US Treasury's Mnuchin opposes breakup of banks

Bari. G7 finance ministers turned their focus to combating cyber crime in what Italy's Pier Carlo Padoan described as an

Much of Thursday's discussion focused on orderly liquidation authority (OLA), the process through which the federal government can take over and dismantle a failing bank.

And the administration has repeatedly said it supports its return when asked since winning the White House.

Treasury Secretary Steven Mnuchin said 100 people at his department are working on an overhaul, and that the goal is to bring "meaningful relief" to the middle class and make American businesses competitive. David Perdue (R-Ga.), a former CEO, said "it's nice to have a private-sector guy" running Treasury. Once candidate Trump became President Trump, however, Mnuchin first quietly downgraded that target to 3%, and then said it will not be achieved for at least another two years.

Banking Committee ranking Democrat Sen. During the campaign, President Donald Trump also used that phrase in describing his views on banking, and Mnuchin had expressed support for a "21st century" version as well.

"I'll bet", Warren snapped. But again, I'm more than happy to listen to your ideas on it.

Testifying before Congress on Thursday, Mnuchin tried to walk back a major promise made by Trump on the fly.

Those rules were eliminated by the Clinton administration, and led to the supersized financial institutions like JPMorgan Chase and Bank of America that dominate Wall Street today - and which many labeled as prime culprits in the lead-up to the financial crisis. Donnelly, up for reelection in 2018, said Indiana's manufacturing economy had been wrecked by cheap imports from China with artificially lowered prices.

Mnuchin said if policymakers end up with a proposal that includes an explicit guarantee by the government to backstop the US housing market, it would have to be paid for in a similar way like deposit insurance at the Federal Deposit Insurance Corp. while also keeping taxpayers off the hook.

"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. Because of that, the Trump administration. In the past few months you and the president have had a number of meetings with big bank CEOs and lobbyists.

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

WARREN: We're going to run out of time here, but I have to try this one more time.

"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.

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