And is indicative of the pressure governments are under to rewrite rules made for the old economy.

Mnuchin cannot force regulators to change or rewrite rules, but will have ways of cajoling potential dissenters.

Fair-tax campaigners complain that they abuse their clout in order to dodge payments and rewrite rules in their favour.

Obama has made the consumer agency a top priority in his efforts to rewrite rules that govern Wall Street.