Entourage Movie Producer Steve Mnuchin Confirmed As Treasury Secretary

  • Entourage Movie Producer Steve Mnuchin Confirmed As Treasury Secretary

Entourage Movie Producer Steve Mnuchin Confirmed As Treasury Secretary

Former Goldman Sachs exec Steven Munchin was sworn in as Treasury secretary Monday night after being confirmed by an unusually close Senate vote.

Another rich man joins Trump's cabinet.

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". Critics alleged that Mnuchin's past showed he could not live up to Trump's campaign pledges to protect Americans from powerful institutions.

Leigh Ann Pusey, President and CEO of the American Insurance Association (AIA), issued the following statement after Steven Mnuchin was confirmed as Treasury Secretary. Steve Bannon, Trump's chief strategist, once worked at the bank, and Jay Clayton and Gary Cohen, who Trump chose to lead the SEC and the National Economic Council respectively, also spent time with the bank. He will be under pressure to help finish the Trump administration's tax plan, to accelerate the rollback of regulations and to raise the government's borrowing limit. "Mr. Mnuchin will help implement that change with a fresh, new regulatory framework that cuts the bureaucratic red tape that costs our economy trillions of dollars each year", said Sen. But no Republicans have declared opposition, setting the stage for a party-line 52-48 vote. Ted Cruz, R-Texas, and general election rival Hillary Clinton of being beholden to Goldman and corporate special interests.

Mnuchin's focus will shift from defending his foreclosure record in the aftermath of the financial crisis to tackling major issues such as tax reform, financial services deregulation and worldwide economic diplomacy as major trading partners fret over President Donald Trump's "America First" strategy.

"Objectively speaking, I don't believe anyone can reasonably argue that Mr. Mnuchin is unqualified for the position", Republican Senate Finance Committee Chairman Orrin Hatch said at Mnuchin's confirmation hearing in January.

"Since I was first nominated to serve as Treasury Secretary, I have been maligned as taking advantage of others' hardships in order to earn a buck".

Lawmakers and businesses alike have been waiting for Mnuchin to take office and bring clarity to how he will pursue tax reform as well as global economic cooperation efforts with partners in China, Mexico and Europe who are anxious about the extent of Trump's "America First" strategy.