Mnuchin's new comments add evidence to attempt at Volcker tweak

Washington

STEVEN Mnuchin made clear that he does not want Wall Street banks getting back into the business of making risky market bets with their own capital, after Senate Democrats pushed him to clarify his responses to questions that they asked during his confirmation process to be Treasury secretary.

In written remarks to lawmakers, Mr Mnuchin said that even banking units that lack a government backstop should be restricted from making speculative trades. At issue is the Volcker Rule, a contentious provision in the 2010 Dodd-Frank Act that sought to prevent lenders from using federally insured deposits to invest in stocks, bonds and other assets.