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CNBC Exclusive: Treasury Secretary Steven Mnuchin Sits Down with CNBC’s Steve Liesman on CNBC’s “Squawk Alley”

WHEN: TODAY, THURSDAY, AUGUST 31

WHERE: CNBC'S "SQUAWK ALLEY"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Treasury Secretary Steven Mnuchin today on CNBC's "Squawk Alley." Following is a link to video of the interview on CNBC.com: https://www.cnbc.com/video/2017/08/31/watch-cnbcs-full-interview-with-treasury-secretary-steve-mnuchin.html.

All references must be sourced to CNBC.

SARA EISEN: PRESIDENT TRUMP DELIVERING THE FIRST PITCH ON TAX REFORM SPEAKING YESTERDAY IN SPIRNGFIELD MISSOURI CALLING ON CONGRESS TO COMMIT TO REFORMING THE TAX CODE WITH MORE ON THOSE COMMENDS AND MORE, LETS SEND IT TO STEVE LIESMAN WITH A SPECIAL GUEST.

STEVE LIESMAN: SARA THANK YOU SO MUCH. IM INSIDE THE TREASURY DEPARTMENT IN THE DIPLOMATIC ROOM WITH NONE OTHER THAN THE TREASURY SECRETARY OF THE UNITED STATES, STEVEN MNUCHIN, MR. MNUCHIN SECRETARY THANK YOU FOR JOINING US.

TREASURY SECRETARY MNUCHIN: THANK YOU VERY MUCH. IT IS GREAT TO BE HERE WITH YOU.

LIESMAN: THE PRESIDENT MADE IT VERY EMPASSIONED PLEA YESTERDAY, SUPPORT FOR THE TAX PACKAGE. BUT MANY ON WALL STREET ARE A LITTLE CONFUSED BECAUSE THERE IS NO PACKAGE. CAN YOU EXPLAIN TO US WHY THERE IS NO PACKAGE OR DETAILS ABOUT RATES AND THINGS LIKE THAT COMING FROM THE WHITE HOUSE?

MNUCHIN: WELL, FIRST OF ALL, THERE ABSOLUTELY IS A PACKAGE. I THINK, AS YOU KNOW, I HAVE HAD THE OPPORTUNITY TO WORK WITH THE PRESIDENT ON TAX REFORM FOR OVER THE LAST YEAR. WE STARTED ON THE CAMPAIGN WERE LOOKING AT THE ISSUES. HE DID TWO MAJOR SPEECHES DURING THE CAMPAIGN BOTH IN NEW YORK AND DETROIT. AND SINCE JANUARY, IVE BEEN WORKING WITH GARY COHEN AND THE LEADERSHIP ON THIS PLAN. SO WE HAVE A VERY DETAILED PLAN. WHAT YESTERDAY WAS ABOUT AND WE COULDNT BE MORE EXCITED THAT THE PRESIDENT KICKED OFF THE CAMPAIGN FOR TAX REFORM IS TAKING IT TO THE PEOPLE. AND WHAT THE PRESIDENT IS FOCUSED ON IS EXPLAINING TO THE AMERICAN PUBLIC WHY TAX REFORM IS IMPORTANT AND ITS ABOUT CREATING AMERICAN JOBS ITS ABOUT CREATING COMPETITIVE BUSINESS SO THAT WE CAN BRING BACK TRILLIONS OF DOLLARS AND HAVE IT INVESTED HERE. AND ITS ABOUT A MIDDLE INCOME TAX CUT AND TAX SIMPLIFICATION THOSE ARE THE ISSUES THAT PRESIDENT WANTED TO EXPLAIN TO THE PEOPLE IN MISSOURI

LIESMAN: I GET THAT AND I DO WANT TO TALK ABOUT THAT WHEN YOU SAY THERE'S A PACKAGE, ARE THERE NUMBERS AND RATES AND, YOU KNOW, GROWTH ESTIMATES AND THINGS LIKE THAT IN THAT PACKAGE THAT WE CAN TALK ABOUT

MNUCHIN: FIRST OF ALL, AS I SAID, WE'VE BEEN WORKING ON THE DETAILS. YOU KNOW WE CAME OUT WITH A STATEMENT ON THE GROUP OF SIX WHEN WE STARTED THIS PROCESS WE WANT TO BRING THE THREE OF US TOGETHER, MAKE SURE THAT THERE WAS ONE PLAN WITH THE ADMINISTRATION, HOUSE AND SENATE WEVE DONE THAT. THE HOUSE AND SENATE ARE NOW SOCIALIZING. THE PLAN WITH THEIR MEMBERS. WE'RE GOING TO RELEASE A BLUEPRINT AND ITS GOING TO GO TO COMMITTEE AND WE'RE GOING TO TURN THIS INTO A BILL WHICH THE PRESIDENT WILL SIGN.

LIESMAN: SO YOU SPENT SOME TIME ON WALL STREET. YOU UNDERSTAND THE IMPERATIVE THAT'S OUT THERE RIGHT NOW TO DISCOUNT WHEN THIS THING IS GOING TO HAPPEN AND WHEN WELL SEE IT CAN YOU WALK US THROUGH YOUR -- I KNOW YOU LOVE DOING THIS BECAUSE -- I KNOW HOW COMPLICATED ITS BEEN IN THE PAST WHAT IS YOUR BEST TIME LINE WHEN CAN WE SEE THE NUMBERS AND WHEN DO YOU THINK IT MAY WORK ITS WAY THROUGH COMMITTEE TO THE PRESIDENTS DESK

MNUCHIN: FIRST OF ALL STEVE YOU KNOW IVE BEEN IN THE TRADING MARKETS FOR THE LAST 30 YEARS. MARKETS MOVE SO I THINK AS YOU KNOW WE TALKED ABOUT ORIGINALLY OUR GOAL HAD BEEN AUGUST UNFORTUNATELY, THINGS GOT DELAYED A BIT. BUT WE'RE ON A TRACK TO GET THIS DONE BY THE END OF THE YEAR. SO YOU'RE GOING TO SEE THE DETAIL COME OUT LATER THIS MONTH. ITS GOING TO GO THROUGH A COMMITTEE PROCESS. WE EXPECT THAT THE HOUSE AND SENATE WILL GET THIS TO THE PRESIDENT TO SIGN THIS YEAR AND WE COULDNT BE MORE EXCITED ABOUT THE PROGRESS WE'VE MADE.

LIESMAN: IF CAN YOU HELP ME OUT WITH ONE NUMBER WHICH I THINK IS OF CRITICAL IMPORTANCE ON WALL STREET WHICH IS THE CORPORATE TAX NUMBER THAT YOU'RE GOING FOR. THE PRESIDENT YESTERDAY SAID IDEALLY 15% WHICH SUGGESTED TO ME SOME SENSE OF REALITY 15% IS A HARD NUMBER WE'VE SEEN IN PRESS REPORTS A NUMBER MORE LIKE 20% TO 25%. IS THAT A REALISTIC NUMBER YOU THINK INVESTORS SHOULD THINK ABOUT FOR A NEW CORPORATE TAX RATE

MNUCHIN: WELL LET ME JUST COMMENT ON IN THE CAMPAIGN, THE PRESIDENT CAME OUT AND SAID WE WANT TO HAVE A 15% CORPORATE RATE AND LET ME JUST SAY THIS IS NOT JUST -- WE WANT TO MAKE SURE THERE ARE BUSINESS RATES SO SMALL BUSINESSES CAN TAKE ADVANTAGE OF THIS AS WELL. THIS IS NOT JUST ABOUT BIG BUSINESS BUT THE PRESIDENT MADE VERY CLEAR THAT THAT WAS OUR GOAL DURING THE CAMPAIGN. WHEN WE CAME OUT WITH A PLAN EARLIER IN THE ADMINISTRATION, WE SAID THAT AND OUR OBJECTIVE TO GET DOWN TO 15% NOW HAVING SAID THAT, I THINK AS YOU KNOW, THERES A BUNCH OF DIFFERENT LEVERS THAT WE CAN MOVE AND WE'VE GONE THROUGH THE DIFFERENT SCENARIOS AND THE DIFFERENT LEVERS AND THESE ARE THE THING THAT ARE BEING SOCIALIZED WITH MEMBERS. AND WE'LL GO THROUGH WITH THE COMMITTEES AND WELL SEE WHERE WE END UP. BUT AS THE PRESIDENT SAID YESTERDAY, THAT WOULD BE THE IDEAL RATE BUT WHEREVER WE END UP, THE OBJECTIVE IS TO GET A COMPETITIVE BUSINESS RATE. WE HAVE ONE OF THE HIGHEST RATES IN THE WORLD WE HAVE THIS CONCEPT OF WORLDWIDE. BUT WITH DEFERRAL. SO IT ENCOURAGES COMPANIES TO MOVE THEIR BUSINESS OFF SHORE AND KEEP THEIR PROFITS ON SHORE. AND WHAT IS MOST IMPORTANT IS THAT WE END UP WITH A COMPETITIVE RATE AND THAT WE ENDED UP WITH A TERRITORIAL SYSTEM AND THATS WHAT WE HEARD FROM LITERALLY HUNDREDS AND HUNDREDS OF BUSINESS PEOPLE.

LIESMAN: IT IS ALSO IMPORTANT THAT YOU END UP BEING REVENUE NEUTRAL ON EITHER THE CORPORATE TAX SIDE OR IN TERMS OF THE WHOLE PACKAGE PUTTING TOGETHER CORPORATE AND INDIVIDUAL TAXES

MNUCHIN: WELL THIS IS ONE OF THE THINGS THAT IS UNDER DISCUSSIONS. AND OBVIOUSLY, YOU KNOW, THE ADMINISTRATION BELIEVES WE CAN GET GROWTH THE DIFFERENCE BETWEEN 2% AND 3% IS TRILLIONS OF DOLLARS. WE HAVE TO DEAL WITH THE CONGRESSIONAL MODELS SO ONE OF THE DISCUSSIONS WE'RE HAVING WITH CONGRESS IS HOW WE SCORE IT I THINK THERE WAS AN EXCELLENT EDITORIAL IN THE "WALL STREET JOURNAL" TODAY IT TALKS ABOUT THE DIFFERENCE BETWEEN POLICY AND BASELINE. THESE ARE TECHNICAL ISSUES THAT WE ARE WORKING WITH CONGRESS ON BUT LET ME BE VERY CLEAR THE PRESIDENT IS CONCERNED THAT DEBT HAS GONE FROM TEN TRILLION TO 20 TRILLION WHATEVER WE DO, WERE GOING TO BE COMFORTABLE IT CAN BE PAY FOR WITH GROWTH

LIESMAN: DOES THAT MEAN THE PRESIDENTS COMMITTED TO REVENUE NEUTRALITY IN THE TAX REFORM PACKAGE?

MNUCHIN: WELL AGAIN WHEN YOU TALK ABOUT REVENUE NEUTRALITY, IT DEPENDS ON HOW YOU SCORE IT. SO UNDER OUR MODELS, WE'RE ABSOLUTELY COMMITTED TO REVENUE NEUTRALITY THAT DOESN'T MEAN THAT IT HAS TO BE REVENUE NEURTAL WHEN YOU LOOK AT IF WE DON'T GET THE INCORPORATED GROWTH. THESE ARE THE DISCUSSIONS THAT AS IT PASSES THROUGH, THE CONGRESSIONAL PROCESS ARE GOING TO BE DEBATED AND DECIDED.

LIESMAN: LET ME TURN TO ANOTHER ISSUE THAT IS A TECHNICALITY UNTIL IT ISNT. IS SEPTEMBER 29th STILL THE DATE WHEN WELL REACH THE DEBT CEILING?

MNUCHIN: IT IS.

LIESMAN: SO THE TAX RECEIPTS HAVENT CHANGED FROM THE EARLIER ESTIMATES AND THE SPENDING IS ON TRACK TO SEPTEMBER 29th IS STILL THAT DATE?

MNUCHIN: THATS CORRECT. WHAT I WOULD SAY IS THE NEXT BIG CASH DAY FOR US IS OBVIOUSLY SEPTEMBER 15thTHATS WHEN WE GET CORPORATE TAXES SO THE PROJECTIONS CAN MOVE AROUND A LITTLE BIT. WE OBVIOUSLY HAVE NOW THE HURRICANE SPENDING. WHICH IS AN ISSUE. SO THAT IS GOING TO HAVE SOME IMPACT IN OUR SEPTEMBER SPENDING MORE IMPORTANTLY, WE HAVE TO GO TO CONGRESS AND GET AUTHORIZATION TO SPEND MORE BECAUSE ITS ABSOLUTELY CRITICAL THAT WE SPEND MONEY TO HELP THE STATE.

LIESMAN: SO YOU HAVE TO GO TO CONGRESS EARLIER THAN YOU OTHERWISE TO GET THAT MONEY FOR HARVEY AND AID FOR THE HURRICANE S THAT GOING TO CHANGE THE DAY TO BRING IT S IT FORWARD IN TERMS OF WHEN WE MIGHT HIT THE DEBT CEILING?

MNUCHIN: I THINK THEY'RE TWO DIFFERENT ISSUES I THINK IN TERMS OF WHEN IT IS GOING TO HIT THE DEBT CEILING. AGAIN, THERE COULD BE SOME IMPACT OF A COUPLE OF DAYS BUT THAT WOULD BE MOST BUT ON TOP OF THAT, WE DO NEED MORE MONEY FOR HARVEY AND WE WILL BE WORKING WITH CONGRESS ON THAT.

LIESMAN: DO YOU EXPECT THE DEBT CEILING TO BE RAISED BY CONGRESS

MNUCHIN: ABSOLUTELY I THINK THERE IS NO QUESTION THAT BOTH DEMOCRATS AND REPUBLICANS INTEND TO RAISE THE DEBT CEILING NOBODY IS GOING TO LET THE U.S. GOVERNMENT DEFAULT ON THE DEBT.

LIESMAN: AS A CLEAN BILL

MNUCHIN: AGAIN, I'VE SAID BEFORE, MY PREFERENCE IS TO PASS A CLEAN BILL BUT AT THE END OF THE DAY, ITS ALL ABOUT RAISING IT I DONT WANT TO RAISE IT AND ATTACH IT TO SOMETHING, THAT'S FINE WITH ME AS WELL

LIESMAN: I HATE THIS PROCESS STUFF BUT IS IT POSSIBLE THEY WOULD ATTACH HARVEY AID TO THE DEBT CEILING BILL

MNUCHIN: AGAIN, IM NOT GOING TO COMMENT ON ANY OF THE SPECIFICS. ILL TELL YOU, WERE HAVING DISCUSSIONS WITH THE LEADERSHIP. WERE HAVING DISCUSSIONS WITH THE REPUBLICANS AND THE DEMOCRATS. AND IM VERY CONFIDENT WELL GET THIS RAISED.

LIESMAN: WHAT KIND OF ECONOMIC IMPACT ARE YOU EXPECTING FROM THE HURRICANE?

MNUCHIN: I THINK ITS A LITTLE TOO EARLY TO TELL. BUT I THINK THERE DEFINITELY IS GOING TO BE SOME ECONOMIC IMPACT OBVIOUSLY WERE LOOKING AT WHAT HAS BEEN A DEVASTATING STORM AND ITS NOT FINISHED.

LIESMAN: A RECENT DEVELOPMENT, WELL IT IS NOT THAT RECENT. THE DOLLAR HAS BEEN WEAKENING FOR QUITE SOME TIME. DO YOU LOOK AT THAT AS A POSITIVE DEVELOPMENT FOR THE U.S. ECONOMY? A NEGATIVE DEVELOPMENT? WHAT IS YOUR VIEW ON THE LEVEL OF THE DOLLAR AND ITS RELATIVE STRENGTH?

MNUCHIN: OBVIOUSLY, THE SHORT TERM ISSUES OF THE DOLLAR HAVE BOTH POSITIVE AND NEGATIVE IMPACTS FOR DIFFERENT PARTS OF THE ECONOMY. OBVIOUSLY, AS IT RELATES TO TRADE, HAVING A WEAKER DOLLAR IS SOMEWHAT BETTER FOR US. WHAT I'VE SAID CONSISTENTLY, IS WHERE THE DOLLAR IS IN THE SHORT TERM IS LESS OF A CONCERN FOR ME. I DO THINK OVER LONG PERIODS OF TIME, THE DOLLAR STRENGTH IS AN INDICATION OF THE RESERVE CURRENCY AND THE CONFIDENCE THAT PEOPLE HAVE IN THE U.S. ECONOMY.

LIESMAN: SO IN GENERAL, YOU THINK A STRONGER DOLLAR IS BETTER FOR THE COUNTRY THAN A WEAKER DOLLAR OVER TIME?

MNUCHIN: AGAIN, I WOULD SAY IT'S NOT A QUESTION OF WHETHER IT'S BETTER OR NOT. IT'S SOMEWHAT INEVITABLE GIVEN THE STRENGTH OF THE U.S. ECONOMY AND THE CONFIDENCE THAT PEOPLE HAVE.

LIESMAN: FED CHAIR JANET YELLEN IN JACKSON HOLE RECENTLY PRAISED THE DODD-FRANK BILL AND RECENT REGULATORY REFORM. IN FACT, SORT OF CONTRADICTED THE PRESIDENT IN SAYING THAT SHE HAD SEEN LITTLE DECLINE IN LENDING AND SAID IT ACTUALLY HELPED THE ECONOMY. IS THE ADMINISTRATION AND THE FEDERAL RESERVE, ARE THEY AT ODDS OVER REGULATORY REFORM AND IS THAT A PROBLEM RIGHT NOW?

MNUCHIN: WELL, LET ME JUST COMMENT ON – I HAD BREAKFAST WITH FED CHAIR YELLEN THIS MORNING. WE MEET ON A WEEKLY BASIS AS HAVE PREVIOUS TREASURY SECRETARIES AND THE FED. AND WE HAVE A VERY CONSTRUCTIVE DIALOGUE ON A LOT OF ISSUES INCLUDING REGULATION. AND ONE OF THE AREAS WE ARE FOCUSED ON WORKING ON WITH THE FED IS FIXING THE VOLKER RULE. BUT I THINK AS YOU'VE SEEN, THE TREASURY PUT OUT A REPORT ON WHAT WE BELIEVE ARE REGULATORY CHANGES. YOU KNOW, I WOULD DESCRIBE ABOUT 70% OR 80% OF THEM WE CAN WORK WITH THE REGULATORS, WHICH WE HAVE A WORKING GROUP ON, AND THE BALANCE WE ARE GOING TO NEED CONGRESSIONAL SUPPORT FOR. BUT, WE BELIEVE IN PROPER REGULATION, BUT WE ALSO BELIEVE WE NEED TO MAKE SURE THAT BANKS CAN LEND. PARTICULARLY COMMUNITY BANKS AND REGIONAL BANKS.

LIESMAN: SO THERE AREN'T DIFFERENCES NOW BETWEEN THE FEDERAL RESERVE LEADERSHIP AS IT IS NOW AND YOU, THE TREASURY, OR THE ADMINISTRATION ON REGULATORY REFORM?

MNUCHIN: AGAIN, I WOULD SAY THAT WE ARE WORKING ON A LOT OF THINGS TOGETHER WITH THE FED AND SEE MANY ASPECTS OF THIS THE SAME WAY.

LIESMAN: I ASSUME YOU'RE INVOLVED IN THIS PROCESS OF THE DECISION OVER A NEW FED CHAIR. COULD YOU TELL US WHERE THE PROCESS IS?

MNUCHIN: AGAIN, I THINK IT WOULD BE INAPPROPRIATE FOR ME TO MAKE ANY COMMENTS ON THAT AT THIS TIME. I WILL SAY I AM INVOLVED IN THE PROCESS. ULTIMATELY, THE PRESIDENT WILL MAKE A DECISION LATER IN THE YEAR.

LIESMAN: IS LATER IN THE YEAR DECEMBER, NOVEMBER? AN IDEA WHEN WE CAN PERHAPS GET READY FOR IT AND BE PREPARED FOR AN APPOINTMENT?

MNUCHIN: THAT'S FOR THE PRESIDENT TO DECIDE AND IT WOULD BE INAPPROPRIATE FOR ME TO COMMENT ON THAT.

LIESMAN: WE'VE TALKED ABOUT THIS AS A TWO HORSE RACE BETWEEN GARY COHEN AND CHAIR YELLEN. IS THAT THE WAY TO THINK ABOUT IT?

MNUCHIN: AGAIN, I WATCH YOUR SHOW.

LIESMAN: IM 0 FOR 3.

MNUCHIN: AND I SEE WHAT YOU'RE SAYING. AND IT WOULD BE INAPPROPRIATE FOR ME TO MAKE ANY COMMENTS ON THAT.

LIESMAN: I'M DONE WITH THAT QUESTION. I WILL MOVE ON.

MNUCHIN: THANK YOU.

LIESMAN: THE PRESIDENT YESTERDAY THREATENED TO PULL OUT OF NAFTA AGAIN. WOULD THAT HAVE NEGATIVE IMPLICATIONS FOR THE UNITED STATES?

MNUCHIN: SO, YOU KNOW, THIS IS AN ISSUE AND AGAIN, I'VE HAD THE BENEFIT TO WORK WITH THE PRESIDENT SINCE THE CAMPAIGN. THE PRESIDENT HAS BEEN VERY CONSISTENT STARTING IN THE CAMPAIGN AND NOW IN HIS PRESIDENCY THAT HE THINKS NAFTA IS A BAD DEAL, THAT'S AN OLD DEAL AND HE WANTS TO RENEGOTIATE IT. AND I SPEAK TO AMBASSADOR LIGHTHIZER ON A REGULAR BASIS. THERE ARE DISCUSSIONS UNDERWAY. I'M HOPEFUL THERE IS A WIN-WIN SOLUTION. BUT THE PRESIDENT HAS BEEN VERY CLEAR HE INTENDS TO RENEGOTIATE THIS DEAL AND IF NOT, HE WANTS TO GET OUT OF IT.

LIESMAN: AND WHAT WOULD BE THE IMPLICATIONS OF THAT FOR THE ECONOMY?

MNUCHIN: AGAIN, I –

LIESMAN: ESPECIALLY IF IT UNILATERALLY WITHDREW.

MNUCHIN: AGAIN, I'M NOT GOING TO MAKE ANY COMMENTS YET BECAUSE I THINK THE EXPECTATION IS THAT WE WILL RENEGOTIATE THIS DEAL IN A WAY THAT IS GOOD FOR US AND GOOD FOR THEM.

LIESMAN: THE PRESIDENT HAS SUPPORTED THE COTTON PERDUE IMMIGRATION BILL, WHICH WOULD REDUCE LEGAL IMMIGRATION OVER A FAIRLY SHORT PERIOD OF TIME BY 50%. MOST ECONOMIC ANALYSIS THAT I'VE READ SAID THIS WOULD BE NEGATIVE FOR GDP AND FOR ECONOMIC GROWTH. DO YOU THINK IT'S A GOOD IDEA TO SUPPORT THIS BILL AND REDUCE IMMIGRATION IN THE UNITED STATES?

MNUCHIN: I THINK THE PRESIDENT IS VERY FOCUSED ON MAKING SURE THAT AMERICANS HAVE GOOD PAYING JOBS AND HAVE PROPER JOBS. AND I THINK THAT'S HIS PRIORITY. I THINK THAT YOU'VE SEEN THE PRESIDENT HAS ALSO BEEN VERY FOCUSED ON STOPPING ILLEGAL IMMIGRATION.

LIESMAN: BUT WHAT ABOUT THE ECONOMIC IMPLICATIONS OF – SINCE IMMIGRATION IS A BIG PART OF POPULATION GROWTH AND POPULATION GROWTH IS A BIG PART OF ECONOMIC GROWTH?

MNUCHIN: I THINK THAT'S RIGHT, BUT I THINK THERE'S A LOT OF ISSUES THAT ARE GOING TO FOCUS THE ECONOMY IN THE SHORT TERM THAT ARE MUCH MORE IMPORTANT THAN THIS ONE?

LIESMAN: SO YOU DON'T THINK IT WILL HAVE AN NEGATIVE IMPACT ON –

MNUCHIN: NO, I DO NOT. NOT IN THE SHORT TERM.

LIESMAN: LAST QUESTION, MR. SECRETARY. AND THANK YOU FOR ABIDING THE OTHER ONES. SECRETARY LEW BEFORE YOU, YOUR PREDECESSOR, SUPPORTED THE IDEA OF REMOVING ANDREW JACKSON FROM THE $20 AND PUTTING HARRIET TUBMAN ON. DO YOU SUPPORT THAT IDEA?

MNUCHIN: WELL, LET ME JUST COMMENT ON, YOU KNOW, ULTIMATELY WE WILL BE LOOKING AT THIS ISSUE. IT'S NOT SOMETHING THAT I'M FOCUSED ON AT THE MOMENT. BUT THE NUMBER ONE ISSUE WHY WE CHANGE THE CURRENCY IS TO STOP COUNTERFEITING. SO THE ISSUES OF WHY WE CHANGE IT WILL BE PRIMARILY RELATED TO WHAT WE NEED TO DO FOR SECURITY PURPOSES. AND I'VE RECEIVED CLASSIFIED BRIEFINGS ON THAT AND THATS WHAT I'M FOCUSED ON FOR THE MOMENT.

LIESMAN: BUT CERTAINLY THERE ARE CULTURAL ASPECTS AS TO DECISIONS WE MAKE AS TO WHO IS ON WHAT BILL, RIGHT?

MNUCHIN: AGAIN, PEOPLE HAVE BEEN ON THE BILLS FOR A LONG PERIOD OF TIME. THIS IS SOMETHING WE'LL CONSIDER. RIGHT NOW, WE HAVE A LOT MORE IMPORTANT ISSUES TO FOCUS ON.

LIESMAN: MR. SECRETARY, THANK YOU FOR JOINING US ON CNBC.

MNUCHIN: THANK YOU.

LIESMAN: SARA, BACK TO YOU FROM THE DIPLOMATIC ROOM IN THE TREASURY DEPARTMENT.

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