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Mnuchin Open to Rethinking Regional, Midsize, Community Bank Regulations

Treasury secretary nominee Steven Mnuchin told members of the Senate Finance Committee that he supports rethinking regulatory requirements for regional banks in written responses following his confirmation hearing last week. Mr. Mnuchin, a former regional bank chief executive, strongly endorsed efforts to provide regulatory relief for regional, midsize and community banks, stating: “It is important that we have a regulatory environment that supports credit flows to all aspects of our economy, particularly in rural and less populated areas, and that small- and mid-sized institutions are not suffering from an inappropriate regulatory burden.” Mnuchin also questioned “whether it is appropriate for financial institutions that engage almost exclusively in traditional banking activities with consumers and businesses to be subject to measures intended for our largest and most complex financial institutions.” Moreover, when asked his thoughts concerning the Dodd-Frank Act, the nominee stated that he would focus on “addressing regulatory issues that limit banks' abilities to lend to small and medium-sized business that will create economic growth and create more jobs.”

Federal Issues Banking Dodd-Frank Department of Treasury Senate Finance Committee