WATCH: Mnuchin testifies on Treasury’s proposed budget

Treasury Secretary Steven Mnuchin will testify at a Senate Finance Committee hearing Wednesday, laying out the Trump administration’s recently released budget proposal. You can watch the hearing, which started at 10:30 a.m. EST, live in the video above.

“The president’s budget and Treasury’s Strategic Plan direct resources efficiently to implement the most comprehensive tax reform legislation in more than 30 years,” Mnuchin said in a statement on the budget plan ahead of the hearing. “They also demonstrate Treasury’s commitment to combating terrorism and other illicit financing.”

The budget proposes cutting the Treasury Department by $400 million, or 3 percent. It also would transfer the Bureau of Alcohol, Tobacco, Firearms and Explosives’ responsibilities for alcohol and tobacco enforcement from the Justice Department to Treasury, according to the Washington Post.