Trump also signed an executive order asking Mnuchin to review any significant tax regulations issued previous year, especially ones that burden American taxpayers or are too complex.
Trump on Friday also signed an executive order directing the Treasury Department to analyze tax rules adopted in the last 18 months and identify any regulations deemed convoluted or onerous.
But a White House official gave some wiggle room on the date, noting that Trump said in the AP interview that the plan would be released on Wednesday or soon after that.
Earlier in the day, Mnuchin told reporters the president's actions would immediately put an end to regulators' ability to use emergency authority without the president's permission or to name any firms as risky until a thorough review has been completed.
House Republicans are also working to loosen Dodd-Frank regulations.
"There is no evidence that broad-based tax cuts can pay for themselves completely, and economic studies from across the spectrum have found that deficit-financed tax cuts only pay for a fraction of their cost", the CFRB said in a blog post.
The administration has yet to provide exact details of a tax proposal, but Cohn said the administration's plan would be in line with campaign promises made by President to lower rates, make them more simple, and increase US competitiveness.
"This has to do with the complexity of tax regulations", Treasury Secretary Steven Mnuchin said at a briefing before the signing on Friday.
Man sought in Cleveland Facebook killing shoots himself to death
McDonald's staff tipped off police about the location of Facebook killer Steve Stephens after he ordered 20 Chicken McNuggets. Pennsylvania Governor Tom Wolf thanked police for their actions during the pursuit and said that no one else had been hurt.
The second memo calls for Treasury to review the Financial Stability Oversight Council's processes for designating nonbank SIFIs and to pause any further designations of nonbanks pending completion of the review.
USA stocks rose on Thursday after comments made by President Donald Trump lifted steel stocks, Treasury Secretary Steven Mnuchin said the administration was close to "major tax reform", and companies released quarterly results.
"I think this concern is why Trump ordered a review-to delay actually doing something", he said.
The president also said the White House would have a "big announcement" on a tax reform plan on Wednesday.
Asian shares mostly gained on Friday while monitoring events following a suspected terrorist shooting in Paris days ahead of presidential polls in France as comments overnight on USA tax policy lifted overall sentiment.
The Trump administration said it will release a tax reform bill next week that, if passed, would completely change the complex tax code. Banks say the regulations have hurt their liquidity and created burdensome processes. One will review Dodd-Frank's Orderly Liquidation Authority to determine whether it "encourages risk-taking, creates moral hazard, or exposes taxpayers to potential liability".
Raising imports tariffs and eliminating tax deductions would immediately boost budget revenues by about $2 trln, Congressional Republicans said.
Mnuchin said for the first time on Friday that the White House supported the House Republican effort but suggested it would not impede the multiple reviews that the White House has now launched on its own.