Mnuchin Talks Dodd-Frank Reform at Senate Hearing
Secretary of the Treasury Steven Mnuchin spoke with Senate Banking Committee members on May 18th about tax cuts and Dodd-Frank reform. The hearing was part of a “Domestic and International Policy Update.” Secretary Mnuchin is expected to release a report soon that targets laws inhibiting U.S. financial systems. The report will be consistent with President Trump’s executive order in February disseminating core principles for regulating financial markets.
The Dodd-Frank portions of the hearing focused on the Orderly Liquidation Authority, something President Trump had previously instructed Mnuchin to review. While the President has downplayed an outright repeal of Dodd-Frank, Congressional Republicans are still moving forward with potentially significant changes to the law. Earlier this month, the House Financial Services Committee approved major changes to Dodd-Frank in the CHOICE Act. The full House is expected to vote on the CHOICE Act in June.
Watch the full hearing here: https://www.banking.senate.gov/public/index.cfm/hearings?ID=18B0F99C-2D7C-425D-875F-A0B40DB54207