The Trump administration wants to work with Congress on freeing Fannie Mae and Freddie Mac from government control, though it's considering pursuing some changes on its own, Treasury Secretary Steven Mnuchin said Tuesday.
Sen. Elizabeth Warren said regulators are failing to respond to what she thinks could be a new meltdown in the making: the trillion-dollar market for leveraged loans.
Craig Phillips, a counselor to Treasury Secretary Steven Mnuchin, said the department is not trying to undermine the role of state regulation of fintechs.
Dodd-Frank authorized the council to designate specific nonbanks for tougher supervision, but the Trump administration has signaled support for "activities-based" designations.
The interagency council voted in favor of the bank's application to remove its designation, though the practical effect of the decision is muted by the regulatory relief law passed this spring.
Maybe political winds or another downturn will spark housing finance reform. But 10 years after the conservatorships began, the companies are still in perpetual limbo.
The Treasury Department and the Internal Revenue Service issued a proposal that would allow pass-through businesses like Subchapter S banks to deduct 20% of their business income as part of the new tax law President Trump signed last year.
