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Treasury's Mnuchin says still hopes for tax reform this year

Treasury's Mnuchin says still hopes for tax reform this year

But in a testy exchange with Warren at a Senate hearing on Thursday, Mnuchin said that when Trump spoke of supporting a 21st Century version of Glass-Steagall, he did not support strict limits that would require breaking up the banks.

During his testimony at Thursday's Senate Banking Committee's hearing on Domestic and International Policy Update, Treasury Secretary Steve Mnuchin insisted the Trump administration never meant to break up big banks, despite its prior messaging.

Mnuchin was responding to a question about why President Donald Trump last month backed down from a campaign promise to label China a currency manipulator.

Mnuchin said the administration's current stance is not a reversal.

Advocates of reintroducing Glass-Steagall for federally insured commercial banks say it would discourage risky behavior by banks. "That means there are aspects of it we think may make sense".

"This is just freaky, the idea that you can say you're in favor of Glass-Steagall but not breaking up the big banks", Warren eventually shot back.

"If we had supported a full Glass-Steagall, we would have said at the time that we believed in Glass-Steagall, not a 21st Century Glass- Steagall", he said. But Mnuchin took a different position Thursday. Generally, it appears that investors should not worry all that much as the administration will not seek to actually split investment banks from retail banks.

During the latest reporting period, the Treasury Department found that none of the targeted nation had met the criteria for "currency manipulator", Mnuchin explained.

Glass-Steagall was a banking regulation implemented in 1933 separating commercial and investment banking. The simple answer, which we don't support, is breaking up banks from investment banks.

While the Democratic senator from MA cited Mnuchin's stated support for a "21 century version" of Glass-Steagall, which was made in January and was not a reference to Sen. Warren shot back. "This is like something straight out of George Orwell".

Mnuchin suggested a misunderstanding may have arisen over his support for a "21st Century Glass-Steagall". Brown demanded. "People want to know about those entanglements".

"I'll bet", Warren snapped.

Mnuchin did not detail exactly what portions of the law he thought should return, and the party's official platform simply called for a full reinstatement of the former law.

Mnuchin added, "There'll be a box that you have to check that says, I'm eligible for the business tax, which is 15 percent".

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