Welcome Treasury Secretary Steve Mnuchin
Last week, former Goldman Sachs executive Steve Mnuchin was sworn in as Treasury Secretary. Key responsibilities the new Treasury Secretary will face include tax reform, trade deals, and review of financial services regulatory agencies.
Previously, Steve Mnuchin worked for Goldman Sachs, first in the mortgage department and then as a partner. After seventeen years with the company, he worked as a vice-chairman of hedge fund ESL Investments. In 2009, in the midst of the financial crisis, Mnuchin bought California-based residential lender IndyMac and renamed the company OneWest Bank. OneWest Bank went on to purchase other indebted lenders and banks and became profitable one year after Mnuchin’s initial purchase. In 2015, he sold OneWest to CIT Group. In 2016, he became an early supporter of the Trump campaign and later accepted an offer to become the national finance chairman for the campaign.
Earlier in the month, President Donald Trump signed an executive order asking for a report on proposed changes to Dodd-Frank from the Treasury Secretary in the next 120 days. The new administration has suggested that a comprehensive tax reform plan will be released in a few weeks.
In his confirmation hearing, Mnuchin said, “we think the way to reduce the debt is by economic growth.” His abundant financial experience should contribute to the way he approaches the Treasury Secretary position. CNBC reports that other former bankers are expected to serve in other key Treasury roles.
Sources: WhiteHouse.gov, CNBC, New York Times, Bloomberg