Trump’s Treasury pick concerned about Volcker rule, small banks

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By Lisa Lambert

<span class="articleLocation”>U.S. President-elect Donald Trump’s pick to be
the next Treasury Secretary, Steve Mnuchin, told a Senate panel
on Thursday he is concerned that a rule meant to block banks
from speculating with their customers’ money is hurting the
financial system.

Part of the 2010 Dodd-Frank Wall Street reform law, the “Volcker Rule” prohibits banks from proprietary trading. But it
is drying up liquidity, and the Treasury should look at its
impact on the flow of cash through the financial system, Mnuchin
said during the Senate Finance Committee hearing to confirm him
for the secretary post.

Mnuchin added that he supports banking regulation, but he is
concerned it is hurting small community banks and he would work
as secretary to eliminate overlap in various regulators’ rules.



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