The bill will mark the most far-reaching rewrite of tax law since 1986
Further comments on the rule invited during transition period
Treasury’s proposals would be largely negative for banks
The industry is facing intensifying competition, longer-term performance pressures and regulatory developments
“Final rule” aims to prevent mass unravelling of financial contracts should one major institution fail
The U.S. central bank has also unveiled plan to reduce bond holdings later this year
Most economists expect the U.S. Federal Open Market Committee to raise interest rates at this week’s Fed meeting
Legislative proposals would diminish the appeal of the U.S. dollar as a reserve currency
Rolling back some of the post-financial crisis reforms would increase the likelihood of a disorderly wind-down of a failed systemically important bank
Rising interest rates and a friendly regime in Washington could set the stage for healthy profits at many U.S. banks