Politico - The Trump administration plans to target the Dodd-Frank financial regulation law as a way to stimulate economic growth, Donald Trump’s pick for treasury secretary said.
Steven Mnuchin, a long-time Goldman Sachs banker tapped by Trump to lead the Treasury, told CNBC’s “Squawk Box” Wednesday morning that going after the law will be one of his top priorities.
“The number one problem with Dodd-Frank is it’s way too complicated and it cuts back lending, so we want to strip back parts of Dodd-Frank that prevent banks from lending and that will be the number one priority on the regulatory side,” Mnuchin said. “The number one priority is going to be make sure that banks lend.”
Washington Post - Throughout the presidential campaign, Donald Trump’s relationship with Wall Street ran hot and cold. On the podium, he sounded a populist battle cry — heaping disdain on elites and tarring his opponents by their associations with Wall Street. But behind the scenes, Trump assembled a gang of financiers, bankers and ex-bankers to advise his campaign.
Now, he is drawing on that same set of high flying, high-net-worth individuals to captain his new administration. There was Betsy DeVos, a billionaire investor and a heavyweight political donor, whom Trump nominated as his education secretary. There was Wilbur Ross, another billionaire investor, said to be Trump’s pick to become commerce secretary.
On Wednesday, Trump named another member of America’s elite for a position in his Cabinet.
Steve Mnuchin, a hedge fund chairman and 17-year Goldman Sachs alum, is Trump’s pick for treasury secretary. If he is confirmed, Mnuchin would be at the helm of any future decisions on bank bailouts or economic stimulus.