Mnuchin vows no bank breakups; CRA needs an update | American Banker

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No breakups: Treasury Secretary Steven Mnuchin told the Senate Banking Committee unequivocally that the Trump administration has no intention of breaking up big banks or of separating commercial banking from investment banking. Doing so, he said, would create problems for the “financial markets, on the economy, and liquidity.”

“The statement was a strong indication the Trump administration’s review of U.S. banking regulations will be less onerous than Wall Street’s worst fears,” the Wall Street Journal commented. “Officials say their priority is overhauling regulations with the aim of boosting lending and economic growth.” Wall Street Journal, Financial Times, American Banker

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