Treasury Secretary Mnuchin calls Equifax breach 'unfortunate'

Casey Dawson
September 13, 2017

"The president reached out to Democrats and showed that he could get things done on a bipartisan basis", Mnuchin said while addressing critics at the Delivering Alpha conference presented by CNBC and Institutional Investor magazine.

"What the exact number is less important", he said, adding, "what's more important is making sure we have a competitive system".

The Treasury secretary also evaded questions about possible exceptions to the elimination of the special treatment of so-called carried interest for hedge fund managers.

The Treasury Secretary, who is charged with shepherding a corporate tax reform plan with White House economic adviser Gary Cohn, has been coy until recently about the details for how the Trump administration will lower taxes - a campaign pledge he originally said would come good by August.

The White House and members of Congress are "pretty close to finalizing" a bill and have settled numerous disagreements that divided their effort early in the process, Short said.

OPEC oil production falls for the first time since March
But the oil cartel has struggled to raise oil prices amid an oil production boom in the U.S. The new agreement extends the production deal for nine months until March 2018.

"We're going to get this done by the end of the year", Mnuchin said.

Mnuchin also said that he is considering backdating any tax changes to January 1 of this year, which "would be a big boon for the economy".

Reports from inside the Oval Office also indicated that the Republicans would be willing to use the process of reconciliation, wherein a simple majority vote in both the House and the Senate would be sufficient to allow for expedited passage of certain budgetary legislation, if the tax reform bill was unable to garner the 60 votes it required to be ratified.

Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year.

While Trump is committed to a permanent tax overhaul, Mnuchin has at times appeared to be managing down those expectations. That's one of his main priorities, particularly in the mix of what's going on in North Korea and other areas.

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