Friday, May 19, 2017

BONESMAN MNUCHIN SAYS NO GLASS-STEAGALL

The Republicans proposed Glass-Steagall in their manifesto.

As did the Democrats.

But for whatever reason it is not going to happen.

Meet the new boss. Same as the old boss.

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.

"We do not support a separation of banks from investment banks. We think that would be a very significant problem for financial markets and the economy," he said.

[source : Treasury's Mnuchin: 'We do not support breaking up banks', Reuters, http://www.reuters.com/article/us-usa-congress-mnuchin-banks-idUSKCN18E2UN?feedType=RSS&feedName=businessNews&utm_source=Twitter&utm_medium=Social&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29, 18th May 2017]

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