Treasury Secretary Steven Mnuchin went before the Senate Banking Committee on Thursday and sparred with Senator Elizabeth Warren over the breaking up of the big banks.
At issue was Mnuchin’s comments concerning Glass-Steagall, saying he was in support of a “21st-century” version of the act, but at the same time, he didn’t support breaking up commercial banking and investment banking functions. But, the funny thing is, this is exactly what the Glass-Steagall Act did.
Warren didn’t understand this “doublespeak” and called him out for it, saying “This is something straight out of George Orwell.”
“Tell me what 21st-century Glass-Steagall means if it doesn’t mean breaking apart banks?” she said.
Mnuchin had trouble getting around the question and finally resorted to saying that “it was a complicated question.”