Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay

Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay


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Mnuchin To FBN: We can’t Fannie Mae Under government control for the next four years
Image source: Pixabay


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Below please find the video links/full transcript to Sec. Steve Mnuchin’s interview with Maria Bartiromo on FOX Business Network’s Mornings with Maria this morning.

VIDEO LINKS:

http://video.foxbusiness.com/v/5334021784001/?#sp=show-clips


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http://video.foxbusiness.com/v/5334057988001/?#sp=show-clips

http://video.foxbusiness.com/v/5334078675001/?#sp=show-clips

http://video.foxbusiness.com/v/5334078062001/?#sp=show-clips

http://video.foxbusiness.com/v/5334078066001/?#sp=show-clips


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Fannie Mae Common Securitization Platform Fannie Mae Mortgage Insurance


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Fannie Mae

Photo by NCinDC

FULL TRANSCRIPT:

MARIA BARTIROMO, FBN HOST: Joining me right now is the Treasury Secretary Steven Mnuchin. Secretary Mnuchin, thanks so much for joining us. Congratulations to you.

STEVEN MNUCHIN, TREASURY SECRETARY: Thank you very much. It’s great to be with you Maria.

BARTIROMO: So Secretary, I’d like to start off really with your assessments of where we are. I certainly want to get into your policy expectations and your timeline on tax reform. But over the last several years we know businesses have been sitting on cash, wages stagnant, economic growth under 2 percent. How would you characterize things right now and what you’re expecting for 2017?


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MNUCHIN: Well, I mean, first of all I’d say 2017 we’re going to have limited impact on our policies in 2017. But what I will tell you and you see this in the markets, the markets are up very strong since Trump’s become president.

And you can see both the dollar and the stock market and I think this is a huge vote of confidence in the Trump economic plan. And we have a great team. We’re very focused on economic growth. As I’ve talked about before we’re committed to getting to 3 percent sustained economic growth and we think we can do that.


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BARTIROMO: So Secretary, since you don’t expect that you’re going to have that much meaningful impact on 2017, should we assume that the tax plan will take effect in 2018?

MNUCHIN: I think we’re looking at that. It’s preliminary for me to comment at what point it takes effect. But in either scenario, I think you’re not going to see the growth until next year.

BARTIROMO: OK, so you won’t see the growth until next year. Let’s talk about that. Because you’ve spoken so much about getting tax reform done, rolling back regulation. What is your timeline in terms of implementing tax reform and these tax cuts that you’ve spoken so much about?


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MNUCHIN: Well, tax reform is our number one objective. We think it’s absolutely critical to getting the economic growth. We need to make sure that the middle income gets a tax cut. We need to make sure that businesses are competitive with the rest of the world. There’s trillions of dollars offshore that will come back and this will create jobs, this will create investments. And we need to make sure our US businesses are competitive.

And our timeline is we’re going to try to get this done by August I think that’s aggressive but we’re focused on an aggressive timeline.

BARTIROMO: So aggressive timeline of August would mean I guess by the time it’s implemented, you’re talking about late 2017 and perhaps implementation in ’18 by then?


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MNUCHIN: Well, again, I think by the time we pass it and get this done it will be later in the year. As I said we want to get this done by August. You know when we actually implement the rules, you know that’s part of the technical plan that we’re crafting.

BARTIROMO: Secretary Mnuchin let me ask you about the revenue component. How important is raising revenue to you in a tax reform package? We know that the GOP plan Speaker Paul Ryan includes a Border Adjustment Tax; can you implement a tax cut without revenue?

MNUCHIN: Well, Maria, you know we’re looking closer at the Border Adjusted Tax. We’re working very closely with Paul Ryan. And we’re working very closely with the Senate leadership. And we’re going to have a combined plan. So when we go to pass this, we’re going to have a plan that we all agree with and we’re reaching out to a lot of people.


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As you mentioned there’s manufacturers we’re meeting with today. The president met with retailers. We’re getting a lot of feedback from a lot of different areas. But we’re going to make this a very competitive plan for businesses here.

BARTIROMO: So can you lower taxes without raising revenue in any way? Or is that not even on the table? You need to raise some revenue?

MNUCHIN: Well, I think Maria, as you know, we believe in dynamic scoring. And we’ll be scoring this over a 10-year period. So there’s no question in our mind that both the tax plan as well as the changes to regulatory will absolutely impact dynamic scoring and create more growth in tax revenues.


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BARTIROMO: How do you look at debt today? I mean I was looking at the Committee for a Responsible Budget and they’re noting that the National Debt is at a record high, 77 percent of GDP. We know that President Trump inherited a debt that was doubled under President Obama to $20 trillion.

So is this a priority for you to lower that debt number in your term?

MNUCHIN: Well, let me just say the absolute level of debt is a concern for me and a concern for the president. And as you mentioned under the last administration they doubled the debt. Having said that our number one focus is economic growth. We need to get to economic growth to solve the issues that we have in this country.

So the debt is a longer term issue, not a shorter term issue. But absolutely something that we’re focused on as well.


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BARTIROMO: Yeah. You know I was talking with an auto manufacturer, CEO, yesterday and you know they were saying to me, look this Border Adjustment Tax is very complicated because frankly we as one of the largest automakers, we’ve got components that go in cars and they may cross the border 7 times. They may go back and forth until they’re actually inserted into the assembly line, into a vehicle.

So how do you think about putting a Border Adjustment Tax and not overtax? How do you decide what gets a border tax Secretary?


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MNUCHIN: Maria, first of all, as I’ve said, you know, the whole Border Adjusted concept is something we’re working with the House on and we’re taking a very careful look at. But the great thing is we’ve got a terrific team at Treasury, you know I heard about this before I got here, but there’s an extraordinary staff in this building that’s just incredibly talented. We have over 100 people who are focused on running tax numbers for us. We have terrific tax policy people. As we’ve mentioned we’re reached out to business.

We’ve got a great economic team, Gary Cohn speak multiple times a day. Wilbur Ross we meet with Wilbur many times a week. We’ve got a lot of people looking at this. Mick Mulvaney we sat down with yesterday as you know, going through the budget, where he’s taking the leadership on this.


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And we’ve got very smart people looking at this internally and we’re reaching out to people externally. We’re taking a lot of feedback and I think what you’re going to see is when we come out with the

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