Treasury Chief Says U.S. Can Achieve 3 Percent Economic Growth

Treasury Chief, 3 Percent, Economic Growth
U.S. Senator Mike Crapo (R-ID) welcomes U.S. Treasury Secretary Steven Mnuchin (R) before the Senate Banking Committee hearing on Domestic and International Policy Update on Capitol Hill on Thursday. (Reuters/Yuri Gripas)

Treasury Secretary Steven Mnuchin says a goal of 3 percent economic growth is achievable if the United States makes historic changes in taxes and regulation.

Mnuchin is testifying before the Senate Banking, Housing and Urban Affairs Committee — his first appearance before that committee since being sworn in.

He says 100 people at his department are working on overhauling the tax system — and the Trump administration’s goal is to bring “meaningful relief” to the middle class and makes American businesses competitive.

Mnuchin says the Treasury Department is preparing a report on regulatory changes for the finance system. He says it’ll be broader than undoing much of the Dodd-Frank law enacted under President Barack Obama.

Mnuchin says the report will focus on providing relief to community banks.