Mnuchin: We Should Not Be in Business of Bailing out Big Banks

MNUCHIN: "I 100 percent agree with you that we should not be in the business of bailing out big banks and I 100 percent agree with you that I share certain concerns on Title II. I think we need to look at bankruptcy code and what we can do as an alternative. But I would just comment that the bigger issue is for long, long periods of time the FDIC was able to take over and resolve banks when the regulators determine there were issues. And one of the big problems we had during the financial crisis was the intermingling of banks and holding companies and complex securities. So I don't necessarily — I think if we have proper regulation, a lot of the need for Title II also goes away."