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Steve Mnuchin said on Thursday that the Trump administration is committed to passing a “very significant” tax reform plan by the Congressional recess in August.

The US Treasury secretary, who was confirmed by the Senate last week, made the remarks in an interview on CNBC television network.

Mr Mnuchin added he still expects the administration’s plans for a tax overhaul coupled with a curb on regulations to be able to boost the US economic growth pace to 3 per cent “or more”, potentially as soon as next year.

“We have under-performed where we need to be,” he said of the economy’s performance under the administration of Barack Obama.

The world’s biggest developed economy grew by 1.6 per cent in 2016, and economists surveyed by Bloomberg are only expecting a pick-up to 2.3 per cent this year and in 2018.

Beyond taxes, Mr Mnuchin said the administration is also committed to reviewing regulations on banks to ensure they are able to lend to individuals and small businesses.

The remarks echoed rhetoric from President Donald Trump who has said reforms like the Dodd-Frank reform law have strangled the financial industry, and generated a headwind to economic growth.

“There’s an incredible amount of liquidity out there and we want to make sure banks put it to work,” Mr Mnuchin said.

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