Trump eyes changes to Obama's tax and Wall Street rules

WASHINGTON (AP) — Hoping to improve economic growth, the Trump administration embarked Friday on new efforts to study and possibly dismantle some of the tax and financial regulations established by former President Barack Obama.

President Donald Trump will sign an executive order to review any major tax regulations set last year by his predecessor, as well as two memos to potentially reconsider major elements of the 2010 Dodd-Frank financial reforms passed in the wake of the Great Recession.

Treasury Secretary Steven Mnuchin said a "significant" issue to be examined will be the crackdown by Obama on inversions, which are mergers that enable U.S. firms to relocate their headquarters overseas where tax rates are lower.

The administration is also trying to pass tax reform that would reduce corporate rates and encourage businesses that have trillions of dollars stowed overseas to bring their profits back to the U.S.

President Trump is absolutely committed to make sure that taxpayers are not at risk for government bailouts of entities that are too big to fail, he said.