In an interview with Real Clear Politics this week, ABA President and CEO Rob Nichols discussed the changes facing the U.S. Treasury Department as it transitions to a new presidential administration. Having served as assistant treasury secretary under George W. Bush, Nichols shared an inside perspective on what the country can expect in the months ahead.
“I think President-Elect Trump is going to look at Treasury as one of his sharpest tools to help create economic growth and additional jobs,” Nichols said, noting that one of the first orders of business for the new administration will be to fill open positions within the Treasury Department, many of which will require confirmation by the Senate. He also pointed out that the president-elect will have the opportunity to select new heads of the federal regulatory agencies within 12 to 18 months of taking office.
As the new administration outlines its legislative agenda, Nichols added that key challenges will include balancing a long list of priorities, obtaining the crucial 60-vote majority in the Senate and advancing legislation before the 2018 election cycle begins to influence lawmakers’ decisions.
“The two things we see as critically important to getting the economy moving is looking at Dodd-Frank, and looking at ways that we can remove some of the impediments to allow banks to more efficiently and effectively serve customers, clients and communities, and then tax reform,” Nichols said. “I think there’s a lot of economic growth that can be derived from a fundamental overhaul of the tax code.”