The news of President-elect Donald Trump selecting Steve Mnuchin as Treasury secretary is barely a day old and Mnuchin has already made a lot of significant public statements on housing.
In an interview with CNBC (video below) on Wednesday that also included Commerce Secretary nominee Wilbur Ross, Mnuchin revealed his thoughts on the Dodd-Frank Wall Street Reform Act.
The act is already in the spotlight right now since shortly after Trump became president-elect, he released a plan to dismantle Dodd-Frank.
During the interview, Mnuchin said, “The No. 1 problem with Dodd-Frank is it is way too complicated and it cuts back lending.”
“We want to strip back parts of Dodd-Frank that prevent banks from lending and that will be the No. 1 priority on the regulatory side,” he told CNBC.
Here’s the full video.
And this isn’t the only bombshell Mnuchin dropped on his first day as Treasury secretary nominee.
One of Mnuchin and Ross’ first stops was with Fox Business, and during an interview with Maria Bartiromo, Mnuchin revealed his thoughts on the future of Fannie Mae and Freddie Mac.
Rather than be wound down, as some including another rumored choice to lead the Treasury, Rep. Jeb Hensarling, advocate for, Mnuchin said the government-sponsored enterprises will be taken out of “government ownership,” restructured, and privatized.