Now treasury sect nominee Steven Mnuchin testifies before the Senate Finance Committee Help faced questions on hi as ceo of one west, bank that foreclosed on thousands of home owners after the 2008 downturn. This portion of the hearing is three and a half hours. Committee will come to order. Welcome to this more mornings hearing. Well discuss the nomination of mr. Steven mnuchin to serve as secretary of treasury for the Incoming Trump administration. I want to officially welcome mr. Mnuchin for to the finance committee. I certainly appreciate your willingness to appear before us here today and to serve in this important position. The position of treasury secretary is among the most important in the executive branch. The next treasury secretary will be asked a lot of questions that are going to very, very important here today. Well be talking about advancing policies that will improve our inagurations economic and fiscal outlook. This position oversees the collection of taxes and the ma
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That there could be debate over mike pompeo at cia. A lot of people looking at that, saying what does that mean, how does that compare to prior administrations. It is actually in line, with most cases, we have about a handful of cabinet members approved and ready to go as president of the United States takes office. Usually two weeks more than half the cabinet is in place. By three weeks the entire cabinet but that is not a foregone conclusion. The institutions of course remain in place. That is the crucial issue here. How all of this is weighing on stocks . Nah, not one way or the other. Most say this is going to plan. They dont see any cabinet nominations imperiled as a result. Nothing to imperil stocks. Stuart pointed this out, if it looked like, for example, mnuchin would not get the treasury post, then all bets are off here because the expectation is that all of these key positions will be approved and their nominees confirmed. But that is not a given. Again in the case of mr. Mnu
Test. Test. Test. Thank you. Senator, if i could just interject, you mean, youll help us modernize the irs . It would be one of my great priorities. That would be a wonderful thing. I hope thats at least a bipartisan issue that we can all agree on. Since the chairman used part of my time, id like to get this question here. H in 2012, i used the International Tax reform act to help fix the tax code and promote u. S. Economic and job growth and that bill would help to right the ship and make more certain so that u. S. Companies are not at a competitive disadvantage with foreign companies. It would give American Companies ens incentives to create jobs in the United States so they can win globally. I would encourage u. S. Companies to develop and keep rights to their ideas and invenges in the United States rather than shift them over offshore. Do you agree it places u. S. Companies at a competitive disadvantage with foreign counterar counterparts and work with me on International Tax refor
Of effort that would bypass the congress in terms of efforts to recap and release . I dont want to make any commitments to legislative or not. What i will commit because its my responsibility in treasury, you know, as it relates to certain issues with fannie and freddie. What i will commit to is it is my objective to find a bipartisan solution to it, and i would welcome the opportunity. And your hope would be the bipartisan consensus that the Banking Committee in particular arrived at was that that solution, and we can argue or discuss about how we get there, should end up with the Housing Finance system that preserves things like the 30year mortgage but also makes sure that there is not the current status which has when things are going well, private sector gain but when stuff hits the fan, taxpayer holding the bag. I can 100 assure you that i have no interest in that. And i think i understand this well enough that you will find that i wont support any policy that has that casing. Tha