Lew, I was curious about this statement:

The Treasury Department changed the tax code on Sept. 30 to allow banks to expand the deductions on the losses banks they were buying…

There’s an old WSJ article about this that explains what the Treasury did. And, sure enough, Congress is now officially window dressing:

Some experts argue that the Treasury has effectively shifted from administering parts of the tax code to changing tax laws on its own. “It doesn’t seem possible that they have this authority,” said Robert Willens, an independent corporate tax analyst.

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