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Why Major Vacancies in Mnuchin's Treasury Dept?

Why Major Vacancies in Mnuchin's Treasury Dept?
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Sunday, 19 May 2019 09:56 PM Current | Bio | Archive

In an administration that places such a high priority on economic policy, it is unusual to find four of the top positions are currently vacant at the U.S. Department of the Treasury.

Such vacancies at such a high level at the Treasury Department can lead investors inside and outside the U.S. to grow uncertain about what direction the Trump Administration’s economic agenda will take. 

Last Thursday, the Wall Street Journal reported that Craig Phillips, counselor to Secretary Steve Mnuchin, would soon be leaving his position and returning to Wall Street.

Phillips, formerly a top executive with Blackrock Inc. investors, has been Mnuchin’s quarterback on such measures as freeing mortgage titans Fannie Mae and Freddie Mac from federal regulation.  In addition, Phillips was the top Treasury advocate for rolling back regulations on banks spawned by the 2008 financial crisis.

Phillips’ departure came on the heels of the president naming David Malpass, under secretary of the Treasury for international affairs, as president of the World Bank.  A month after Malpass assumed his new position, no successor has been named to his portfolio at Treasury.

Also exiting the Treasury Department are Eli Miller, Mnuchin’s chief of staff, who is headed toward a major job with Blackrock. Miller, 36, is a veteran of the Trump presidential campaign in ’16 and considered Mnuchin’s closest confidant.

As in Miller’s job, there has so far been no one tapped to replace Dr. Heath Tarbert as Assistant Secretary of the Treasury for International Markets and Investment Policy.  A one-time associate counsel under President George W. Bush and clerk to Supreme Court Justice Clarence Thomas, Tarbert is awaiting confirmation hearings to be chairman of the Commodity Futures Trading Commission.

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.

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In an administration that places such a high priority on economic policy, it is unusual to find four of the top positions are currently vacant at the U.S. Department of the Treasury.Such vacancies at such a high level at the Treasury Department can lead investors inside and...
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Sunday, 19 May 2019 09:56 PM
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