Treasury chief says US can achieve 3 percent economic growth

Top GOP Lawmakers React to Trump Comey in 90 Seconds

Top GOP Lawmakers React to Trump Comey in 90 Seconds

"We are going to make sure that small- and medium-size businesses have the benefit".

"What do you think [Glass-Steagall] was if it wasn't separating commercial banking from ordinary banking?"

Elizabeth Warren (R-MA) peppered Treasury Secretary Steven Mnuchin with hostile questions, interrupting several times over an updated Glass-Steagall law.

"I haven't received an answer that I asked for - about potential conflicts of interest and ownership in the [Trump] administration", Brown said, referring to a March 2 letter he wrote to Treasury.

Immediately following Kennedy's questioning, Sen.

WARREN: Just tell me what it means!

"I am still very hopeful that we'll get tax reform done this year", Mnuchin said at a U.S. Chamber of Commerce investment conference in Washington. Concerns grow over Army nominee No. 3 Senate Dem to oppose Trump's Army secretary nominee MORE (D-Ind.) asked Mnuchin why the administration hadn't labeled China a currency manipulator though Trump promised to do so. Warren shot back. "This is like something straight out of George Orwell".

Mnuchin countered that it "wasn't a reversal", because the Trump campaign "specifically came out and said we do support a 21st century Glass-Steagall".

Mnuchin replied by saying he had checked to make sure "my staff had fully responded to all the inquiries from you and the committee, and I believe we have".

Mnuchin offered to visit Warren "and follow up and talk about this". What do you think Glass-Steagall was, if it wasn't separating commercial banking from investment banking - uh, from ordinary banking? Their legislation is called the "21st Century Glass-Steagall Act". This week, Tim Pawlenty, the head of the industry lobby the Financial Services Roundtable, told Bloomberg that, when the administration says "21 century Glass-Steagall", what they really mean is deregulation. "It couldn't be clearer".

"This is insane", an incredulous Warren concluded.

Mnuchin says the report will focus on providing relief to community banks. He also said that segregating retail and investment banking was "completely different than the concept of breaking up big banks".

The administration has previously expressed support for some return of the Glass-Steagall Act, which established a firewall between investment and commercial banking.

"That's what it means, that's what it meant in the 1930s, that's what it meant all the way in between, that's what it meant when it was repealed in 1999", she said.

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