AFSA 100 Day Tracker | Mnuchin Confirmed for Treasury Secretary

WHAT HAPPENED

The U.S. Senate confirmed Steven Mnuchin as the nation’s 77th Treasury Secretary late Monday evening. The vote was mostly along party lines, with the final tally at 53-47. Senator Joe Manchin of West Virginia was the only Democrat to vote in favor of Mnuchin.

WHAT IT MEANS TO AFSA MEMBERS

In an interview with CNBC’s squawk box on November 20, Mnuchin noted the importance of increasing access to lending. “The number one problem with Dodd-Frank is, it's way too complicated and it cuts back lending. So we want to strip back parts of Dodd-Frank that prevents banks from lending. And that will be our number one priority." Mnuchin specified, "We have actually been bankers...we have been in the business of regional banking and we understand what it is to make loans. And that's the engine of growth to small and medium size businesses."

During his confirmation hearings, Mnuchin noted his support for ensuring that credit access is maintained. He also stated that the biggest issue he has with the Consumer Financial Protection Bureau (CFPB) is that he doesn't believe it should be funded by the Federal Reserve, but rather, through the appropriations process which AFSA fully supports. During the hearing, Mnuchin also highlighted the Trump Administration's belief in appropriate levels of regulation, emphasizing how the CFPB, Federal Reserve, and other agencies often have overlapping regulations.

Mnuchin also noted that he would be conferring with Financial Stability Oversight Council (FSOC) agencies, including the CFPB, on potential regulatory changes stemming from the President’s executive order regarding regulations.

WHAT IS AFSA DOING

Based on his previous comments regarding expanding lending and reducing regulations, AFSA is pleased to see the confirmation of Mnuchin. AFSA is looking forward to working with Mnuchin to achieve the goals he laid out during his interview with CNBC and in his nomination hearings. Additionally, AFSA will continue to work closely with Congress and regulatory agencies to protect access to safe, responsible consumer credit.