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Reports: Trump to Name Steven Mnuchin Treasury Secretary

Reports: Trump to Name Steven Mnuchin Treasury Secretary

Steven Mnuchin (AP Photo)

By    |   Tuesday, 29 November 2016 06:07 PM

President-elect Donald Trump is expected to name Steven Mnuchin, an investor and former Goldman Sachs executive, as Treasury secretary.

Mnuchin, 53, joined Trump's campaign as finance chairman in May, The New York Times and The Washington Post report. He worked closely with the Republican National Committee to raise money during the presidential election. Otherwise, Mnuchin has no other government experience.

Mnuchin, who rose to partner at Goldman Sachs, later created a hedge fund before becoming active in Hollywood — financing such blockbuster movies as "Avatar" and the "X-Men" franchise.

His nomination could be announced as early as Wednesday, according to the transition sources.

Trump nominated Rep. Tom Price, R-Ga., as Health and Human Services Secretary and Indiana consultant Seema Verma as head of the Centers for Medicare and Medicaid Services on Tuesday.

The three nominations would require Senate confirmation.

As Treasury secretary, Mnuchin would have a critical role in shaping Trump's economic agenda, which includes planned tax cuts and higher infrastructure spending, and overseeing the nation's financial system.

During the campaign, Trump railed against current Goldman Sachs CEO Lloyd Blankfein and others linked to the "failing" American economy, but Mnuchin supported the Republican nominee early in his White House effort.

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Mnuchin attended Trump's victory party when he won the New York Republican presidential primary in April, the Times reported.

Mnuchin the next day accepted Trump's invitation to become the campaign's finance director.

He supported Mitt Romney's presidential campaign in 2012.

Mnuchin is the son of Goldman Sachs partner Robert Mnuchin, who spent more than 33 years at the bank. His brother, Alan, was a vice president. He is engaged to actress Louise Linton, who would be his third wife, the Times reported.

Mnuchin joined the Wall Street powerhouse after graduating from Yale University. Over 17 years, he eventually oversaw trading in government securities and mortgage bonds. He left the firm in 2002 and worked briefly for liberal billionaire George Soros, the Post reported.

In 2004, Mnuchin founded Dune Capital Management, a hedge fund, and began investing in Hollywood. 

In 2009, he was in a group that bought IndyMac, a failed California mortgage lender, from the FDIC for $1.3 billion. The company was renamed OneWest, and Mnuchin became chairman, the Times reported.

In 2015, the CIT Group, the nation's biggest lender to small businesses, bought OneWest — paying more than twice the 2009 price, according to the Times. 

Before the sale, however, OneWest was accused of aggressive foreclosure tactics.

In addition, housing advocacy groups also filed a federal complaint alleging the company did not make sufficient loans to minority neighborhoods, according to reports.

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President-elect Donald Trump is reportedly expected to name Steven Mnuchin, an investor and former Goldman Sachs executive, as Treasury secretary.
treasury, secretary, steven mnuchin, donald trump
Tuesday, 29 November 2016 06:07 PM
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