Banking Regulations The Mnuchin Way: Regulate By Activity, Not Scale Alone
When it comes to banks size isn’t everything, according to Treasury Secretary nominee Steven Mnuchin.
Instead, lending regulations should take into account the activity and complexity of the bank in addition to its size, Mnuchin wrote to members of the Senate Finance Committee following his confirmation hearing, the Wall Street Journal reports. Mnuchin wrote he supports a “comprehensive review” of the U.S. Financial Stability Oversight Council, suggesting he is open to changing the way the group of senior regulators created by Dodd-Frank reviews banks.
Mnuchin's written statement failed to clarify questions on taxes, though he did write that he would work with Congress to ensure the primary purpose of the Trump administration’s tax plan is to cut taxes for the middle class and business. [WSJ]