  West Virginia Sen. Manchin crossed the aisle and cast his vote in favor of the ex-Goldman Sachs partner to head Treasury, making it 53-47. As Trump prepares his “phenomenal” tax plan for release later this month, …

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Repeal/Replacing DFA (Feb. 7)

April 2, 2024 | Dodd-Frank, Update

Until last Friday, little of the Trump administration’s policy rollout thus far had much to do with issues of economic recovery and stability, financial regulation,  bank lending or even jobs.  Then came two Executive Orders (EOs) that put those issues front and center. We will have a look at the Order targeting the Fiduciary Rule …

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DFA Bill Promised (Feb. 1)

April 2, 2024 | Dodd-Frank, Update

Yesterday, word went out from senior House GOP members of Financial Services — chair Hensarling and Reps. Luetkemeyer and Duffy — that the Committee would take up legislation to roll back much of the Dodd-Frank Wall Street law of 2010 (DFA).  In “mid-February,” as Duffy repeated at a Chamber of Commerce speech yesterday. This, despite the fact that JP Morgan …

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Infra. Policy • Senate Democratic Bill (Jan. 26)

April 2, 2024 | Infrastructure, Update

Yesterday, Senate Democrats unveiled a new, $1 trillion plan to rebuild the nation’s infrastructure plan, one they believe is a bolder and more productive approach to infrastructure than what Donald Trump has so far sketched out. Presented by Sen. Chuck Schumer, Sen. Bernie Sanders, and six other Senate Democrats, the plan aims to create more …

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OMB Confirmation Hearings (Jan. 24)

April 2, 2024 | Fiscal Policy, Update

Fiscal Policy • Mulvaney in the Money In about an hour, Cong. Mick Mulvaney of South Carolina, the new administration’s nominee to head the Office of Management and Budget (OMB), will face Senate Budget and the Senate Homeland Security and Government Operations Committee this afternoon in a doubleheader of confirmation hearings. The hearings today could expose the tension …

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Mnuchin Delineates Econ. Policy (Jan. 20)

April 2, 2024 | Fiscal Policy, Public Finance, Taxes, Update

In the twilight moment between administrations, the poetry of the campaign inevitably gives way to the prose of governing.  On the eve of the inauguration, testimony of the Treasury Secretary designate is more of a policy position commitment than when he was  nominated in November.  Now it counts. Treasury nominee Mnuchin’s confirmation hearing yesterday before …

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Financial Policy • Mnuchin Hrg Today (Jan. 19)

April 2, 2024 | Public Finance, Update

The Trump cabinet nominee confirmation hearings are bringing into greater clarity  the policy goals of the incoming administration.   Although the policy focus to this point has been mostly non-economic, that began to change yesterday with the hearing of Commerce Secretary-designate Wilbur Ross.  Today should  provide a still-clearer policy picture when the Senate Finance Committee considers …

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Fiscal Policy • FY17 Budget Vote (Jan. 13)

April 2, 2024 | Fiscal Policy, Update

The House passed a budget resolution for the remainder of FY17 this afternoon on a near party-line vote, 227-198.  Adoption of the resolution follows Senate passage of the measure yesterday 51-48 with only Sen. Rand Paul crossing party lines — it projects a $9.1 trillion debt increase FY17-FY26 — and reaffirms the GOP’s intent to repeal Obamacare …

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