Thursday, 24 September, 2020

Mnuchin sidesteps question about Trump-Russia business ties at Senate hearing

U.S. Treasury Secretary Steven Mnuchin arrives at 2017 Institute of International Finance policy summit in Washington U.S Mnuchin sidesteps question about Trump-Russia business ties at Senate hearing
Debra Rodriguez | 21 May, 2017, 01:46

Elizabeth Warren (D-Mass.) slammed Treasury Secretary Steven Mnuchin during a hearing on Thursday for backtracking on repeated promises by the Trump administration that it would support breaking up the big banks by reinstating a new version of the Glass-Steagall Act.

"I can assure you that the president's objective and my objective...[is to] create a middle income tax cut and...not [to] raise taxes on middle [income Americans]", Mnuchin said.

The second change Mnuchin said he was expecting to recommend would allow many regional banks to escape tighter regulatory scrutiny by raising the $50 billion asset threshold that automatically triggers tougher oversight. China remains on a watch list.

"We, during the campaign. specifically came out and said we do support a 21st-century Glass-Steagall", Mnuchin said.

The country's coffer ticked up for the third month to $3.03 trillion in April, after falling below $3 trillion in January.

The Trump administration has said they are receptive to a "modern" version of Glass-Steagall.

Banking Committee ranking Democrat Sen.

The Glass-Steagall Act was signed into law in 1933 by President Franklin D. Roosevelt.

"We do not support a separation of banks from investment banks, we think that would have a very significant problem on the financial markets, on the economy and liquidity", Mnuchin said at a Senate hearing today.

Average US 30-year mortgage rate slips to 4.02 percent
As a result, many prospective homebuyers who can not come up with a 20 percent down payment are unable to get a loan. Other key rates also fell marginally. 3 year ARM loans have been quoted at 3.000% and the April is 3.744%.

The campaign will include digital ads and town hall meetings, along with phone banks and direct mail.

WARREN: But I still haven't heard the answer to my question.

Mnuchin said it was a way to save money so that they could spend more on the military, but he told Sen.

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.

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

While rhetoric and reality can sometimes be far apart, this seems to be a clear statement that the administration won't tear banks apart. "I look forward to hopefully completing the work that... really should have been front and center on financial reform when we did it in 2010".

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

"I hope you're not put in that position but the first 120 days or so of this president suggests that you might be", Brown said.

"Our view is that what we should be doing is supporting and making sure that community banks and regional banks can grow so we don't just end up with big banks", Mnuchin said.

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