Following a week of argument within Congress regarding everything from healthcare to the Financial CHOICE Act, on Wednesday at 2 p.m. EST, the Department of the Treasury will release its monthly Federal Budget Statement. The Bureau of Fiscal Service releases a report of the monthly receipts/outlays and deficits/surplus of the United States.
This budget announcement comes right on the heels of the first round of votes to move the Financial CHOICE Act forward, a bill which would act as an alternative to the Dodd-Frank Act. Mnuchin had voiced his support of Financial CHOICE in a statement following the vote.
“As Secretary, I am committed to policies that will ensure sustained economic growth that is driven by Main Street and not held back by Washington,” said Mnuchin. “The existing regulatory system is limiting, not stimulating our economy. At the Treasury, we are focused on delivering regulatory relief that encourages banks to provide the capital and liquidity needed to create jobs and opportunities for growth, and that provides protection against taxpayer-funded bailouts.”
Financial CHOICE aims to end taxpayer-funded bailouts of big banks, impose tougher penalties for financial fraud and insider trading, and demand greater accountability from regulators.
The CHOICE act announcement came alongside the tax reform plan announcement, which called for a reduction of corporate taxes down to 15 percent, cutting the top tax bracket down to 35 percent, and doubling the standard deduction. Mnuchin called the reform the “The biggest tax cut and largest tax reform in history of this country.”
According to Mnuchin, the tax reform and Financial CHOICE Act are steps to strengthen the financial system.
“I applaud the steady commitment and leadership that Chairman Hensarling and his colleagues have provided on these issues, and welcome the reintroduction of the CHOICE Act,” said Mnuchin “While I continue my work to implement the President’s executive order setting the core principles for financial regulation, I look forward to working with Congress to both support and strengthen our financial system and safeguard taxpayers."
This Week’s Schedule
MBA Mortgage Applications, Wednesday, 7 a.m. EST
Legal League 100 Spring Summit, Wednesday, 7:30 a.m. CST
Five Star Diversity Symposium, Thursday, 9 a.m. CST
Freddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. EST
Senate Banking Committee Hearing: Status of the Housing Finance System, Thursday, 10 a.m. EST
University of Michigan Consumer Sentiment Survey Friday 10 a.m. EST