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 Campaign Report: US officials say Russia, China are looking to sow discord in election Warren urges investment in child care workers amid pandemic Progressive candidate Bush talks about her upset primary win over Rep. Clay MORE (I) engaged in a testy exchange over President Donald TrumpDonald John TrumpJoe Arpaio loses bid for his old position as sheriff Trump brushes off view that Russia denigrating Biden: 'Nobody's been tougher on Russia than I have' Trump tees up executive orders on economy but won't sign yet 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of financial regulation, released Monday, made no mention of an updated version of Glass-Steagall, a 1933 regulation repealed under President Bill ClintonWilliam (Bill) Jefferson ClintonGiuliani says Black Lives Matter is 'domestic terrorist' group We have the resources to get through this crisis, only stupidity is holding us back Biden needs to bring religious Americans into the Democratic fold 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 WarrenDemocratic convention lineup to include Ocasio-Cortez, Clinton, Warren: reports Whitmer met with Biden days before VP announcement: report The Hill's Campaign Report: US officials say Russia, China are looking to sow discord in election MORE (D-Mass.) and John McCainJohn Sidney McCainCNN's Ana Navarro to host Biden roundtable on making 'Trump a one-term president' Mark Kelly clinches Democratic Senate nod in Arizona Prominent conservatives question Jerry Falwell Jr. vacation photo 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.