Treasury Secretary Steven Mnuchin said Monday that it will probably take two years to get to 3 percent growth.
"In our projections it will probably take two years to get up to three percent growth and then we can have a sustained level. That's what we're projecting," Mnuchin said. "Obviously the sooner we can pass taxes, the sooner we can get regulatory relief the better we're going to be."
"I think we can create what's incredible economic growth in this country," he said. The Treasury Secretary was speaking on stage in an interview with Maria Bartiromo of Fox Business News at the Milken Institute Global Conference in Los Angeles, California.
Earlier, former Fed Chair Ben Bernanke said on CNBC's "Squawk Box" that U.S. economic growth would not likely break above the 3 percent mark.
The U.S. economy grew in the first quarter at its slowest pace in three years, according to a government report Friday.
Mnuchin also said there are three components to improving economic growth: tax reform, regulatory relief, and fairer trade policies.
"On my area we're all focusing on financial services regulation. I know there's a few people in this room who care a lot about that," he said. "You should all thank me for your bank stocks doing better."
The financial stocks are the best performer in the S&P 500 since the election, but have not recovered their pre-financial crisis highs. The S&P 500 has repeatedly hit record highs in the last few months.