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Tag Archives: Mnuchin

Watt & Mnuchin Tackle GSE Reform

On Thursday, both FHFA Director Melvin L. Watt and Treasury Secretary Steven T. Mnuchin separately addressed the current state of the GSEs. Though Mnuchin discussed the priority of housing finance and regulatory reform in front of the Senate, at an industry conference Watt described the many successes of the FHFA in the last nine years. Watt warned that reforms made during conservatorship should not be ignored by congress during the reworking of housing finance reform.

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Trump Administration Moves to Appoint New Comptroller of the Currency

On Tuesday, the Office of the Comptroller of the Currency announced the stepping down of Comptroller Thomas Curry on May 5. That day, U.S. Treasury Secretary Steven Mnuchin announced his intention to appoint Keith Noreika as a Deputy Comptroller and designate him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). Noreika will become Acting Comptroller of the Currency on May 5 and is currently a partner at Simpson Thacher & Bartlett LLP and was a partner at Covington & Burling, specializing in banking regulation.

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Mnuchin: GSEs Won’t Stay ‘As-is’ for Long

In an interview with Fox Business on Monday, Secretary of the Treasury Steven Mnuchin said he is committed to GSE reform—and that it might not include privatizing Fannie or Freddie. The main goal of the Trump administration, according to Mnuchin, is to provide "ample credit for housing" without putting taxpayers at risk. On the fate of the GSE's, Mnuchin said, "We’re committed to not leaving them as-is for the next four years." Mnuchin also discussed the Freedom of Information Act allowed GSE funds to be relocated toward other parts of the government—including the Affordable Care Act—without public knowledge.

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Mnuchin Supports Financial CHOICE Act

After the Financial Services Committee's hearing on the Financial CHOICE Act, Treasury Secretary Steven Mnuchin expressed his approval of the act. The act was introduced during a hearing of the Committee by Commitee Chairman Jeb Hensarling on Wednesday as an alternative to the Dodd-Frank act. Financial CHOICE aims to end taxpayer-funded bailouts of big banks, impose tougher penalties for financial fraud and insider trading, and demand greater accountability from regulators.

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Tax Cuts to Affect Banks

Treasury Secretary Steven Mnuchin released the president's tax reform plan which could have a significant impact on the mortgage industry and the financial industry as a whole. Calling the tax cuts in President Trump’s reform “The biggest tax cut and largest tax reform in history of this country,” the reform would reduce corporate taxes down to 15 percent, cut the top tax bracket down to 35 percent, and double the standard deduction.

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