WHEN: Today, Monday, September 14
WHERE: CNBC’s “Squawk Box”
Following are excerpts from the unofficial transcript of a CNBC interview with United States Treasury Secretary Steven Mnuchin on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Monday, September 14. Following are links to video on CNBC.com: https://www.cnbc.com/video/2020/09/14/treasury-secretary-steven-mnuchin-on-oracle-winning-bid-for-tiktoks-u-s-assets.html, https://www.cnbc.com/video/2020/09/14/treasury-secretary-mnuchin-now-is-not-the-time-to-worry-about-shrinking-the-deficit.html and https://www.cnbc.com/video/2020/09/14/treasury-secretary-steven-mnuchin-on-talks-for-more-coronavirus-stimulus.html.
All references must be sourced to CNBC.
MNUCHIN ON TIKTOK
WE DID GET A PROPOSAL OVER THE WEEKEND THAT INCLUDES ORACLE AS THE TRUSTED TECHNOLOGY PARTNER WITH ORACLE MAKING MANY REPRESENTATIONS FOR NATIONAL SECURITY ISSUES. THERE IS ALSO A COMMITMENT TO MAKE TIKTOK GLOBAL AS A U.S. HEADQUARTERED COMPANY WITH 20,000 NEW JOBS. I’M NOT GOING TO GO INTO THE ENTIRE PROPOSAL. WE WILL BE REVIEWING THAT AT THE COMMITTEE THIS WEEK AND THEN WE’LL BE MAKING A RECOMMENDATION TO THE PRESIDENT AND REVIEWING IT WITH HIM.
MNUCHIN ON THE ECONOMY
CLEARLY WE ARE HAVING A GREAT REBOUND. WE ARE GOING TO HAVE A VERY STRONG THIRD QUARTER. BUT THERE IS ALSO CLEARLY AREAS OF THE ECONOMY, PARTICULARLY THE TRAVEL AREA, ENTERTAINMENT, HOTELS, SMALL BUSINESSES, RESTAURANTS THAT ARE GOING TO NEED MORE WORK. THE PRESIDENT AND I ARE GOING TO CONTINUE TO FIGHT FOR THOSE PARTS OF THE ECONOMY.
MNUCHIN ON SPEAKER PELOSI
I THINK THERE IS A COMPROMISE IF THE SPEAKER IS WILLING TO MOVE FORWARD. I AM SOMEWHAT CONCERNED THAT SHE’S AFRAID THAT ANY DEAL WILL BE GOOD FOR THE PRESIDENT AND OBVIOUSLY, WE HAVE POLITICS THAT ARE GETTING IN THE WAY.
MNUCHIN ON STIMULUS
WE’RE ALWAYS CONSIDERING EXECUTIVE ORDERS AND THE PRESIDENT IS GOING TO MAKE SURE HE USES HIS AUTHORITY TO DO WHATEVER HE CAN TO HELP SMALL BUSINESSES. BUT THERE ARE LIMITATIONS. AND THAT’S WHY IT’S VERY IMPORTANT THAT WE HAVE STIMULUS THAT HELPS THE AREAS OF THE ECONOMY THAT NEED SUPPORT. THE GOOD NEWS IS THAT WE ARE REBOUNDING IN A VERY, VERY SIGNIFICANT WAY AND AMERICANS ARE BEGINNING TO SEE THE BENEFITS OF THE ECONOMY REOPENING.
MNUCHIN ON HOUSING
HOUSING IS NOTHING LIKE IT WAS DURING THE FINANCIAL CRISIS. THAT WAS A SITUATION WHERE YOU SAW A TREMENDOUS AMOUNT OF OVERLEVERAGED LENDING, YOU SAW REAL CREDIT PROBLEMS. WE’VE HAD A COMPLETE CHANGE ON THAT. WE HAVE A SITUATION WITH GSE REFORM WHERE THE GSEs, BOTH FANNIE MAE AND FREDDIE MAC, HAVE ALLOWED FORBEARANCE FOR PEOPLE AFFECTED BY COVID. YOU SEE THE PRESIDENT’S EXECUTIVE ORDER THAT IMPACTS OVER 40 MILLION RENTAL UNITS. SO I THINK HOUSING IS THE BRIGHT SPOT OF THE ECONOMY.
MNUCHIN ON THE FED
NOW IS NOT THE TIME TO WORRY ABOUT SHRINKING THE DEFICIT OR SHRINKING THE FED BALANCE SHEET. THERE WAS A TIME WHERE THE FED WAS SHRINKING THE BALANCE SHEET AND COMING BACK TO NORMAL. THE GOOD NEWS IS THAT GAVE THEM A LOT OF ROOM TO INCREASE THE BALANCE SHEET, WHICH THEY DID. AND I THINK BOTH THE MONETARY POLICY WORKING WITH FISCAL POLICY AND WHAT WE WERE ABLE TO GET DONE IN AN UNPRECEDENTED WAY WITH CONGRESS IS THE REASON WHY THE ECONOMY IS DOING BETTER.
CNBC is the recognized world leader in business news and provides real-time financial market coverage and business content consumed by more than 355 million people per month across all platforms. The network’s 14 live hours a day of business programming in North America (weekdays from 5:00 a.m. – 7:00 p.m. ET) is produced at CNBC’s global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC’s highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC also offers content through its vast portfolio of digital products such as: CNBC.com, which provides real-time financial market news and information to CNBC’s investor audience; CNBC Make It, a digital destination focused on making you smarter about how you earn, save and spend your money; CNBC PRO, a premium service that provides in-depth access to Wall Street; a suite of CNBC mobile apps for iOS and Android devices; Amazon Alexa, Google Assistant and Apple Siri voice interfaces; and streaming services including Apple TV, Roku, Amazon Fire TV, Android TV and Samsung Smart TVs. To learn more, visit https://www.cnbc.com/digital-products/.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc. For more information about NBCUniversal, please visit http://www.NBCUniversal.com.