Mnuchin also noted that the Trump administration's goal of reaching 3 percent annual economic growth will require reform of the U.S. tax code. "That means there are aspects of it that we think may make sense but we never said before that we supported a full separation of banks and investment banking".
The Committee for a Responsible Federal Budget also released a paper Thursday digging into detail about just how much growth the USA can expect and the potential role of regulations.
The Trump administration wants to jump start an overhaul of the housing mortgage giants, Fannie Mae and Freddie Mac, almost a decade after they were seized by the government in 2008.
Mnuchin says the Treasury Department is preparing a report on regulatory changes for the finance system.
Treasury Secretary Steven Mnuchin was lambasted Thursday by Sen. We think that would be a huge mistake. Sherrod BrownSherrod BrownMnuchin mum as Dems press for answers on tax reform, Dodd-Frank Sherrod Brown looks to defy Trump trend in Ohio McConnell "not optimistic" Dodd-Frank overhaul will happen MORE (Ohio) called Mnuchin's communication with the minority party "insufficient". But again, I'm more than happy to listen to your ideas on it. The Committee for a Responsible Federal Budget has released an estimate that the overall cost of Trump's tax plan could reach $5 trillion over a decade - though the group acknowledged its estimate was rough because the White House has released few details of its plan so far.
Mnuchin told him that the currency determination was only "for a very specific period of time" and they'd continue to watch China for future signs of manipulation. Some administration officials have suggested they were in favor of Congress passing an updated version of the Depression era Glass-Steagall law that split commercial and investment banking, though they have been vague about what that actually meant.
When he was campaigning President Donald Trump railed against Wall Street firms like Goldman Sachs, attacked Hillary Clinton for ties to big banks, and pitted himself as a populist that would fight Wall Street during his campaign. "We're going to, we're looking at it right now as we speak".
"This is insane", Warren shot back, while wrapping up her inquiry.
But Mnuchin said Thursday a modern Glass-Steagall wouldn't include breaking up banks.
Even after taking office Trump said he would consider breaking up the banks and economic advisers like Mnuchin and Gary Cohn reiterated support for a "21st Century Glass-Steagall".