Here’s the White House view of the current trilogy of so-called scandals: Republicans are trying to destroy President Barack Obama’s second term by magnifying bureaucratic miscues and distorting policy realities. This isn’t without some merit.
President Barack Obama’s re-election is a chance to improve the tax code as part of talks to resolve the looming fiscal cliff, according to two former Treasury secretaries, Paul O’Neill and Robert Rubin.
In early 2001, Paul O’Neill, the new Treasury secretary, began work on a plan for radical tax reform. He wanted simpler forms and fewer deductions, which would make it easy for people to prepare their taxes and cost the government less to process them. He presented a five-inch-thick binder of research to a senior White House official.
U.S. financial regulators should speed up designation of systemically important nonbank firms to bolster efforts to prevent a repeat of the 2008 credit crisis, according to members of the newly formed Systemic Risk Council.