Treasury Secretary Dashes Hopes For Glass-Steagall Revival

Law360, New York (May 18, 2017, 2:10 PM EDT) -- Treasury Secretary Steven Mnuchin on Thursday said that the Trump administration has no intention of breaking up the biggest banks despite administration statements that it supported an updated version of the Glass-Steagall Act.

Mnuchin, making his first appearance before the Senate Banking Committee since taking over as treasury secretary, said in a heated exchange with Sen. Elizabeth Warren, D-Mass., that he felt that the risks to the economy of breaking up the biggest banks outweighed any benefits of doing so. Because of that, the Trump administration...
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