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Bankers Meet with Democrats to Push for Bipartisan CFPB Commission - ABI

Steven Mnuchin, President-elect Donald Trump’s pick for treasury secretary, said yesterday that he supports the Volcker Rule, but suggested that he wants to make some changes to the Dodd-Frank regulatory framework, MorningConsult.com reported. During his confirmation hearing before the Senate Finance Committee, Mnuchin said in response to a question from Sen. Mike Crapo (R-Idaho) that while he supports the Volcker Rule — a product of the 2010 Dodd-Frank law that restricts banks from placing risky bets with their own capital — he wants to examine its effects on market liquidity. “I think the concept of proprietary trading does not belong in banks with FDIC insurance,” Mnuchin said, referring to the Federal Deposit Insurance Corp. He added that the Volcker Rule’s impact on liquidity is “something I would absolutely want to look at,” and he cited a recent Federal Reserve report examining the issue.

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