New Glass-Steagall would not separate banks if implemented, says Mnuchin

Steven Mnuchin, US treasury secretary

The US treasury secretary has said Donald Trump’s “21st century” version of the Glass-Steagall Act will not separate commercial banks from their investment counterparts if the regulation is reinstated, despite such separation being a core principle of the original act.

Appearing before the Senate Committee on Banking, Housing and Urban Affairs for the first time yesterday, Steven Mnuchin was grilled about the administration’s view of the legislation, the repeal of which some have said was a key