Mnuchin: new Glass-Steagall would not separate banks

US treasury secretary’s stance on banking reform appears to contrast with that of Donald Trump

Steven Mnuchin: grilled on the administration’s view of the Glass-Steagall Act

The US treasury secretary has said President Donald Trump’s “21st century” version of the Glass-Steagall Act will not separate commercial banks from their investment counterparts if the regulation is reinstated, despite such a separation being a core principle of the original act.

Appearing before the Senate Committee on Banking, Housing and Urban Affairs for the first time on May 18, Steven Mnuchin was grilled about the administration’s view of the legislation, the repeal of which was argued

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