by Countable | 3.20.17
On November 29, President-elect Donald Trump nominated former Goldman Sachs executive and Hollywood movie financier Steven Mnuchin to serve as his Secretary of the Treasury. Trump said Mnuchin is a "world-class financier, banker and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs."
Mnuchin (pronounced M'noo-chin), 53, joined Goldman Sachs after college in 1985 and began working in its mortgage department, before becoming a partner nine years later. He became an Executive Vice President in 2001 and the Chief Information Officer the following year, before leaving Goldman Sachs in 2002 to start a hedge fund known as Dune Capital Management.
Later, he was part of an investment group that purchased a failed housing lender known as IndyMac for $1.55 billion in 2009, which was renamed OneWest Bank with Mnuchin serving as the CEO. During his time as CEO, he was criticized for OneWest’s aggressive foreclosure practices, and the bank was accused of violating the Fair Housing Act. OneWest was sold in 2015 for $3.4 billion to CIT Group.
Since 2004, Mnuchin has had a side business called RatPac-Dune Entertainment which provided financing for several major films, including the X-Men franchise, Avatar, and American Sniper.
Mnuchin is a native of New York City, and graduated from Yale University in 1985. He is engaged to actress Louise Linton, and has three children from a previous marriage.
Mnuchin’s business experience at Goldman Sachs and OneWest Bank will likely draw the ire of progressives in the Senate, some of whom have already begun their attacks on him. Sens. Bernie Sanders (I-VT) and Elizabeth Warren (D-MA) have each signalled that his connections to Wall Street will be a focal point of his confirmation hearings, while Senate Democrats have put out a call for homeowners who felt they were treated unfairly by OneWest to share their experiences on a website.
That being said, to stop his confirmation Democrats would still need to find Republican Senators willing to vote against him in either the Finance Committee or when the nomination proceeds to the full Senate. So far, no Republicans have expressed their opposition to Mnuchin’s appointment.
The Department of the Treasury is responsible for producing all U.S. currency, collecting taxes, paying the federal government’s bills, advising on domestic and international economic policies, enforcing tax laws, and regulating financial institutions. The largest division of the Treasury based on funding is the Internal Revenue Service (IRS) at nearly $12.5 billion, followed by the U.S. Mint at over $3.5 billion.
In the 2015 fiscal year, the Treasury’s budget was nearly $23 billion, and it employs over 106,000 workers — 92,000 of whom work for the IRS.
You can tell your Senators how you want them to vote on Mnuchin's confirmation using the "Take Action" button.
— Eric Revell
Written by Countable
So much for drain the swamp.
Steve Mnuchin's ties to Wall St. and his involvement in the housing crisis should disqualify him from his appointment of Treasury Secretary. He is, by all accounts, the type of person that Mr. Trump, during his campaign, specifically railed against having in his cabinet as an "insider", wall street criminal. Please vote against this appointment to protect our economy, our democracy and those most vulnerable in the next recession, your constituents back home
George - As you note they likely are reasonable picks, but I think it's more the hypocrisy of Trump deriding Clinton for "speaking" to Goldman execs, saying that if she were elected, then these Wall Street types would be running things... only to end up bringing them into these positions.
Arsonists in charge of the fire station.
Do not confirm unqualified and unscrupulous Cabinet appointees.
Swamp monsters unlimited.
I'm not concerned about Wall Street experience per se. However, involvement in predatory lending practices is an automatic disqualifier.
This guy is a lackey moron, all I have to say is you got what you all wanted. Trump is & will be the biggest failure as a president the world has ever seen. Get ready to watch the rich get richer and the Russians move towards a more USSR mode with Putin an ex KGB head. Well America you bought the propaganda plan they provided to feed you I will pray to my higher power that trump and pence get tossed out on their ears
What a horrible choice #fillingtheswamp
I strongly oppose Mnuchin’s appointment. Appointing this person is like having the fox watching the hen house. The people in change and who were responsible for our financial crisis several years ago, and got a golden parachute out of it, should not be the ones overseeing the process nor the regulation thereof.
Anyone who forgets he has $100 mill in a tax haven does not, and will not speak for 99% of Americans.
Please stop this. Do not let our country be owned in a hostile takeover.
Mnuchin is a known predatory lender. He should not be trusted with public office. Please vote against his confirmation.
Rich banker, not surprised
Please oppose this appointment!
I strongly urge you to oppose this appointment. Mnuchin has a number of clear conflicts of interest and would be a serious threat to the very department he would head.
No to a Wall Street insider who is as unscrupulous as t rump himself. Oppose Mnuchin and his unethical profiteering behavior. Swamp monster! No to this appointment. Treasury needs an ethical person with broad understanding of global and national economics - not a foreclosure king whose behavior demonstrates character flaws and Wall Street insider corruption.
Someone who was knee deep in the unethical practices leading to the 2008 housing bubble and recession should be in jail, not enjoying a prestigious and vitally important government position. There is no way he won't use his position to enact tax cuts for the top 1% of this country and continue to polarize the top and bottom earners.
You must do everything possible to block this horrific appointment.