WASHINGTON—President Donald Trump’s nomination of Steven Mnuchin to be the next Treasury secretary was reported out favorably by Senate Finance Committee Republicans, despite a boycott by panel Democrats’ of the vote.
The vote was made possible without the Democrats through procedural changes approved by committee Chairman Orrin Hatch (R-UT). Mnuchin’s nomination awaits Senate action.
“Mnuchin testified last month on his nomination. During discussion of the CFPB, he said his biggest problem with the Bureau was its funding; he said that should not come from the Federal Reserve but from the congressional appropriations process,” noted NAFCU. “Mnuchin also said he wanted to “find a bipartisan solution” to reforming government-sponsored entities Fannie Mae and Freddie Mac. The GSEs have been under the Federal Housing Finance Agency’s conservatorship since 2008.”
NAFCU said it is continuing to push for effective housing finance reform that preserves a government guarantee, maintains unfettered access to the secondary market and ensures fair pricing for credit unions based on loan quality, not volume.