Mnuchin says Trump administration will review Oracle's TikTok proposal this week

FILE PHOTO: U.S. Treasury Secretary Steve Mnuchin looks on before testifying at the U.S. House Select Subcommittee on the Coronavirus Crisis on the Trump administration's response to country's economic crisis, on the Capitol Hill in Washington, D.C., U.S. September 1, 2020. Graeme Jennings/Pool via REUTERS

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Monday the Trump administration received a proposal from Oracle Corp over the weekend to make Chinese-owned short video app TikTok a U.S.-headquartered company and will review the plan this week.

“We have a lot of confidence in both Microsoft and Oracle, they’ve chosen Oracle, we’ll be reviewing it with their technical teams and our technical teams to see if they can make the representations” to keep data on American phones safe, Mnuchin told CNBC television.

Reporting by David Lawder; Editing by Chizu Nomiyama