Published: Sat, May 20, 2017
Business | By Patricia Jimenez

Warren Slams Mnuchin for 'Orwellian' Doublespeak Over Glass-Steagall Reversal

Warren Slams Mnuchin for 'Orwellian' Doublespeak Over Glass-Steagall Reversal

"When foreign governments engage in currency manipulation, it makes the playing field uneven, which is why we regularly monitor these practices", Mnuchin stated in testimony prepared for the US Senate Committee on Banking, Housing and Urban Affairs.

The Trump administration has made slow progress in enacting its economic and reform agendas and now faces an investigation by a special counsel into possible collusion between President Donald Trump's 2016 campaign team and Russian Federation. And he said that report will be followed up with others recommending further changes to the financial regulatory regime. He says it'll be broader than undoing much of the Dodd-Frank law enacted under President Barack Obama.

"This is not about rolling back regulation for big banks", Mnuchin said.

Sen. Elizabeth Warren, D-Mass., questions Mnuchin on Thursday.

Warren, incredulous, responded, "There are aspects of Glass-Steagall that you support, but not breaking up the banks and separating commercial banking from investment banking?"

And, in performing its economic and reform agendas, the administration of U.S. President Trump has made slow progress and is now facing a probe by special counsel into an accomplished agreement between campaign team and Russian Federation.

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.

Home Remedies to Grow Eyelashes - Effective
To lengthen the lashes that are the fruit of the experience of our old generations and that have been tested until the exhaustion. For many of us the favorite cosmetic is the eyelash mask because we like that the eyelashes protrude and have more volume.

And several Democrats accused Mnuchin of meeting extensively with bank executives as part of the review, disregarding the views of consumer groups that might argue for tighter controls.

And the administration has repeatedly said it supports its return when asked since winning the White House. Mnuchin insisted on responding that the Trump administration policies "couldn't be clearer". He said it plays "a critical role in pro-growth tax reform" and.

Mnuchin told him that the currency determination was only "for a very specific period of time" and they'd continue to watch China for future signs of manipulation.

"I can assure that the president's objective and my objective is that we create a middle-income tax cut and that we do not raise taxes on the middle income, if anything, the opposite, we are trying to create a middle-income tax cut", Mnuchin said.

Despite Warren's interrogation, Mnuchin refused to explain the 21st-century Glass-Steagall Act that he said the administration did support.

Mnuchin said he hadn't reversed. "And I want to thank you for your concern, your interest and, hopefully, involvement in bringing this to a close".

Like this: