Treasury’s Mnuchin: ‘We do not support breaking up banks’ | Reuters


U.S. Treasury Secretary Steven Mnuchin told lawmakers on Thursday that the Trump administration does not support separating investment and commercial banks.

The administration has previously expressed support for some return of the Glass-Steagall Act, which established a firewall between investment and commercial banking. But Mnuchin was explicit before the Senate Banking Committee that that vision did not include breaking up large banks that engage in both.

Source: Treasury’s Mnuchin: ‘We do not support breaking up banks’ | Reuters

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