Treasury Sec. Mnuchin on the International Financial System Part 2 CSPAN July 13, 2018 2:26pm-3:25pm EDT
i am so encouraged of the optimism the chairman talked about for this new growth that we are seeing a opportunity for everybody. and when we have an economy of markets that are working and growing, there is a wonderful spiral of optimism that we see happening and i just want to thank you. what you and president trump and others have done to get us to lower unemployment and raise hope and optimism. thank you for listening on that.
it is partly attributable to how quickly they access financial products and services and it is fair to say that the institution has been forced to grapple with a lot of regulation in the wake of dodd frank that has made it difficult to compete with non- depositories however i also believe that it's best products and services should be successful. do you believe there is an un- level playing field for the institutions when it comes to their ability to adapt and innovate, and when will the treasury department published a report outlining its views on how technology is disrupting financial services recommendations around the availability of the federal charter? >> we should be coming out with a report shortly. i had the opportunity to review a draft of it going through final review. like any regulated industry
there are good things that occur outside in the world and there's concerns and we want to strike the right province between both of those. i've been critical of some of the standards established in international bodies because of the applicability to the system of special but for smaller financial institutions and insurance providers. what do you believe the role should be in such international setting bodies? >> we need to be sure to have consistency that deal with issues and on the other hand, so i think our role is both a leadership that we provide leadership for the financial markets and also to make sure that the companies are represented in the industry sparingly.
involved in the establishment of the covered agreement and the european union i wonder if you have any concerns with the amount of independence and how should we institute prudent oversight accountability for the director without undermining his or her ability to effectively represent the views of the treasury department in the united states? >> i'm not concerned. we worked closely with that ar area. the bipartisan commission i asked my friend who was a classmate of mine coming into congress that he would believe that they provide greater certainty to the market participants and consumers.
what steps his department taking to turn the bureau into a bipartisan commission if they are doing that at all? >> it would need bipartisan support. thank you mr. mnuchin for being here. in the great state of maine where you would likely go on vacation this year because we are a vacationland is a great stress for the environment i'm sure your wife would enjoy also but the economy is doing quite well. we have 2.8% unemployment. there is a thousand more jobs then workers and paychecks are getting bigger. easy to change jobs if you don't like the one you have now.
we had an economy that was conducive and now we have some being able to come back home. to be able to invest and create more jobs and opportunities for our young adults because regulations are also lower. so this whole war on jobs is over. thank you for your support in getting us there and second, i am concerned about our small savers and investors throughout maine. to deal with increasing regulations and cost in this
case a pension manager or retirement manager means the rate of return is going to be lower and the nest egg is going to be smaller. you have a tremendous amount of influence on the ten member panel of the day overseas asset managermanagers that managed ret funds for thousands and thousands of small savers in maine. then you can avoid all of these expensive regulations that are unnecessary to build up a nest egg for the small savers i'll swear. do you think that is a good idea and can i get the commitment from you that he wil you will hs
down the path? do you think will get this project? >> we will follow up promptly. >> you attribute throughout the country better paying jobs and paychecks because of the lower taxes and less regulatory environment in the country is that correct? is it a good idea of congress should work toward certainty when it comes to the individuals and small businesses to make those lower taxes prominent so that our economy can continue to grow into more opportunities? >> that is something we are already talking about and the president is very focused on.
>> the transparency act 1638 when you were here we discussed it a little bit. this simply requires the united states treasury to post on its website in several different languages. it's been built up on the political and military leaders so they can see how they are being ripped off at a. would you agree that it is good, it is better for there to be more transparency for the world to see a help a small group of political and military leaders discussing a.
>> that is something i want to talk to my group about. >> i appreciate that because that did pass the committee with a big bipartisan vote and we completely appreciate that support. thank you i appreciate your candid answers. >> the gentleman from arkansas. >> appreciate the secretary being with us today thank you for all questions and appreciate your voice and leadership on the success of the tax cut bill and regulatory reforms. from a lot of my regulated financial institutions arkansas, they like the appointees that are in the oversight of a.
is the impact of the term in the administratioandthe administrata regulatory burden point of view. i would interpret that for me tailoring plaintiff views of that might be something in your capacity when you're talking to your colleagues you may want to consult on speaking of the tax bill and regulation, you are aware that some banks we want to attract the united states and sent up intermediate companies and prosper in america lending money here and serving in america are put at a disadvantage potentially by the tax code and those that have the regulatory obligation of having a total loss of capacity, regulatory requirements are in conflict with the tax bill on
how we tax but dividends from companies. are you aware of this conflict? a mac we are working on specifics and understand the conflict between the tax bill and the regulatory environment. >> i know you are in the right spot with the domestic finance to trick a sort through how to bring it through the legislative branch if we need to take action on resolutions. we are hoping we can fix it without legislation but if we can't we will definitely come back and address it. i can remember david maxwell when he was the ceo testifying in the banking committee when i was a staffer about the essential nature that if they didn't diversify its revenue sources that would go ou they wa
business and that was back in 1983. i noted that the fhfa permitted them to engage in a number of new activities, a host of pilot programs that go well beyond the traditional second mortgage market will and that is why the ghost of david maxwell echoed in my head. don't you think they ought to be focused on the core mission of the market to the low and moderate homeowners and not be allowed to go off int and do ths like competing in the private sector and potentially purchase mortgage surface rights financing for private mortgage insurance? are you aware that they are such babies pilot programs? >> i am unaware of it and i agree without commenting on it for a specific one but i do think they should stick to their core business.
>> i want to echo the comments of my chair man on the trade issue there's no doubt that the constitution enumerates the power that article one is responsible for regulating commerce between the nations that's clear and over the years since the 1930s we delegated under our oversight that parameters and certain other negotiating parameters to the executive branch and i think that's why you see the secretary's questions and that you are getting today we all have customers concerned about soybean prices and we have those concerned about steel imports and aluminum imports. i hope you will be a voice for moving these discussions along quickly and also suggest other ways than a blanket across-the-board position of 232 tarrifs.
is there any other way to stop the transshipment and the dumping of steel and aluminum and i would have preferred you going directly to china to the point in using 301 rather than the national security angle. any comment on that? >> as i said before we are monitoring all of these markets steal aluminum and everything else and we are looking at using it appropriately. >> the gentleman from pennsylvania is recognized. >> mr. secretary as you know i previously expressed concerns about the financial stability boards designation of the u.s. insurers as systemically significant. they have typically preceded the determinations and it is especially troubling that it has
appeared to act as a rubber stamp. i understand it is currently reevaluating its approach to systemic risk and considering shifting to inactivity-based approach what is the position on using this as opposed to the designated company's? >> we absolutely support that. that is something we are shifting towards an part of the reason they are looking at it is because of discussions with us. >> i understand that you are traveling to mexico. i want to encourage you in your conversations with them about the importance of developing their economy because the fact is we have a horrific drug problem here. and if you talk to the mexican officials, they believe we are responsible because there's a demand-side part of the equation but the fact is they haven't produced an economy down there where people are having the kind of jobs that would keep them
gainfully employed so i continue to watch the situation with alarm at the impunity down there, the more than 100,000 people killed. very few prosecuted on that so i encourage you in your talks with them. while you're talking about latin america though, the financial networks continue to facilitate drug and human weapons trafficking throughout latin america, groups like hezbollah are active in places like the tri- border region in venezuela. this not only poses a threat to the national security and regional stability, it also enables the doctors across the continent to fly to places like western pennsylvania with different drugs. what is the treasur treasury det and to target the networks in latin america including working with countries individually and any leverage we might have to the organizations like the imf or the world bank. >> i can assure you it is a big focus. there is more work to do, but it is a big focus. >> are there specific groups to
treasury has prioritized in latin america? >> again, i am happy to go through with you privately. there's a whole bunch of different areas that we are focused on. >> i want to thank you for your hard work on tax reform, just six months after enactment the american people see the benefits of this with tens of millions of american workers receiving better paychecks under the new tables, 4 million have received bonuses, raises our benefits and over 1 million new jobs have been created for the first time in many years there are more job openings and job seekers and this is bringing workers pushed to the sidelines in the previous administration back into the labor force, the tax cut jobs act has made our country the land of opportunity and it also established a program to ensure the benefits of the booming economy reach areas that have historically been overlooked. the opportunity program at
district has several designated opportunities including the tracks in beaver falls, midland. these were communities that can thrive thanks to the tax incentives offered for the opportunities on investments. can you provide an update on the process for the opportunity programs? >> i'm glad you asked about that because actually it is one of the most important parts of the tax plan that gets the least amount of attention. i think it is enormously powerful. we've obviously been working with all of the states on designations of opportunities. we've actually also traveled across the country meeting with investors and other groups promoting this. this is something to treasury is very actively involved with. actually on my way to puerto rico next week, on my way to the g. 20, puerto rico is an opportunity zone so somethin ths something we are excited about promoting a. can you get an idea when we might see any kind of final
regulations that might be to implement this? >> i think you will see regulations soon and again, people will be able to invest in it. we have had very specific conversations with many investors. do you care to put any parameters suing? >> as soon as this year. is there anything the congress can do to help facilitate the process? >> i think we are all set. now that the u.s. has withdrawn we have the opportunity to use additional sanctions to change the behavior. how does the administration intend to apply sanctions going forward to achieve the desired result? >> how does the administration intend to apply sanctions to achieve the results we want to see? >> we are going to snap bac bacl of the iran nuclear sanctions that are in place and we will continue to roll out them on nuclear sanctions as we have in the past. >> the time has expired. >> the gentleman from texas is recognized for five minutes.
>> thank you mr. chairman and mr. secretary for being here. and thank you for your candid testimony. we appreciate that. this morning, and for your dedication to the country, but this congress and the trump administration are keeping the promises that they made to the american people, promises like rolling back regulations and reforming the tax code to make businesses more competitive. they risk damaging effects on the historical games that we need the past two years. i look forward to working with you in our trade representatives
and presidents to combat unfair trade practices and to safeguard american jobs and promote free trade. we need a united front against kim jong and the tarrifs. can you discuss in detail the expected endgame for these actions and what is the specific timeframe you expect for these policies to achieve the desired affect?
the president is having good discussions with the leaders and will be meeting later in the month and the third is china a we are already beginning to see the impacts of many companies already announcing that they are going to be withdrawing from their investments. i think that we expect that the iranian oil shipments will decrease significantly. we are already having conversations with our allies about cutting their purchases. so, i think that we are beginning to see a tremendous
impact. >> last, can you comment on the sanctions as a tool to cut off the flow into the records program and how can we pressure those such as china to do more and take a tougher stand against the weapons programs? >> the sanctions have been effective and that is a major reason they come to the table to negotiate and agree to give up nuclear weapons. as i mentioned before it's been an important part of cooperating with us on that very i want to say thank you for being here i appreciate your effort speaking so much from the main street small businesses let's keep what we are doing and business is good. >> the gentleman from minnesota. thank you for being here and sitting through this rather long hearing. mr. secretary, you talked about the importance of the initial public offerings as a means of
creating capital. you've done that befor nothing e committee during your last two visits. we expressed our concerns many of which you share with the overall production of the lackluster performance compared to the historical trends. for its part the committee continues to move legislation to build on the success of efforts like the jobs act to enhance the capital formation. earlier the house unanimously adopted the main street growth act that will allow for the creation of specialized venture exchange is to encourage the small and emerging companies to go public and help them generate and be the intention to be successful. and purging more companies to participate is one thing but encouraging small early-stage companies to go this route is especially important. based on your experience in the financial sector, can you speak to why it is so important for the new and emerging companies to go public and how they make
the market more dynamic and help the businesses and everyday americans alike? >> despite the fact that there is an abundance of capital or the early-stage companies, the market has always been critical for the financing to grow and raise capital we continue to work with you on it. >> i understand the treasury and others may have referred to your upcoming reports, so i apologi apologize. i've been taking a close or loot how the advances can be used to help entrepreneurs start a business to improve the way they operate or enhance the access to
capital. the wind even expect that report to be out? >> there was a draft i hope comes out in the next 30 days. >> i just want to be clear because one of the statistics i found concerning as of late a percentage under 30 years of age that own a private business is at a 24 year low. having fallen to 3.6% of the figure as recent as 2010 so that 6.1%. you commented a little bit earlier or at least you were asked about the issue. the draft that you reviewed, is
that going to be covered in the draft? >> a lot of those issues will be addressed. >> last, you are no stranger to the complexity of of the regulatory structure. last summer when you testified before the committee, the representative asked about ways to improve the harmonization and they've been working on legislation to encourage the treasury to take a prominent role. as the committee and congress continuing to work on this issue and are there any additional efforts underway to improve regulatory harmonization when it comes to the regulatory structure?
they are working with the fed and others, so it is actively underway. do you anticipate that they will put out some type of report but will we have an opportunity to see with the recommendations and suggestions are? it's putting out some type of guidance or comments. >> the gentleman from michigan. >> thank you chairman and mr. secretary for your tremendous work on the economy and job growth is just amazing. one of the benefits of going towards the end of the batting order is i get to listen to all of my colleagues.
please take that as a complime compliment. for the record of the fact that i lasted this long. it's misguided when you suggest that h they admonish the presidents ambassadorships. the problem is the senate bills that have been passed out of the house but are dead in the senate have to be here in the month of august to get some work done. he suggested the state would be the most hard-hit states by the trade for. here's my concern i spent 30 years in business and did a lot of deals and found working collaboratively and the approach was much more productive and when you consider the president's comments and québec the comments about the wall, i
worry that it's going to be difficult to reform nafta in a way that will mark my state in michigan and by the way it is a large number of ford motor employees than any district in the country so i would like your thoughts. you said you've gone to mexico. you'd gone to mexico. i would like some insight how you address the bluster from the president which can, china is a whole different story complicated we can talk about another day but with respect to our allies i would like to think we will end up in a good place when it comes to my state of michigan. >> i am cautiously optimistic that we will end up in a good place and that is a major priority in the entire economic team. >> when you look at the prime minister for example i think it makes it more difficult for him to reach a fair and free trade agreement with the united states because if he does i and the politics in this country key
will be so for whatever it is worth it i just for the tough rhetoric they worry as it relates to trade and our allies to. the housing finance reform would be a high priority. the guidelines that could allow history to repeat itself. with respect to danny and freddie, you mentioned in your earlier comments you would like to see a bipartisan solution. it's been very elusive to come up with a bipartisan solution on the finance reform, ten years in the making perhaps a. so assuming it isn't a big leap of faith would be possible to support the congress in a more simple approach which is just to get danny and friday out of the second mortgage market and out of the refinancing market. the refinance loans represent two thirds of the portfolio and that alone would significantly
over time diminish the role in housing finance. i don't support them getting out of the market. i think that the refinance loans are underwritten properly and there should be certain limitations on cashing out and other things but to the extent the rates go down and homeowners want to refinance i don't think that they should be penalized. >> but again if the rate goes down and there's a good credit score and the refinance, then the property values drop into the government potentially will be exposed again. >> without getting into all of the details, i think the problem feeney and freddie have is the result of the poor underwriting standards and by many loans, sub prime loans and others that they never should have been purchasing. so i think that there is a
solution and my preference is that we do this with congressional action this month we wil look at the administratie options. >> last question, the orderly liquidation authority outlined continues to be a concern because i believe it to be a license for the fdic to use taxpayer dollars to bail out the banks. will there be a priority to try to revisit the process to come up with a better solution? >> there are recommendations that we have made on that and we would be happy to work with you and others, there's there is ao move forward on that. >> the gentleman from north carolina. >> thank you for being here it s good to see you again. i want to start on the role of implementing and promoting the tax cuts and jobs fact as many of us thank you we are growing at 3% some would say even more
and i know i speak for a number of us gathered here today for the role that you played in that. since this is a hearing on the international systems i want to switch from hr one and move to questions that are of importance to me in the industry. as you know, we operate under a state-based system of regulation. the insurance market has long been one of the largest insurance systems in the world and more than half of the world's 50 largest market for u.s. state. the market for example is bigger itself and the markets of belgium, sweden, denmark and finland yet u.s. officials have been engaging in overseas negotiations that would ultimately import the european-style capital standards for u.s. companies on main street across america for the
international insurance standards act to protect the companies at home from being harmed by the european centric regulation. whether you agree that the system of state-based insurance regulation works well and that it is well capitalized for the most part and that it's important for the treasury secretary to defend the system for the intrusion of both federal and foreign regulation? the risk of sounding like my english teacher little bit what you wish to elaborate? >> we very much support supporte system. it's worked well. there are certain issues that do require some federal intervention and oversight this is a system that works and has not broken and we don't need to change it. we need to make sure u.s. companies that do international business and operate appropriately that is the reason
to participate in the international forums but we are not looking to change the system. just to point out from many wiki like u.s. interests are not being represented while overseas. if that is the case, congress will step in on a bipartisan fashion. to improve and expand upon the information sharing tools between the financial institution and government authorities for the financial institutions in the cases of suspected money laundering and terrorist financing and changes to the scope of liability safe harbors in the type of information that may be shared. can you discuss the relationship in the private sector to enhance and facilitate counterterrorist objectives?
>> we work closely with the privatprivate sector it's impors we mentioned the terrorist financing is a major priority in the department and a major priority of mine. i think we have a collaborative effort in the sector >> in the activity between themselves things felt constrained interpreting the statute says it's time to redress this ar alarming the bas to share such with appropriate safeguards? >> that is an issue that we are working with them on. >> would you be supportive of the legislation that achieves that objective? >> we would want to make sure to work with you on the specifics. >> thank you for being here. and i will yield back. >> the gentle lady from utah. >> thank you mr. chairman and
secretary for being here today. i want to be clear the questions you are getting today usually go to the district to ask what questions they would like to ask the secretary said just note these are coming from people that have genuine concern. forgive me also if you've answered some of these questions i need to make sure that i get these on record. you aryou're here to report thes including the u.s. involvement in the international monetary fund in its recent world economic outlook of the imf expressed concerns that the prospect of trade restrictions and restrictions threaten to undermine confidence and derail the global growth prematurely. do you share those concerns? >> i also questioned some of their projections on the u.s. economy as well.
>> back in may you were quoted as saying that they were on hold yet less than seven weeks later they went into effect and were immediately met by retaliatory tarrifs i've heard concerns from many different people. i had a small-business owner from my office come to my office, utah metal works which recycles metal and it's about 40% of its business overseas. they are suffering from an uncertainty and they want to see an agreement be reached, not just the president beating up on trading partners at the end of
the day they want to see some results, but it's not going to impact their consumers. do you know what the end goal is, is there a master plan? we are trying to figure this o out. we know what the end goal is but do you know what the strategy is like if there is a master plan? >> first they were on hold we were close to having an agreement. we couldn't reach an overall agreement and that is why the president decided not to keep them on hold. on the planet simply told china we've given them a long list of issues and i think that it we want to make sure that they treat the companies fairly. we buy about 500 million of theitheir goods and there is a e opportunity of the companies
compete fairly to increase the exports significantly the federal reserve said last week before the new tarrifs were imposed a the possibility of a trade war forced them to put on hold other investment plan so we now find ourselves in a situation where the uncertainty over the global trade policy is causing businesses to scale back their capital spending plans that were incentivized in terms of implementing the new tax law. we all know it is an attack on the consumer and it will hit american businesses and consumers. it seems like the one hand is contradicting the other and they are not working. what are you doing to ensure that they do not undermine the work that we are seeing, that
growth tha but we are seeing and experiencing. >> let me first say tarrifs are sometimes they bite the consumer and sometimes paid by the seller so i don't believe it is always a tax that has been passed on and i would also say the president is very focused on economic growth. from the beginning, we've been focused on regulatory relief, taxes and trade and i can assure you we are not going to do anything that is going to jeopardize the great growth of the economy also a wicked eyes there are certain areas and certain markets that have been targeted that we need to be careful and sensitive to. >> you do recognize that uncertainty does hurt our economy and it makes it difficult for people to invest. just the uncertainty.
anyway, i implore tha that we wd work on this. thank you. >> the time is expired and the chair wishes to inform members that votes on the floor or amendment and per agreement with our witness he will be released no later than 1:15 and i would expect to clear out three more members, the gentleman from georgia is now recognized. thank you mr. chairman and mr. secretary for spending a good part of your day with us. i know this is probably not the most entertaining were the most productive thing you could be doing today but it's very important for us and for our republic to do this. real quickly, just one issue i want to touch on and it's something i'm hearing when i go back to georgia especially from local banks and credit unions is the customer due diligence rule most of them feel that the part of it is very intrusive and
burdensome and they are still unclear on the compliance and they find it very difficult to implement because of the lack of clarity. if i can i would like to share just a few antidotes of some of the things that i have been told recently by these banks. one of the most common frustrations is that they've been very vague. they can't provide the required information and they say that they've indicated they shouldn't even open the account and in that case they have provided no guidance on the issue. another is that the customer wants to open a new accoun accot is unable to provide the required information or refuses to do so should they terminate the relationship or not open to new account since the rule went into effect on may 11. if the bank closes all the accounts is that frowned upon as the risking by the regulators so they get kind of caught up in
this no-win situation but if they do open the account many times they feel they are in violation of the regulations of this gets results in a significant delay for a lot of the customers. another problem is when the customer opens a new account two weeks later they want a debit card and then they want to enroll in online banking but they don't know do they fill out the forms again for each of those some have used forms that simply certified the beneficial ownership hasn't changed the bank examiners say that isn't acceptable. another concern is that they now have to ask people and their whr customers for years or decades but they don't understand why the bank is asking them and now they think it no longer trust them and hurts the relationship with the customer. an example of a customer that changes their address nothing else has changed and the new beneficial ownership forms have
i know it's quite difficult and many of the minor changes we should make sure the banks know how to deal with these issues. >> i thank you and i look forward to your response on these in a little more detail. mr. chairman, i yield back. mr. hensarling: the gentleman yields back. there is a vote pending on the floor a little over 10 minutes. the chair expects to clear two more members but restrict them to three minutes. the gentleman from ohio, mr. davidson, is recognized for three minutes. mr. davidson: thank you,
chairman. mr. secretary, thank you very much. for your testimony today. and as c.d.d. has been discussed extensively, perhaps a heavy hand of government isn't necessary and perhaps the resumption might resemble the way we treat the second amendment more than we treat other things where the -- where everyone's held liable to provide information subject to criminal penalties if they don't. i don't think we need to find new ways to make more people criminals. we do need to get after the terrorism and illicit finance that's out there and i think that's the sentiment, that part unites us. the approach has got us fairly divided. so really look forward to any way to clarify c.d.d. or beneficial ownership more broadly.
what's the status of those efforts? secretary mnuchin: things are being considered. mr. davidson: you're considering whether to pursue those investigations? secretary mnuchin: i want to be careful on commenting on the specifics. mr. davidson: ok, thank you. we talked a lot about trade. and there's been a lot of attention given to trade deficits. and, you know, more tilism emphasized the importance of trade deficits and of course under mercantilism we were largely using gold to settle current accounts and gold can be horded so there was an ideal that it was a zero some game. today we don't have that. we have something consumable. the petro dollar, basically the premises for our currency and it's consumed so people don't
horde it. trade deficits are commonly misunderstood as zero sum game. are you confident that dialogue that's being had today as we negotiate with our allies and with our competitors, strategic competitors in the marketplace that we are focused on trade, free, fair, reciprocal trade and not a more more tilist idea? secretary mnuchin: i am completely but in many of the cases where we have the trade deficits is because there are unfair trade practices in place. mr. davidson: there are certainly unfair trade practices. prior to coming to congress i was a manufacturer and had been under the receiving end of those unfair trade practices. it is attributable to the current account balance so we have the free flow of goods and services but we also have the free flow of capital. could you address the idea that in reality the only likely way
for us to decrease our deficit is to enter into a recession? secretary mnuchin: no. i don't agree with that at all. but we can follow -- mr. hensarling: the time of the gentleman has expired. the chair now recognizes the gentlelady from new york, ms. tenney, for three minutes. she will be the last member recognized before we dismiss the witness. ms. tenney: thank you, mr. chairman. thank you, secretary mnuchin, for being here and i'm always glad to be last so you get to be a commentary and some quick questions. i do appreciate the president's position and your position on realigning our global markets and giving -- making sure that anyone who has access to the greatest marketplace in the world, the u.s., does it in a fair and reciprocal way. although i am concerned and i'm just going to express this because i know you answered it, a little bit about what's happening in new york state in my rural district where dairy is one of the number one industries and we think that canada has violated class 7
pricing. i know there are differences of opinion on that. i'd like to -- and obviously new york state, we have trouble with an oppressive tax and spend regime in albany that's made it really difficult for our dairy farmers to survive. also, another thing -- another area is on the -- in crops and particularly hay and that, again, gets back to where we're going with the trade and tariffs and the ability of canada and other border states -- border countries dump agriculture products on the u.s. i know you answered some of those things. i want to bring those to light because they're happening in new york state and want to be sure you're aware of those. also, just i'm sure the president and comments made by my colleagues on the other side is delighted they are occupying -- he is occupying some rent-free space because they are reading his twitter account regularly so i thought that was amusing. but i do happen to think you are a stable genius and i do think the president's geopolitical and political
instincts are proving to be maybe true. i want to get to something beyond that and a little bit back and maybe a deeper dive into the idea of iran sanctions and iranian state model. i know quickly, you highlighted a little of this, but the waiver on the islamic rep rick of yarne broadcasting, -- republic of iran broadcasting, those sanctions expire today. do you believe it is in the best interest of our nation to allow them to expire? and would you be willing to reinstate those sanctions in light of the administration's policies towards iran and the fact that opec has already placed them under direct general sanctions? would that be something you could support as of today? secretary mnuchin: again, i'd rather you follow-up with us privately. it sounds like you have an opinion on this. i'd like you to share it with us. ms. tenney: i know something that's headlining and it is happening. the past administration was
pursuing waivers. and i just want to know where we will go today. i know some of the resources used under the former jcpoa were used for terrorist means. i appreciate you getting back to us. i am a' running -- i'm running out of time. the tax cuts and jobs act was a difficult process but has been a god send for my region and i have yet to go to a business, small, medium, or large that hasn't praised the tax cuts and talked about new jobs, raises and bonuses for their employees. and especially their middle-income taxpayers. thank you so much for that. mr. hensarling: the time of the gentlelady has expired. i'd like to thank our witness for his testimony today. without objection, all members will have five legislative days within which to submit additional written questions for the witness to the chair which we will forward to the witness for their response. i'd ask the secretary to please respond as promptly as you are able. this hearing stands adjourned. [captions copyright national cable satellite corp. 2018] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org]
soon. he suggested there is a videotape coming and so that generates more media interest. well, let's see what he has to say? spoiler, it never comes out. it never comes out. >> right. >> and then he selects a detractor to attack? >> yes. he finds someone. some people come out saying, we think donald trump is lying. i'm not lying. other people are talking about this. i'm just looking into it. he starts -- anybody pops up, loser, crazy, hack. if he can find a target to start scapegoating and have it us versus them fight, that creates that dynamic. >> finally, he declares victory. >> yeah. like he did at the press conference at the trump hotel in d.c., everyone come in. i am going to have a major announcement. also look at my beautiful grand hotel if you want. he essentially said, he yeah, barack obama is a citizen. i cleared it up. i'm the winner. but hillary clinton started it. i sh