Treasury Secretary Steven Mnuchin sat in front of the Senate Banking Committee on Thursday and attempted to explain the Trump administration’s position on various economic policies, including the regulation of large banks.
Mnuchin continually said that the administration supports a “21st Century Glass-Steagall,” referring to the Depression-era bill that required commercial and investment banks to remain separate — except for the law’s defining aspect.
“We do think there are potential things we could look at around regulation, but we do not support separation of banks and investment banks,” Mnuchin said.
