Mnuchin: Administration Seeking Growth through Tax Reform, Reg Relief

Treasury Secretary Steve Mnuchin predicts the US economy can growth three per cent or more with tax reforms

Treasury Secretary Steve Mnuchin predicts the US economy can growth three per cent or more with tax reforms

During a hearing Thursday to receive an global and domestic policy update from U.S. Treasury Secretary Steve Mnuchin, Senator Bob Corker expressed optimism about the prospects of congressional action on housing finance reform. "I've never said we're in favor of breaking up the banks". "Our initial report will contain recommendations to provide relief for community banks and make regulations more efficient, effective and appropriately tailored".

Mnuchin has said the cuts would pay for themselves under a dynamic scoring model analysis, which takes into account the effect of tax changes on economic growth and revenue.

The Trump administration showed its now-routine sense for the absurd when Mnuchin said it supports a 21st-century Glass-Steagall Act ― referring to an updated version of the the Depression-era regulation that separated commercial and investment banks ― but also opposes any bill separating commercial and investment banks. John McCain (R-Ariz.), called Mnuchin's comments a "reversal" from Trump's campaign promises.

The comptroller position is now being filled in an acting capacity by Keith Noreika, an attorney whom Mnuchin named as interim head earlier in May.

"The fundamental part of Glass-Steagall was separation [of commercial and investment banking functions], Mnuchin said".

Sherrod Brown, D-Ohio, accused Treasury Secretary Steven Mnuchin of failing to answer his questions about President Trump's business ties to people who might be violating money laundering and other US laws.

But Democrats weren't happy with many of Mnuchin's answers. But critics of the idea note that the big failures during the financial crisis involved investment banks and commercial banks, but not financial institutions that did both.

Responding to criticism over the department's appointment of a banking-industry lawyer as acting comptroller of the currency, Mnuchin told members of the Senate Banking Committee that Trump's prospective nominee is going through what may be a lengthy vetting process.

"I'm looking at that right now", Trump told Bloomberg News on May 1.

"Some people ... want to go back to the old system, right?"

Advocates of reintroducing Glass-Steagall for federally insured commercial banks say it would discourage risky behavior by banks.

"The President's pro-growth agenda, including instituting what he has called a 21st century Glass-Steagall, will allow [small] banks to spend less time complying with unnecessary requirements, many of which were created to police much larger entities, and more time, infusing their communities and local small businesses with capital", Spicer said.

"I think all you're doing is just adding to the deficit, which is incredibly irresponsible to the children of this country", said Sen.

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