What to know about President Trump’s plan to overhaul the nation’s financial system
- by admin
President Donald Trump on Monday unveiled a plan to revamp the nation, with a goal of slashing interest rates and simplifying the nations financial system.
Trump made the announcement during a joint appearance with Federal Reserve Chairwoman Janet Yellen and Treasury Secretary Steven Mnuchin in Washington.
The plan is to overhaul how federal money flows, and the president is aiming to eliminate interest rates from 25 percent to 0.75 percent.
The Trump administration has already rolled out the details of its plan in the White House briefing room, and Treasury officials are expected to detail the plans at a Wednesday news conference.
“We will no longer be beholden to a handful of big banks,” Trump said.
“We will be guided by a new generation of financial professionals and the people who have helped them grow.
They will not be shackled by a single institution or the political whims of Washington.”
Trump said he plans to cut interest rates by 25 percent and simplify the U.S. financial system, which has seen a lot of upheaval in recent years.
He also said he wants to eliminate the federal government’s “big debt,” or debts owed to the public, from nearly half of the economy to less than 2 percent.
“The new era of financial security will be built on the principle that every American should be able to access the capital they need to start a business or to get a good-paying job,” Trump told Mnuchin and Yellen.
“That means making it easier for families to invest, investing in the things that make their lives better, instead of debt that’s hard to repay and creates debt for future generations.”
Trump also said his administration would take a hard look at ways to make it easier to create new jobs.
“I want to invest in people and create jobs and give people a good shot in life,” Trump explained.
“But I also want to make sure that people don’t have to worry about paying taxes because the tax code is too complicated.
I want to simplify it and make it easy.””
I’m also going to look at a lot more regulation, I’m going to get rid of some of the regulations, but we’re going to put a lot on the table to make our economy more competitive,” Trump added.
“I’m not a great believer in big government, but I am a strong believer in giving the American people a chance to succeed.”
President Donald Trump, center, speaks at the White, House Press Briefing on Capitol Hill in Washington, D.C., on Feb. 21, 2019.
President Donald Trumps proposal to dramatically simplify the nation�s financial and economic system would see interest rates drop from the current 25 percent of the federal budget to 0 to 25 percent.
The plan would remove interest from all but the wealthiest Americans.
It would also allow people to keep more of their paychecks and other benefits in a savings account that would grow as the economy recovers.
Trump said this would allow Americans to save money for retirement and put money toward other priorities, including higher education.
The goal of lowering interest rates would create jobs for hundreds of thousands of Americans, according to the White Street Journal, but it would also be a boon for Wall Street.
The White House has already released an economic impact study for the plan, and Mnuchin has said the plan is part of the administration�s broader effort to reform the nation.�The president is looking at ways for the economy, and I�m going to work with Congress to make the most of that opportunity,� Mnuchin said during the briefing.
The White Street News has reported that Mnuchin previously said the government�s ability to raise money for the president and his administration was limited due to the need to pass tax reform legislation.
Mnuchin is currently under investigation for a $200 million bailout that he oversaw in 2014 that was a major contributing factor to the U-turn on interest rates.
Republicans in Congress have previously voiced concern about the plan and have pushed Mnuchin to drop the plan in favor of a simpler plan that would not include a reduction in taxes.
After Mnuchin announced his plan, Senate Majority Leader Mitch McConnell called it �a great plan.�”I know that the president has been focused on this for a long time, and he’s going to be working with Congress, and there are lots of things that he�s going to take to Congress,� McConnell said.
�The WhiteHouse has been very clear about the fact that they are working on a lot things, and that�s all part of what the president�s trying to do,� he added.
President Donald Trump on Monday unveiled a plan to revamp the nation, with a goal of slashing interest rates and…
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