Mnuchin speaks: Steven Mnuchin discussed his views on regulatory and tax policies Wednesday after being named President-elect Trump's designated Treasury secretary. Speaking on CNBC, Mnuchin said he would focus on rolling back parts of the Dodd-Frank financial reform law. "The number one problem with Dodd-Frank is that it's way too complicated and cuts back lending," he said, adding, stripping back part of the law "will be the number one priority on the regulatory side." He used similar words to describe the Volcker rule (see below).
On taxes, Mnuchin said Americans should expect the "largest tax change since Reagan," including "a big tax cut for the middle class." Dismissing the old liberal mantra about "tax cuts for the rich," the former Goldman Sachs banker said "any reductions we have in upper income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class. Any tax cuts we have for the upper class will be offset by less deductions that pay for it."