Trump Treasury backs away from talk of breaking up big banks
The Trump administration on Thursday distanced itself from a populist push to break up the nation's biggest banks after months of publicly flirting with the idea.
Treasury Secretary Steven Mnuchin emphatically rejected that move during a Senate hearing in response to a question by Sen. Elizabeth Warren (D-Mass.).
Warren pressed him on what the administration meant by repeatedly saying it was open to an updated version of the Depression-era Glass-Steagall law, which separated commercial and investment banking.
Mnuchin, a finance industry veteran who's leading the administration's drive to overhaul Wall Street regulations, said splitting up the banks "would be a huge mistake."( it's a mistake it's a miiiiisstakeCollapse )http://www.politico.com/story/2017/05/18/steven-mnuchin-trump-treasury-break-up-big-banks-238567FCC kicks off effort to roll back net neutrality rules
Scandal isn't slowing down one part of the Republican agenda: The Federal Communications Commission took the first formal step toward dismantling Obama-era net neutrality rules Thursday, kicking off what's likely to be a bitter and months-long lobbying battle over the future of internet regulation.
The commission voted along party lines to begin the process of rolling back the rules, which require internet service providers like Verizon and Comcast to treat all web traffic equally. The telecom industry has criticized the rules as burdensome and unnecessary regulations, but supporters among startups and online tech companies say they ensure ISPs don't abuse their position as internet gatekeepers to favor some websites over others. The net neutrality order, passed by the FCC's then-Democratic majority in 2015, represents one of the signature policy achievements of the Obama administration.
Republican FCC Chairman Ajit Pai has sharply criticized the net neutrality rules, and since being appointed chairman by President Donald Trump in January, he's moved quickly to scrap the legal foundation of the order. He argues that the FCC, in applying utility-style regulation to ISPs, was too heavy-handed and threatened the longstanding tradition of government keeping its hands off the internet.( you have the right to a free and open internet... that we decide who you visitCollapse )http://www.politico.com/story/2017/05/18/fcc-net-neutrality-rules-238529