Treasury Secretary Steven Mnuchin said Saturday the Trump administration remains committed to a combination of tax reform, regulatory relief and trade negotiations to kick-start the economy and fuel "historic growth rates."
In a radio interview on the "Larry Kudlow Show," Mnuchin said President Donald Trump remains committed to getting tax reform done "quickly," aiming to have it completed this year.
"The good news is that [the administration and Congress] all agree on the fundamental principles: simplifying personal taxes, creating a middle-income tax cut and making our business taxes more competitive," Mnuchin said.
"We believe the U.S. economy can get back to a level of sustained growth that's 3 percent or higher," he added. "For the last eight years we've had very low growth."
But tax and regulatory changes and better trade deals "can unleash historical growth rates in this country," with "sustainable levels" of 3 percent growth resulting, he said.
The public has yet to see the details of the tax cut plan, he said, so critics are "making certain assumptions" about who will benefit most. Mnuchin asserted the tax cuts will be good for middle-income Americans and will ultimately "stimulate the economy."
He also said the administration is "very focused on financial reforms" and plans in June to release the first in a series of reports on banking regulations.
Many of the proposed reforms "will be on regulatory side that won't need legislation," he said, but added: "We do believe in regulating banks… we want to make sure we have safe and sound banks. We also want to make sure we have banks that can lend."
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