In this report, we assess Treasury Secretary Mnuchin’s appearance today before House FinServ.  Although much of the hearing was dominated by bipartisan pushback on the Trump Administration’s tariff policies, Republicans also pressed the Secretary on GSE reform.  Mr. Mnuchin repeated his preference for congressional action, but said that administrative options would be explored in the next Congress if this fails to materialize.  He also generally objected to various GSE pilot programs, saying that these fall outside Fannie and Freddie’s missions.  Addressing House BSA/AML reform efforts, Rep. Maloney (D-NY) argued that any legislative package must include strong beneficial-ownership disclosure requirements.  While Mr. Mnuchin agreed that beneficial ownership must be addressed, he also said it could be done separately.  Mr. Mnuchin also said that the long-awaited Treasury fintech report is being finalized and will be released within the next thirty days.

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