As part of the process of gaining confirmation as the next treasury secretary, Steve Mnuchin had to provide written answers to questions posed by members of the Senate Finance Committee.
Because the Finance Committee, which holds the confirmation hearing on Treasury Secretary nominees, does not have jurisdiction over banking and financial services legislation, relatively few of the questions posed to Mnuchin touched on banking and financial reform issues.
His answers therefore provide little insight into administration positions on key financial reform issues. Nonetheless, some of the questions did elicit useful responses from Mnuchin.
Without defining it, Mnuchin expressed support for a “21st Century Glass-Steagall” act without stating what that act would encompass yet he acknowledged that “a bright line between commercial and investment banking . . . may inhibit necessary…