Sanders and Mnuchin clash over Glass-Steagall

Sanders and Mnuchin clash over Glass-Steagall
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Treasury Secretary Steven Mnuchin and liberal Vermont Senator Bernie SandersBernard (Bernie) SandersShowtime says Sacha Baron Cohen did not dress as 'disabled veteran' 2020 Dems slam Trump over Putin presser Ocasio-Cortez floating progressive sub-caucus MORE (I) engaged in a testy exchange over President Donald TrumpDonald John TrumpShocking summit with Putin caps off Trump’s turbulent Europe trip GOP lambasts Trump over performance in Helsinki Trump stuns the world at Putin summit MORE’s campaign promise to enact a “21st Century Glass-Steagall Act,” a financial regulation separating commercial and investment banking.

Mnuchin’s first report outlining principles of financial regulation, released Monday, made no mention of an updated version of Glass-Steagall, a 1933 regulation repealed under President Bill ClintonWilliam (Bill) Jefferson ClintonWhy did it take so long for Trump to drain the swamp of Pruitt? An orthodox legal life and the case for Judge Kavanaugh Ex-CIA officer: Prosecution of Russians indicted for DNC hack 'ain't ever going to happen' MORE.

Mnuchin told Sanders that there were, essentially, three different “21st Century Glass-Steagall” acts: the one on which Trump campaigned, the one passed in the Republican platform and one in the form of legislation recently introduced by Senators Elizabeth WarrenElizabeth Ann Warren2020 Dems slam Trump over Putin presser Senate Dems rip Trump after Putin news conference Sanders: Trump should confront Putin over Mueller probe indictments MORE (D-Mass.) and John McCainJohn Sidney McCainGOP lambasts Trump over performance in Helsinki Trump stuns the world at Putin summit NY Daily News cover following Helsinki summit shows Trump shooting Uncle Sam MORE (R-Ariz.).

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“During the campaign, we specifically said that we believed in a 21st-century Glass-Steagall. That was differentiated from what was the Republican Party view of Glass-Steagall,” Mnuchin began before Sanders cut him off.

“Whoa, whoa. Let me get this right. I don't mean to interrupt you, Mr. Mnuchin,” Sanders started in.

“But you are — you are interrupting me. You're not letting me finish my comment,” Mnuchin responded.

“But I have very limited time, and what you're saying is that the language that Trump put into the Republican platform is not really the language that he believed in,” Sanders said.

Mnuchin argued that Trump was not responsible for the language in the Republican party platform and that Trump opposed actions that would break up big banks, as forcing a separation between commercial and investment banking would do.

“We think that that would hurt the economy, that would ruin liquidity in the market. What we are focused on is safe and prudent regulation for the large banks so we don't have taxpayer risk,” Mnuchin said.

When Sanders noted the legislation of the same name, Mnuchin said it was "an unfortunate coincidence."

In May, Warren and Mnuchin had a similar stand-off at a hearing.

"This is like something straight out of George Orwell," Warren said at the time.