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 SandersBernie SandersThe Hill's Morning Report - Presented by Facebook - White House, Dems play blame game over evictions The Memo: Left pins hopes on Nina Turner in Ohio after recent defeats Five things to watch in two Ohio special election primaries MORE (I) engaged in a testy exchange over President Donald TrumpDonald TrumpThe Hill's Morning Report - Presented by Facebook - White House, Dems play blame game over evictions The Memo: Left pins hopes on Nina Turner in Ohio after recent defeats Biden administration to keep Trump-era rule of turning away migrants during pandemic 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of financial regulation, released Monday, made no mention of an updated version of Glass-Steagall, a 1933 regulation repealed under President Bill ClintonWilliam (Bill) Jefferson ClintonNew spotlight on secretaries of state as electoral battlegrounds Bipartisan infrastructure win shows Democrats must continue working across the aisle Overnight Health Care: CDC details Massachusetts outbreak that sparked mask update | White House says national vaccine mandate 'not under consideration at this time' 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 WarrenAmerica's middle class is getting hooked on government cash — and Democrats aren't done yet California Democrats warn of low turnout in recall election Pelosi disputes Biden's power to forgive student loans MORE (D-Mass.) and John McCainJohn Sidney McCainMeghan McCain to produce 'Don't Sweat the Small Stuff' Lifetime movie starring Heather Locklear An August ultimatum: No recess until redistricting reform is done Meghan McCain on Pelosi, McCarthy fight: 'I think they're all bad' 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.