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Trump's Treasury pick failed to disclose Cayman funds

15 February, 2017, 00:45 | Author: Eddie Kim
  • Senate Gears Up For Partisan Vote on Mnuchin as Treasury Secretary

The Senate continued pushing through President Donald Trump's Cabinet Monday by backing financier Steven Mnuchin to be secretary of the Treasury, despite howls from Democrats who characterized the producer of such Hollywood fare as "Batman v Superman: Dawn of Justice" as a villain who feasted on unfair foreclosures.

"He'll work 24 hours a day, I know him". Wall Street Journal staffer Nick Timiraos reports that Mnuchin is now in position to advance President Donald Trump's plans to revamp financial regulation and the USA tax code.

"To all citizens I say, Steven will be your champion, and a great champion", he said.

Senator Joe Manchin of West Virginia was the only Democrat to vote in favour of Mnuchin. Mnuchin, known to most Americans as the man who foreclosed on thousands of people's homes in the wake of the crash, also failed to reveal his position as a director of an investment fund here in the Cayman Islands.

Shortly after his confirmation, Mnuchin was sworn in the Oval Office where Trump hailed his track record and called him a "financial legend".

But supporters of the new Treasury secretary maintain that as a political outsider with years of business experience - much like the president himself - Mnuchin's appointment fulfills Trump's campaign promise to "drain the swamp" of Washington insiders.

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Though Mnuchin hasn't garnered the same public opposition that Betsy Devos and Jeff Sessions received, Democrats within the Senate have demonstrated firm resistance to his confirmation.

But Senate Democratic leaders still looked to score some points before Mnuchin's vote. GOP chair won't seek Trump tax returns Senate confirms Mnuchin as Treasury secretary MORE (D-W.Va.) was the only member of his party to side with Republicans and vote in favor of Mnuchin's confirmation. Debbie Stabenow, D-Mich. "OneWest was notorious for taking an especially aggressive role in foreclosing on struggling homeowners".

"He will ensure that Wall Street plays by the rules ...most of all for the American worker..."

At the Senate Finance Committee, where Mnuchin was confirmed, the 54-year-old was scrutinised about his time at Goldman and OneWest, where he was accused of running an aggressive foreclosure policy labelled a "foreclosure machine".

"At Goldman Sachs, I had tremendous experience in both the financial markets and in technology - I think both of those are very important things and expertise for a Treasury secretary to have", Mnuchin said during his January 19 confirmation hearing.

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