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REGULATION/LEGISLATION

Steven Mnuchin to work on retirement reforms, revisit Dodd-Frank regulations if confirmed

Steven Mnuchin
Steven Mnuchin

Steven Mnuchin, the nominee for Treasury secretary, said that if confirmed he will work with Congress on retirement reforms including ways to spur retirement savings by simplifying the tax code, and helping multiemployer plans. He also committed to revisiting the federal MyRA program.

In response to questions submitted by committee members after the Senate Finance Committee confirmation hearing on Jan. 19, Mr. Mnuchin pledged to revisit Dodd-Frank regulations, including the Volcker rule, and the Financial Stability Oversight Council.

“It has been over 6 years since the passage of Dodd-Frank and it seems like an appropriate time to review all of the regulations from Dodd-Frank to understand their impact on the market, investors, small businesses and economic growth,” Mr. Mnuchin said in his written response to the questions. “I am of the view that taking a fresh look at all aspects of the Dodd-Frank legislation should be one of our highest priorities.”

On the Volcker rule, he said he supports it “to mitigate the impact that proprietary risk taking may have on a bank that benefits from federal deposit insurance. However … we need to provide a proper definition of proprietary trading, such that we do not limit liquidity in needed markets. “

As Treasury secretary, he would also chair FSOC. “I very much look forward to serving as chair of the FSOC and working with its group of leaders of important and largely independent regulatory bodies. Having a common forum for key financial regulators to meet, share information and address financial sector industry issues is inherently valuable,” he said, pledging not to act “as an opaque regulator.”

Mr. Mnuchin also promised to review the issue of Chinese currency manipulation if confirmed.

The Senate committee has not scheduled a vote on his nomination, the first step before the full Senate votes. Sen. Sherrod Brown, D-Ohio, ranking member on the Senate Banking, Housing, and Urban Affairs Committee, announced after the Jan. 19 hearing that he will vote against confirming Mr. Mnuchin.