Warren exasperated over Treasury chief Mnuchin's views on Glass-Steagall



Mnuchin also noted that the Trump administration's goal of reaching 3 percent annual economic growth will require reform of the U.S. tax code.

U.S. Treasury Secretary Steven Mnuchin waits to testify before the Senate Banking Committee.

President Donald Trump himself raised the prospect of breaking up banks, telling Bloomberg News earlier this month that his administration was reviewing whether it made sense.

Treasury Secretary Steve Mnuchin said Thursday that the administration doesn't support the segregation of retail and investment banking-the crux of the Depression-era legislation. Mnuchin said it will be broader than simply undoing much of the Dodd-Frank law enacted under President Barack Obama.

In a dramatic exchange at Thursday's hearing, Warren called Mnuchin's comments "bizarre" and a contradiction with previous statements. Some industry critics, including Warren, think breaking up these big banks would make the financial system safer.

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

But he agreed that it's "correct" to say that the administration's plan would cut the corporate tax rate, the pass-through tax rate, reduce the top marginal tax rate for individuals, and eliminate the alternative minimum tax as well as the estate tax.

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Two match points came and went and Nadal had to save a break point on his own serve before he closed out the match . I try to do things the best possible way, on the court or off the court, without doing anything insane .

"We do not support a separation of banks from investment banks - we think that that would have a very significant problem on the financial markets, on the economy, on liquidity", Mnuchin said, adding that it would be a "huge mistake".

Mnuchin responded that there wasn't any reversal, despite Warren's incredulity.

Mnuchin said he hasn't decided whether to recommend scrapping OLA and said he'd reveal more details on the administration's financial regulatory policy in reports he's mandated to release by executive order.

But he was attacked several times by Democrats who alleged the White House's plan would lead to less revenue coming into the government, growing the debt.

Recently, annual economic growth has been at 2 percent or lower, and most economists say that is due to a large number of retirements by aging workers and meager productivity growth. The estimates from CBO and JCT are often the guideposts that frame how tax changes are adopted.

Mnuchin said he hadn't reversed.

In addition to tax reform and reg relief efforts, the administration will also ramp up its efforts on housing finance reform in the second half of the year, Mnuchin said. "And I want to thank you for your concern, your interest and, hopefully, involvement in bringing this to a close".