US Treasury Secretary hopes tax reform be completed this year

Treasury Secretary Steve Mnuchin predicts the US economy can growth three per cent or more with tax reforms

Ryan was bolstered by skittish business leaders who began an aggressive lobbying effort to ensure that their vision for a tax overhaul isn't lost in the daily distractions of President Donald Trump's administration.

Warren tried repeatedly to get Mnuchin to explain what "21century Glass-Steagall" is supposed to mean without separation of bank functions.

It is unclear what impact those recommendations may have on credit unions, since, during more than two hour of testimony, Mnuchin never mentioned credit unions.

Treasury Secretary Steven Mnuchin said Thursday the government still is considering issuing government bonds with maturities of 50 years or greater keep federal borrowing costs lower, despite a cool reception from Wall Street. Mnuchin has previously said that a dynamic scoring model analysis showed the administration's tax cuts could pay for themselves. The high-profile Democrat, who served as special adviser to the secretary of the Treasury for the Consumer Financial Protection Bureau under President Obama, has for the past three years sponsored legislation with that same name that would separate commercial banks from broker-dealers.

"We have been working hard at the Treasury to develop and implement policy that will allow the economy to grow", Mnuchin said.

Warren was confounded by the answer, and asked Mnuchin to clarify what parts of the law the administration would like to bring back, if not the seminal part.

Few observers expected the Trump administration to support a far-reaching reform that would break up several of the largest companies in America. "We said we're in favor of a 21st Century Glass Steagall", Mnuchin replied.

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"We never said we were in favor of Glass-Steagall; we said we were in favor of a 21st Century Glass-Steagall", Mnuchin said.

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.

MNUCHIN: Uh, again, the integration of commercial banking and investment banks has gone on for a long of period time.

"There are aspects of Glass-Steagall you support, but not breaking up the banks", she said.

President Trump says his tax plan is going to put people back to work, but some important details were missing from the one-page blueprint that c...

"I'm well aware of what Glass-Steagall was", Mnuchin told Warren. "So we're going to look at that". In a dramatic exchange at Thursday's hearing, she called Mnuchin's comments "bizarre" and a contradiction with previous statements.

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