Breaking Up Biggest Banks Would Be a ‘Huge Mistake,’ Mnuchin Says
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Treasury Secretary Steven Mnuchin says breaking up the biggest banks would be a “huge mistake' during testimony before the Senate Banking Committee. (Source: Bloomberg)
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Treasury Secretary Steven Mnuchin said breaking up the biggest banks would be a “huge mistake,” easing concerns that the Trump administration plans a major revamp of Wall Street.
“We do not support a separation of banks and investment banks,” Mnuchin said Thursday at a Senate Banking Committee hearing, just weeks after President Donald Trump said his administration was reviewing whether a split made sense. “That would have a very significant” impact on financial markets and the economy, the Treasury chief added.