Mnuchin Testifies on SIFI Calculations, Volcker, Housing Finance Reform, and Dodd-Frank

Testifying before the House Financial Services Committee on Tuesday, February 6th, Treasury Secretary Mnuchin announced that there would be efforts to publish a notice of proposed rulemaking regarding adjustments to SIFI calculations, according to an article in American Banker. A number of other topics were also broached during the hearing, including the Secretary's support for simplifying the Volcker Rule and his support for swift housing finance reform that does not inadvertently shift taxpayer risk to the Federal Housing Administration. A number of House Republicans also raised the issue of the future of the Orderly Liquidation Authority. Many have favored doing away with the Dodd-Frank provision authorizing the Federal Deposit Insurance Corporation to act as receiver for institutions considered too big to fail, however, the Secretary demurred when asked for his opinion on the potential for its full repeal.

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