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Rule has completely limited liquidity in many markets. and the federal reserve is concerned that the interpretation of the volcker rule doesn t allow banks to create enough liquidity for customers. so that s something i would absolutely want to look at. and senator wyden, by the way, i wanted to thank you, i m now in greatly esteem of having the mnuchin rule with both the buffett rule and the volcker rule, i take that as a great compliment. thank you for putting me in with these other great people. thank you. senator nelson. good morning. i enjoyed our visit yesterday. were you a director of dune capital international limited, a cayman islands corporation? i was. that is correct. did you move a hedge fund, dune capital partners llc, to ....
Identified that, quote, there have been countless published reports of hamp participants who end up worse off for having engaged in a futile effort to obtain sustainable relief that the program promised. failed modifications often leave borrowers with more principal outstanding on their loans, less on equity, depleted savings and worse credit scores, unquote. using provocative language that we have heard supporting your actions in the foreclosure crisis, i guess you could say that then-secretary, treasury secretary geithner was a, quote, predator loan modifier, unquote, using that type of logic. now, mr. mnuchin, did one west have any interplay with the obama administration s program, and was that program successful in preventing foreclosures on struggling american homeowners, ....
Infrastructure, at the appropriate time, i am happy to comment on infrastructure because that s very important to the president-elect. one last quick one. comprehensive immigration reform. one of the things we learned is not only can it grow gdp by smart infrastructure investments but also comprehensive immigration reform. we re strongly urged by the business community for years to do that. any take on that? again, i think immigration and immigration reform is very important to the president-elect. it s not completely in my lane but i ve been with him so i understand his views on that. and i think he works looks forward to working with the house and senate on a very important issue there. if you don t share his views on comprehensive immigration reform, i would just suggest you mentor him a little bit. mr. mnuchin, thanks for being willing to serve your country. appreciate it very much. i want to follow up quickly on senator carper s point on the irs. you do have allies on bo ....
As i said, they were extremely thorough. i appreciate the work. we delivered over 5,000 pages. and i can assure you, they actually read all those 5,000 pages because when i had the opportunity to meet with the staff, with my lawyers and accou accountants, we answered some very specific questions. excuse me, mr. mnuchin. i don t want to interrupt. i have very limited time. i appreciate the additional information and the clarification and all that. but my question goes to what you were actually disclosing, particularly the cayman islands. did you use the cayman islands corporation to avoid paying taxes? would you support closing tax loopholes that very wealthy people have consistently used in the cayman islands to avoid paying taxes? that really is my question. let me just be clear. again, i did not use a cayman islands entity in any way to avoid taxes for myself. i paid u.s. taxes on all that ....
so you would support closing loopholes? i would support changing the tax laws to make sure they re simpler and more effective, yes. thank you. senator crapo. thank you very much, senator hatch. i appreciate your willingness, mr. mnuchin, to go through this and serve the american people. we truly need the kind of vision that president trump has enunciated for the country and that you ve committed to help work with him to achieve for the country. as a part of that, one of the things that you ve already mentioned today is that and i m paraphrasing you here, i believe you said in essence, we have a regulatory excess in the united states in many circumstances that can and is inhibiting lending and inhibiting capital formation, two very important things that i ....