Warren: Trump admin is ‘rich guys making each other richer’

Warren: Trump admin is ‘rich guys making each other richer’
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Sen. Elizabeth WarrenElizabeth WarrenFree Speech Inc.: The Democratic Party finds a new but shaky faith in corporate free speech Debate over ICBMs: Will 'defund our defenses' be next? Manchin on collision course with Warren, Sanders MORE (D-Mass.) says President Trump’s administration consists of “rich guys making each other richer.”

Warren tweet came after Treasury Secretary Steve Mnuchin took credit earlier Monday for rising prices in bank stocks.

“You should all thank me for your bank stocks doing better,” he said at a Beverly Hills conference of the Milken Institute, an economic research group.


Mnuchin argued that banks needed greater clarity and certainty about the rules governing them.

Mnuchin, a former Goldman Sachs executive and hedge fund manager, was confirmed as Treasury secretary in February.

A Standard & Poor’s index of shares in major financial institutions is up 18.6 percent since Trump’s election in November.

Shares in major banks are also appreciating with the stock market in general, with the Dow Jones Industrial Average gaining 15 percent since that time.

Trump said Monday that he is considering breaking up major Wall Street banks, as well considering a law that would separate consumer and investment banking.

“I’m looking at that right now,” he told Bloomberg News. “There’s some people that want to go back to the old system, right? So we’re going to look at that.”

The Dow Jones Industrial Average dropped 42 points following Trump’s remarks, before eventually rebounding to earlier prices.

Trump, Mnuchin and National Economic Council Director Gary Cohn have all called for a “21st century version” of the Glass-Steagall Act, which banned combinations of investment and consumer banking before much of it was repealed in 1999.