US mnuchin hopes tax reform done in 2017

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Added On May 20, 2017

INTRO
 
U.S. Treasury Secretary Steven Mnuchin spent Thursday speaking in Washington. 
 
Among the hearings, he said the government won't look to break up the nations big banks... and the administration is hopeful that it can push through its tax reform by the end of this year.
 
PKG
 
Speaking at a forum held by the U.S. Chamber of Commerce on Thursday, Mnuchin suggests that the Trump administration would not favor the controversial border-adjustment tax.
 
The policy looks to tax imports while exempting exports, a move that Mnuchin said could bring risks to the U.S. economy.
 
However, Kevin Brady, chairman of the House Ways and Means Committee, which is in charge of tax plan formation, said he still supports to the tax, saying it would "level the playing field for 'Made in America' products here and abroad." 
 
Speaking throughout the day, Mnuchin said the administration will continue to work with lawmakers to thrash out a detailed tax reform plan, and that it would "create a middle income tax cut" and not "raise taxes on the middle income."
 
Meanhwhile, at a hearing before the Senate Banking Committee, Mnuchin underlined the administration's ambition not to break up the big banks. 
 
He said, quote "We do not support a separation of banks from investment banks, we think that would have a very significant problem on the financial markets, on the economy, on liquidity."
 
He noted while the Trump administration has expressed support for a modernized version of the 1933 Glass-Steagall Act, breaking up the nation's biggest banks would be a "huge mistake".
 
The original Glass-Steagall Act was put in place to divide commercial banks and investment banks. 
 
However it was repealed in 1999, and many have blamed the deregulation as contributing to the financial crisis in 2008.
 
During the campaign, U.S. President Donald Trump had called for a "21st century" version of the Glass-Steagall Act, but didn't offer any policy details.