Treasury's Mnuchin Tells Lawmakers GDP Growth of 3% or Higher 'Achievable'

Treasury Secretary Steven Mnuchin will tell lawmakers Thursday the administration's goal of achieving sustainable economic growth of 3% or higher is reachable "if we make historic reforms to both taxes and regulation."

In brief prepared testimony to be delivered to the Senate Banking Committee, Mr. Mnuchin also reiterated the Trump administration's goal to provide "meaningful relief" for middle-class Americans through an overhaul of the U.S. tax code, but offered no new details about the administration's plans.

"The first few months of this administration have been significant," he said. "We have been working hard at the Treasury to develop and implement policy that will allow the economy to grow."

Mr. Mnchunin said the agency's forthcoming report on financial regulations will include recommendations to ease the regulatory burden for small banks and make regulations more efficient and effective. The report, required under a presidential executive order issued in January, is set to be delivered to the White House in early June.

This will be Mr. Mnuchin's first time testifying on Capitol Hill since his confirmation hearing before the Senate Finance Committee in January.

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(END) Dow Jones Newswires

May 18, 2017 10:18 ET (14:18 GMT)