MercoPress, en Español

Montevideo, November 20th 2018 - 12:19 UTC

Former Goldman Sachs executive and “foreclosure expert”, confirmed as US Treasury Secretary

Tuesday, February 14th 2017 - 10:34 UTC
Full article 12 comments
 After Mnuchin's swearing-in ceremony in the Oval Office, Trump said Americans should know that “our nation's financial system is truly in great hands.” After Mnuchin's swearing-in ceremony in the Oval Office, Trump said Americans should know that “our nation's financial system is truly in great hands.”

A bitterly divided Senate on Monday confirmed Steven Mnuchin as United States treasury secretary despite strong objections by Democrats that the former banker ran a “foreclosure machine” when he headed OneWest Bank. Republicans said Mnuchin's long tenure in finance makes him qualified to run the department, which will play a major role in developing economic policy under President Donald Trump.

 “He has experience managing large and complicated private-sector enterprises and in negotiating difficult compromises and making tough decisions — and being accountable for those decisions,” said Sen. Orrin Hatch, R-Utah, chairman of the Finance Committee.

After Mnuchin's swearing-in ceremony in the Oval Office Monday night, Trump said Americans should know that “our nation's financial system is truly in great hands.”

Votes on President Donald Trump's Cabinet picks have exposed deep partisan divisions in the Republican-controlled Senate, with many of the nominees approved by mostly party-line votes. The vote on Mnuchin followed the same pattern. He was confirmed by a mostly party-line vote of 53-47. Democratic Sen. Joe Manchin of West Virginia joined the Republicans.

Like others in Trump's Cabinet, Mnuchin is a wealthy businessman. He is a former top executive at Goldman Sachs and served as finance chairman for Trump's presidential campaign.

As Treasury secretary, Mnuchin is expected to play a key role in Republican efforts to overhaul the nation's tax code for the first time in three decades. Trump has promised to unveil a proposal in the coming weeks. Mnuchin will also be in charge of imposing economic sanctions on foreign governments and individuals, including Russia.

Senate Majority Leader Mitch McConnell, R-Ky., said Mnuchin “is smart, he's capable, and he's got impressive private-sector experience.”

Democrats complained that Mnuchin made much of his fortune by foreclosing on families during the financial crisis. In 2009, Mnuchin assembled a group of investors to buy the failed IndyMac bank, whose collapse the year before was the second biggest bank failure of the financial crisis. He renamed it OneWest and turned it around, selling it for a handsome profit in 2014.

“Mr. Mnuchin has made his career profiting from the misfortunes of working people,” said Sen. Debbie Stabenow, D-Mich. “OneWest was notorious for taking an especially aggressive role in foreclosing on struggling homeowners.”

Categories: Economy, Politics, United States.

Top Comments

Disclaimer & comment rules
  • ElaineB

    How disappointed are the Trump supporters?

    What a disaster his first few weeks have been. Now he has had to fire his National Security Advisor (as always, wrapped up as a resignation) because he is a security risk. I would argue Trump is a bigger security risk by holding security meetings and discussing classified information at the dinner table in a public area full of people without security clearance. The man is a buffoon.

    How we used to laugh at the incompetence of CFK back in the day. Who would have thought the U.S. President Trump would be worse.

    Feb 14th, 2017 - 10:53 am 0
  • Hepatia

    Another swamp draining appointment.

    Feb 15th, 2017 - 04:58 am 0
  • DemonTree

    @EB
    What are the chances that Trump didn't know exactly what his future national security advisor was doing? Sounds like he is just the scapegoat to me.

    Anyway, I expect Trump's hardcore fans didn't notice or care, but hopefully some of the more reasonable ones will notice the decided lack of swamp-draining. Even chronic couldn't actually find anything good to say about Mnuchin.

    Feb 15th, 2017 - 01:41 pm 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!