Mnuchin Puts Pressure on Banks Over Volcker Rule, Glass-Steagall
- Treasury nominee offers some backing of Volcker trading ban
- He says Trump could weigh return of law that split banks
Finding a Happy Medium on the Volcker Rule
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Steven Mnuchin indicated he might not give Wall Street everything it wants as Treasury Secretary, saying at his confirmation hearing Thursday that he supports the controversial Volcker Rule and that there might be merit in bringing back some version of the Glass-Steagall Act.
Donald Trump’s nominee for Treasury said the Volcker Rule limits on banks’ speculative investments make sense because “the concept of proprietary trading does not belong” in lenders that have a government backstop through deposit insurance.