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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
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 plan, it’s going to be a plan that the administration, the House and the Senate, all support. And we’re going to move forward on this. And it’s going to be a great plan that’s going to create growth in this country.
BARTIROMO: And we know that everyone’s anticipating that. We’ve seen the markets performance and obviously the markets are trading on this optimism that you’re going to make a difference. You and your team are going to make a difference.
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Mick Mulvaney has been pretty vocal about look we’ve got to take an axe to the entitlements. Where are you on the entitlements sir? Because I know that this is one issue where people say, that’s where so much of the money is spent. Can you give us a preview of what the priorities are in the president’s budget?
MNUCHIN: Well, what I will say is, the president’s priority and he’s commented on this, we’ve got to focus on our defense and make sure that our military has the capabilities that they need. That our borders have the capabilities that they need to protect the American citizens.
So I’m not going to comment overall on the budget. You’re going to see it soon. But I will tell you it does reflect the president’s priorities in what he has campaigned on and what he believes in.
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BARTIROMO: And one of those priorities obviously is military spending. People want to make sure that the country is safe. That’s his number one priority. Should we expect an increase in military spending?
MNUCHIN: Again I think that’s a good assumption Maria. The president’s talked about that. And again without previewing the budget, I will say the president is very focused on that issue.
BARTIROMO: And you’ve been so focused on the rollback of regulations Secretary Mnuchin. And I know a lot of business leaders are happy about that. Pushing to change Dodd-Frank. Can you talk to us about the specifics in rolling back regulations in Dodd-Frank? For example the Consumer Protection Bureau, people are wondering if that gets a lot smaller.
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MNUCHIN: Well, I’ll just say the Consumer Protection Bureau is just one part. I mean I think one of the biggest issues we talk about is you have the Consumer Protection Bureau, you have the OCC, you have the Fed, you have the FDIC. We want to make sure that these agencies work together. And that we have good regulation. That we have sound regulation. But we also have regulation that creates economic growth and makes sure that banks are lending.
There’s an extraordinary amount of liquidity trapped in the system at banks. And we’re all for banks being highly regulated but we want to make sure that banks are lending. That is the number one priority for us.
BARTIROMO: And that would also I guess also address the issues over the Volcker Rule and Proprietary Trading. Are we going to expect changes there as well?
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MNUCHIN: Well, you know I’ve commented on the Volcker Rule and again I think the number one issue on the Volcker Rule is we need more clarity around the definition of the Volcker Rule. And you’ve seen this even in the Fed’s most recent report on liquidity in the markets as a result of the Volcker Rule. It’s hurt liquidity. And that’s a concern to us.
So it’s not that we want to go back to proprietary trading, but we want clarity. We want to make sure that banks can focus on customer business. That they can execute this with proper liquidity. And again that there’s regulatory clarity around the rule.
BARTIROMO: Yeah. I mean that’s obviously one of the most important things. People want clarity and they want to know what the rules are. And for a long time they actually did not have that kind of clarity. Do you expect businesses will start unleashing new ideas, hiring new workers, investing in their business, once they do get that clarity?
MNUCHIN: I do. And the great thing about President Trump is he’s reaching out to a lot of people. He’s reaching out to big business. He’s reaching out to small business. So you know today we’re meeting with manufacturers. He’s met with retailers where he’s had feedback. He’s met with the airline industry; he’s met with auto dealers. You know and auto manufacturers.
So he’s getting a lot of feedback. A lot of real time feedback. So this economic team is listening and we’re focused on what’s going to create economic growth.
BARTIROMO: And that’s the first time that’s happened in a long time by the way. Businesses like the fact that they actually can make their case to the administration and you’re listening.
But you know there’s all this optimism about the tax reform package. Everybody knows that it’s so necessary. But there was some disappointment that you decided, the administration decided to do Obamacare first, repeal and replace.
And I know that, by the way, I just want to say I know that repealing and replace Obamacare is an enormous tax cut in and of itself. But why the decision to attack Obamacare before tax reform?
MNUCHIN: Well, again I don’t know why there was disappointment that that was being done first. That’s a big priority we well. Tax reform is complicated so it is taking us some time. And when we come out with the package, as I said, it’s something that we’re going to make sure we have a lot of support and we’ve listened to a lot of different people and you know I think it takes some time.
So I think quite frankly to have tax reform done by August is a very aggressive position and we’re going to get it done. But we weren’t ready to launch tax reform right away. And we were ready to take on the Obamacare issue. So I don’t see why you think people were disappointed in the order of that. And I think if you look at the markets, you know, markets are speaking in a lot of confidence in the Trump administration.
BARTIROMO: Well, that’s absolutely right. You can’t argue that. The markets are saying one thing and that’s absolutely true. But I guess this idea of this Border Adjustment Tax Secretary Mnuchin there’s a lot of debate about it. So that’s really what I want to ask you about.
I mean if the Border Adjustment Tax is creating all this uncertainty, you even have several Senator’s saying I’m not going to go there. I don’t want any Border Adjustment Tax, it’s too complicated. Do you have a Plan B?
MNUCHIN: Well, yeah let me just say that’s in the House Plan; we’re looking at it seriously. There’s certain aspects of it that we’re concerned about. There’s certain aspects that we like. And again, when we come out with the plan, it’s going to be a combined plan of the leadership of the House and the Senate and the administration. And it’s going to be something that’s focused on growth and we will have listened to people’s concerns and we will have taken them into account.
BARTIROMO: One of the issues is the plan makes an assumption about how the dollar will trade right? So sort of offset any major impact on those companies that will see a higher 20 percent tax or 25 percent levy. But what if the dollar doesn’t cooperate Secretary Mnuchin? I mean what if the dollar doesn’t go up? What then? Can you really count on the dollar making a move to actually have a Border Adjustment Tax be successful?
MNUCHIN: Well, Maria, again we haven’t come out with our view on the Border Adjusted Tax and what aspects of that may or may not be included. One of the issues as you’ve pointed out is it has certain complexities; it has certain assumptions on what happens to the currency. These are complicated issues. We are taking this all into account. And I can assure you when we come out with the plan we will have very carefully thought through all of these issues and included it in the plan.
BARTIROMO: OK.
MNUCHIN: And that’s something I have a lot of confidence in.
BARTIROMO: So just to be clear, you think you will have tax reform out, a plan out by August but the real impact will likely happen in 2018?
MNUCHIN: That is correct.
BARTIROMO: Let me move on to the government-sponsored entities Secretary Mnuchin. Because obviously we had a major issue happen, a split ruling by a Federal Appeals Court in Washington, most of them rejecting the hedge funds appeal that you know after the bailout sending the mortgage bailout plunging.
What is your plan for Fannie Mae and Freddie Mac? The last time you were with me here in the studio you said you’ve got to get them out of government hands.
MNUCHIN: Well, again, let me just say, housing reform is a priority for me. It’s something I know a lot about. I’ve been involved in this business for a long period of time. As it relates to the legal case, that’s something that belongs in the courts.
I think this was a ruling that was favorable to the Treasury. But having said that the DOJ is representing the Treasury, that’s for them to deal with. What we’re dealing with in this building is really how we look at housing reform going forward.
What I’ve said is we can’t leave these entities in the exact state they are, under government control for the next four years. We need to solve the issue. This issue is just kicked down the road.
So it is something we’re carefully looking at. I’ve had the chance to meet with Jeb Hensarling on this. I’ve had the chance to meet with Mel Watt this week and talk about it. Again, it’s something that we’re going to very carefully consider before we come out with a plan.
It’s something that we want to make sure that there is liquidity in the 30-year mortgage. Real estate finance is a very big part of the economy and we want to make sure there’s plenty of liquidity on the real estate markets.
On the other hand we want to make sure that we protect the taxpayers. And we don’t want to do anything that will put the taxpayers at risk going forward.
So this is something that’s going to take us a little bit more time. It’s not something that we’re going to deal with as quick as taxes which is our number one priority. But we’re committed to a solution. I think hopefully there’s a bipartisan solution here. But I’m optimistic as well that we can create housing reform under this administration.
BARTIROMO: Yeah because that’s really what you want. Liquidity this is one of the most critical parts of the economy.
MNUCHIN: It is indeed. And we’re going to make sure that whatever we do, that we don’t limit the liquidity and make sure that middle income has access to mortgage liquidity to buy homes.
BARTIROMO: What are expecting in terms of growth Secretary Mnuchin? I mean we have been under 2 percent for so long. Do you think we could reach 3 percent this year? Or is that a 2018 expectation?
MNUCHIN: Again I think this year it’s hard to already impact. You know we’ve inherited the Obama administration economy and the plan. And there’s really nothing we can do in the short-term. Whether it’s the budget or whether it’s other issues that are really going to have an impact on the economy right away.
I mean what you do see in the markets are, people have confidence in where we’re going to get the economy. And as I’ve said before, our goal is to get back to 3 percent or better sustainable growth. We think that’s very doable. And we think we can make this country very competitive again.
BARTIROMO: Well, obviously the markets have great optimism. Everything’s up, the dollar is also up better than 20 percent. Let me ask you about that. The president has made some comments, look a strong dollar is not a good idea. But then you said longer term, a stronger dollar is helpful. He said the strong dollar can be hurtful obviously.
When does the dollar become too strong in terms of hurting economic growth?
MNUCHIN: Well, Maria, you know as I like to say it, markets react in the short-term and markets will do what markets will do. I think that in the short-term there are certain issues of a strong dollar that are beneficial. There are certain issues that are not beneficial. And we acknowledge that.
I think as it relates to the long-term again the dollar has been the major reserve currency. It’s been where people want to invest. And I think if you look at the strength in the dollar, it’s like the strength in the stock market. That’s people voting with confidence in the Trump administration plan and the economy for the US.
So again our focus is not short-term where the dollar is. The markets will determine that. And again I think the short-term increases in the dollar which have been very significant are a reflection of the optimism of the economic plans.
BARTIROMO: Yeah no doubt about it.
MNUCHIN: And certain parts of that are beneficial to the economy and certain aspects of that have issues.
BARTIROMO: Right.
MNUCHIN: So we acknowledge that both on whether you’re importing or whether you’re exporting.
BARTIROMO: And of course people feel that the president is making good on all of his promises, even as it relates to immigration. And what we’re seeing on the borders. Secretary of State Rex Tillerson and Homeland Secretaries (PH) John Kelly are in Mexico this morning to ease any tensions there. Are you worried about our trade relations with Mexico right now?
MNUCHIN: I’m not. I’ve had very good conversations with the Finance Minister there. You know I, there are issue with NAFTA. We’ve talked about those issues. I think there’s a win-win result for us and Mexico on this. We’ve got to do things that are good for us and good for them.
But I think like all these other counterparties, we’re going to look at trade, we’re going to look at issues from the American workers standpoint, but we acknowledge we have to do things that are beneficial to both sides when we negotiate a deal. And nobody can negotiate a deal better than this president.
BARTIROMO: Right. So do you think that we will see a bilateral deal with Mexico sooner rather than later?
MNUCHIN: Again I think given the process with NAFTA you know there’s nothing that’s going to happen right away in the short-term. But you know I’m optimistic that under this administration you’re going to see really good deals negotiated.
BARTIROMO: Yeah. The deals negotiated obviously I think the president has done a terrific job with Benjamin Netanyahu he got good marks on some of the other foreign meetings that he’s had. What do you want to see him do in terms of trade? What’s most important in terms of priority in terms of other foreign leaders right now?
MNUCHIN: Well, again this goes back to again I think we’ve got a great economic team OK? You know Gary Cohn and I speak multiple times a day. Wilbur Ross and I have worked very closely for long periods of time. We’re all addressing these trade issues. There’s a plan on these trade issues. We’re reaching out to our foreign counterparts. And I think you’re going to see action on this this year.
BARTIROMO: Let me ask you Mr. Secretary before you go about your prior life. And that was investing, what, $100 million in movies. Congratulations on the Oscar. That’s interesting. Tell me about that. Were you at the Oscars?
MNUCHIN: I wasn’t at the Oscars. I’m not going to the Oscars. I’m out of the movie business. I’m focused on the American people and working for them and that’s my full-time job. I’m working 24 hours a day. I’m thrilled to be here. I’m honored to be here. And that’s my focus.
BARTIROMO: Well, we’ll be watching. Obviously I meant the Golden Globes. And we’ll be watching when the movies up (PH).
Secretary Mnuchin, good to talk with you. Thank you so much for spending the time this morning.
MNUCHIN: Thank you, Maria.
