washington dial back volcker rule limit bank ability engage speculative investments top priority president donald trump nominee u.s. treasury secretary steve mnuchin accord document see reuters monday write responses question pose members u.s. senate finance committee mnuchin say would use role head interagency financial stability oversight council give volcker rule strict definition proprietary trade prop trade financial firm use money invest privately hold company hedge fund similar vehicles volcker rule design limit type risk-taking activities help land bank trouble financial crisis chair fsoc would plan address issue definition volcker rule make sure bank provide necessary liquidity customer market address issue feed report mnuchin write document also include senators question verify senate aide confirmation hear senate finance committee last week mnuchin cite recent federal reserve report find rule part 2010 dodd-frank wall street reform law limit market liquidity committee yet schedule date vote send nomination full chamber approval regulators apply proprietary trade prohibitions many activities say feed report find ambiguity gray areas rule push dealers conservative strategies ensure cross line prohibitions responses mnuchin also make clear believe rule apply bank benefit federal deposit insurance federal deposit insurance corporation guarantee retail deposit 6,000 bank include consumer bank arm country large investment bank law currently apply bank access federal reserve discount window government backstop senator maria cantwell democrat serve finance committee write uninsured investment bank also pose risk rule name former federal reserve chair paul volcker suppose address saw financial crisis nonbanking affiliate fdic insure bank fail rescue insure affiliate turn force rescue taxpayers write case state street bank former employer goldman sachs convert bank hold company order eligible federal bailout fund mnuchin reiterate update version 1933 glass-steagall law long separate commercial investment bank instated reduce risk law repeal 1999. mnuchin share detail 21st century glass-steagall hint would loose original bright line commercial investment bank although less complicate may inhibit necessary lend capital market activities support robust economy write trump treasury nominee want loosen limit volcker rule document