Mnuchin Flip-Flops On Breaking Up Big Banks, Elizabeth Warren Rants “This Is Straight Out Of Orwell” [VIDEO]

Bloomberg reports:

Treasury Secretary Steven Mnuchin said breaking up the biggest banks would be a “huge mistake,” easing concerns that the Trump administration plans a major revamp of Wall Street. “We do not support a separation of banks and investment banks,” Mnuchin said Thursday at a Senate Banking Committee hearing, just weeks after President Donald Trump said his administration was reviewing whether a split made sense. “That would have a very significant” impact on financial markets and the economy, the Treasury chief added.

In a dramatic exchange at Thursday’s hearing, Warren called Mnuchin’s comments “bizarre” and a contradiction with previous statements. On May 1, Trump told Bloomberg News that his administration was actively examining whether to propose a breakup of the largest lenders after “some people” suggested doing so would be a good idea. “This is like something straight out of George Orwell,” Warren said about the apparent flip-flop.

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Mnuchin says breaking up big banks would be a “huge mistake” https://t.co/RxWeq6mhEk pic.twitter.com/ebndxhiRkl

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