Steven Mnuchin: “It can be a real vulnerability that various bad actors, including terrorists and criminals, can exploit.”

Let me be clear: That is a false choice. Americans should not have to, and did not have to, choose between quickly getting aid during a crisis and preventing the theft or waste of billions of tax dollars.

I would urge Congress to move quickly on the PPP, for which there seems to be enormous bipartisan support.

The reforms would standardize the approach to capital regulation, improve the quality and consistency of bank capital requirements, and level the playing field for U.S. banks.

There is simply no justification or justifiable reason to take these tools away, with the pandemic crisis worse than it has been.