NCRC Statement on Selection of Steve Mnuchin as Treasury Secretary Nominee

Washington, DC – (RealEstateRama) — Today, in reaction to the news that Steve Mnuchin will be President-Elect Donald Trump’s nominee to serve as Secretary of the Department of the Treasury, and subsequent remarks from Mr. Mnuchin, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement:

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“NCRC has long advocated for the end of the government conservatorship of the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, accompanied with reforms to make them more accountable and transparent, and strengthen their capital reserves. The affordable housing goals of the enterprises are a critical mechanism to ensure economic opportunity for working families. Mr. Mnuchin’s remarks on ending the conservatorship show promise, provided that the affordable housing mandate and mission of the enterprises are maintained and strengthened in that process.”

“Mr. Mnuchin also stated that the ‘number one priority is going to be, make sure that banks lend.’ We are in favor of efforts to ensure that creditworthy borrowers have the opportunity to receive responsible loans and build wealth. However, changes to the system that compromise consumer protections, safety and soundness or lending transparency, or roll back critical regulatory improvements created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are unacceptable.”

“Many of us who work to promote economic fairness have deep concerns about Mr. Mnuchin’s track record. There is no undoing that track record, but going forward there will be the opportunity for him to work to improve the lives of all Americans. He has the ability to create a real positive impact in the lives of working families. We will be carefully looking for signs and actions that show whether the incoming administration’s commitment to helping working people is genuine.”

“NCRC has long advocated for the end of the government conservatorship of the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, accompanied with reforms to make them more accountable and transparent, and strengthen their capital reserves. The affordable housing goals of the enterprises are a critical mechanism to ensure economic opportunity for working families. Mr. Mnuchin’s remarks on ending the conservatorship show promise, provided that the affordable housing mandate and mission of the enterprises are maintained and strengthened in that process.”

“Mr. Mnuchin also stated that the ‘number one priority is going to be, make sure that banks lend.’ We are in favor of efforts to ensure that creditworthy borrowers have the opportunity to receive responsible loans and build wealth. However, changes to the system that compromise consumer protections, safety and soundness or lending transparency, or roll back critical regulatory improvements created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are unacceptable.”

“Many of us who work to promote economic fairness have deep concerns about Mr. Mnuchin’s track record. There is no undoing that track record, but going forward there will be the opportunity for him to work to improve the lives of all Americans. He has the ability to create a real positive impact in the lives of working families. We will be carefully looking for signs and actions that show whether the incoming administration’s commitment to helping working people is genuine.”

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About NCRC:
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.