[Mnuchin's] experience as a principal investor who made large sums of money through high-risk, high-return wagers suggests that he will look critically at the thicket of regulations that now constrain the risk-taking activities of investment banks.As Democratic Ohio Sen. Sherrod Brown put it in a statement yesterday: "This isn't draining the swamp. It's stocking it with alligators."
That could mean a reassessment of what has come to be known as the Volcker Rule, part of the Dodd-Frank financial overhaul that followed the 2008 financial crisis. The rule forbids banks to make certain speculative investments with their own capital.
“I would say the No. 1 problem with the Volcker Rule is it’s too complicated and people don’t know how to interpret it,” Mr. Mnuchin said in an interview with CNBC on Wednesday. “So we’re going to look at what to do with it as we are with all of Dodd-Frank. The No. 1 priority is going to be to make sure that banks lend.”