This weeks Shithead is Steve Mnuchin, ‘money boy with greedy tendencies’
Sen. Elizabeth Warren had a confounding exchange with Treasury Secretary Steven Mnuchin at a Senate Banking Committee hearing today. Mnuchin indicated that the Trump administration supports a 21st century version of the Glass-Steagall Act, except for the part about separating commercial and investment banks, which is substantially what is meant by Glass-Steagall.
Warren wasn’t having it.
Responding to Mnuchin’s earlier testimony that the White House didn’t support “a separation of banks from investment banks,” the Massachusetts senator pointed out that “The president and this administration have repeatedly said that they support a 21st century Glass-Steagall.”
Indeed, Mnuchin said these words in his confirmation hearings. National Economic Director Gary Cohn has said the same. And the 2016 Republican Party platform adds explicitly, “We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment.” As Warren said to Mnuchin, “Now you’ve just said the opposite.”