Responding to Mnuchin’s testimony that the WH didn’t support “a separation of banks from investment banks, Warren pointed out that “The president and this administration have repeatedly said that they support a 21st century Glass-Steagall.” Mnuchin responded, “Which means there are aspects of it, OK, that we think may make sense. But we never said before that we supported a full separation —” “There are aspects of Glass-Steagall that you support but not breaking up the banks and separating commercial banking from investment banking?” Warren interrupted. “What do you think Glass-Steagall was if that’s not right at the heart of it?”
He then apologized to Warren for using the phrase “21st century Glass-Steagall” without realizing that was the name of Warren’s legislation, which would separate commercial and investment bank functions. “So – in favor of Glass-Steagall which breaks apart the two arms of banking, except you don’t want to break apart the two parts of banking,” said Warren. “This is like something straight out of George Orwell.”
“Glass-Steagall” refers to the firewall between commercial and investment banking. There are no real “aspects” of the policy to pick from without that fundamental structure.
https://theintercept.com/2017/05/18/steven-mnuchin-goes-through-the-looking-glass-steagall-in-strange-exchange-with-elizabeth-warren/
