quote:
Quotes/headlines van de financial overlord:
* He says he supports the Volcker Rule, which bars proprietary trading: "but also has limited the ability for market makers to hold inventories of assets that can help stabilize markets at times of volatility." "I do support the Volcker Rule. The concept for proprietary trading doesn’t fit banks that are FDIC insured," he said. But Mnuchin will look to improve the rule so it doesn't impede market liquidity, citing recent analysis from the Federal Reserve and echoing long-standing concerns raised by investors.
* On Dodd-Frank creation, the Consumer Financial Protection Bureau, Mnuchin says in response to Democrat Tom Carper that it’s worth keeping. Though he does say on the CFPB he’d like it to be funded through the congressional budget process and not via the Federal Reserve.
* When pressed by Senator Maria Cantwell of Washington, Mnuchin rejected the idea of breaking up America's largest banks, stating "I don't support going back to Glass Steagall as is." He favors a so-called 21st Century Glass-Steagall because a break-up of banks would disrupt capital markets and commerce.
* Mnuchin said he thought Trump would agree that the IRS needs a bigger enforcement workforce for tax collection. “That’s a very quick conversation with Donald Trump,” he said.
* Mnuchin says he believes the U.S. should be able to get to 3% to 4% “sustained GDP.” That’s in line with what commerce secretary nominee Wilbur Ross said on Wednesday. He said the U.S. could achieve annual growth of “north of 3%” if Trump’s policies are put in place.
* Mnuchin also vowed to work expeditiously to raise the U.S. debt ceiling, averting a standoff similar to the 2011 crisis that harmed the U.S. economic recovery. Mnuchin says he’d like the U.S. to raise the debt ceiling “sooner rather than later.” Borrowing authority is due to run out in mid-March, but the U.S. will be able to take so-called extraordinary measures for a period of time to stave off crisis. Mnuchin pinching any GOP efforts to attach concessions to debt limit increase: “There should be no uncertainty that we are paying the bills”
* Asked what he’d do about Fannie Mae FNMA and Freddie Mac FMCC , which have been wards of the state since the financial crisis in 2008, Mnuchin said he wants an overall housing reform effort. He doesn’t support “recap and release”
* "We will work diligently to limit regulations, lower taxes on hardworking Americans and small businesses, and get the engine of economic growth firing on all cylinders once again,"
* On prospective repatriation: Mnuchin said the Trump administration will bring trillions of dollars in corporate cash onshore, where it can be reinvested and overall rates can be lowered. Presumably, there will also be a coincident growth bump. Mnuchin believes the administration will come up with a plan that doesn't increase the deficit. “I want to make sure tax reform doesn’t result in a widening of the deficit,”
* "Regulation is killing community banks," Mnuchin said before stating he would relieve regulatory burdens on these small lenders so "we don't end up in a world where we have four big banks in this country."
* Senator Bob Casey pressed Mnuchin on naming China a currency manipulator. He said he would make positive rec to potus if China’s manipulation restarts
* NAFTA will likely be scrutinized
* “The U.S. currency has been the most attractive currency to be in for very long periods of time," Mnuchin said. “The long term strength of the dollar, over long periods of time, is important," he added.
"Marco Rubio is a choke artist, sweating all over the place. He was soaking wet, like he just came out of a swimming pool. We can't have that as a president". -Donald Trump