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Steven Mnuchin and the White House Fail Government 101 Again

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77th United states Secretary of the Treasury

Steven Mnuchin
Steven Mnuchin official photo.jpg

Official portrait, 2018
77th United States Secretarial assistant of the Treasury
In function
Feb 13, 2017 – January 20, 2021
President Donald Trump
Deputy Sigal Mandelker (acting)
Justin Muzinich
Preceded by Jack Lew
Succeeded by Janet Yellen
Personal details
Born

Steven Terner Mnuchin


(1962-12-21) Dec 21, 1962 (historic period 59)
New York Urban center, U.Southward.
Political political party Republican
Spouse(s)

Kathryn Leigh McCarver

​

​

(m. 1992; div. 1999)​


Heather deForest Crosby

​

​

(m. 1999; div. 2014)​


Louise Linton

​

(chiliad. 2017)​
Children 3
Parent(southward)
  • Robert Mnuchin (father)
Education Yale Academy (BA)

Steven Terner Mnuchin [1] ( mə-NOO-shin;[ii] born December 21, 1962) is an American investment banker[3] and pic producer who served as the 77th United states secretary of the treasury as office of the Cabinet of Donald Trump from 2017 to 2021. Previously, Mnuchin had been a hedge fund managing director and investor.

Upon graduating from Yale Academy in 1985, Mnuchin joined the investment bank Goldman Sachs where his male parent, Robert Mnuchin, was a full general partner. Mnuchin worked at Goldman Sachs for 17 years, eventually becoming its master data officer. After he left Goldman Sachs in 2002, he worked for and founded several hedge funds and launched Dune Entertainment, a motion motion picture production company that financed several films for 20th Century Trick. Mnuchin was a member of Sears Holdings's Lath of Directors from 2005 until Dec 2016, and prior to this, Mnuchin served on Kmart's Board of Directors.[4] After Sears went bankrupt, the company that formerly owned it sued Mnuchin and ex-CEO Eddie Lampert for "nugget stripping" during their tenure.[5] During the financial crisis of 2007–2008, Mnuchin bought failed residential lender IndyMac. He changed the proper name to OneWest Depository financial institution and rebuilt the bank, then sold it to CIT Group in 2015. During his time equally OneWest CEO and chairman, the banking concern became embroiled in several lawsuits over questionable foreclosures.

Mnuchin joined Trump's presidential entrada in 2016, and was named National Finance Chairman for the campaign. On February 13, 2017, Mnuchin was confirmed past the U.S. Senate as Secretary of the Treasury past a vote of 53–47.[6] As Secretary of the Treasury, Mnuchin supported the Trump revenue enhancement cuts and the revenue enhancement reform of 2017 and advocated reducing personal and corporate taxation rates.[vii] In regard to regulatory policy, Mnuchin supported President Trump's partial repeal of the Dodd–Frank Act, citing the complexity of the legislation.[8]

Early on life and instruction [edit]

Steven Mnuchin was born on December 21, 1962, in New York City, the 2nd-youngest son in his family.[9] [ten] Mnuchin's family is Jewish.[10] [11] [12] He is the son of Robert E. Mnuchin of Washington, Connecticut, and Elaine Terner Cooper of New York.[13] Robert Mnuchin was a partner at Goldman Sachs in accuse of equity trading and a member of the management committee. He is also the founder of an art gallery in New York City, the Mnuchin Gallery.[13] [xiv] Mnuchin's groovy-grandfather, Aaron Mnuchin, a Russian-born diamond dealer who later resided in Belgium, emigrated to the U.S. in 1916.[xv]

Mnuchin attended Riverdale Country School in New York City. He graduated from Yale Academy in 1985 with a available's degree in economics.[9] [16] [17] At Yale, Mnuchin was publisher of the Yale Daily News,[eighteen] [19] and was also initiated into Skull and Basic in 1985.[20] [21] While a student at Yale, Mnuchin drove a Porsche and lived at New Oasis'southward Taft Hotel.[22]

Mnuchin's outset job was as a trainee at investment depository financial institution Salomon Brothers in the early 1980s, while still studying at Yale.[21] [23]

Finance and banking career [edit]

Goldman Sachs [edit]

Mnuchin graduated from Yale in 1985 and started working for Goldman Sachs, where his male parent had been employed since 1957.[9] [24] Mnuchin started in the mortgage department, and became a partner at Goldman in 1994.[xi] [25] Until he left the company in 2002, Mnuchin held the following positions every bit a partner:[26] [27]

  • November 1994 – December 1998: Head of the Mortgage Securities Section
  • December 1998 – November 1999: Overseeing mortgages, U.S. governments, money markets, and municipals at Fixed Income, Currency and Bolt Division
  • December 1999 – Feb 2001: Fellow member of the Executive Committee and co-head of the Technology Operating Committee
  • Feb 2001 – December 2001: Executive Vice President and co-main data officer
  • December 2001 – 2002: Executive vice president, member of the Management Commission, and chief information officer[28]

Mnuchin left Goldman Sachs in 2002 after 17 years of employment, with an estimated $46 million of company stock and $12.6 meg in compensation that he received in the months prior to his difference.[11]

Hedge funds [edit]

After he left Goldman Sachs in 2002, Mnuchin briefly worked as vice-chairman of hedge fund ESL Investments, which is owned by his Yale roommate Edward Lampert.[29] From 2003 to 2004 he worked as Principal Executive Officeholder at SFM Capital Management, a fund backed by George Soros.[30] [31] Mnuchin founded a hedge fund chosen Dune Capital letter Direction,[32] named for a spot nigh his house in The Hamptons, in 2004 with two former Goldman partners.[nine] After its founding, Mnuchin served as the CEO of the company.[8] The firm invested in at least ii Donald Trump projects, the Trump International Hotel and Tower in Honolulu and its namesake in Chicago. Dune Upper-case letter Management and other lenders to the skyscraper in Chicago were sued by Trump before a settlement was reached.[33] [34]

Mnuchin was outbid by Solitary Star Funds on a portfolio of residential mortgage-backed collateralized debt obligations being sold past Merrill Lynch during the financial crisis, which sold for $six.7 billion.[nine]

Mnuchin has been criticized for his use of offshore entities for investment purposes as a hedge-fund manager, which is a mutual practice in the industry. Mnuchin has stated: "In no way did I apply [offshore entities] to avert U.S. taxes."[35]

OneWest [edit]

Purchase of IndyMac and other loan portfolios [edit]

In 2009, a group led by Mnuchin bought California-based residential lender IndyMac, which had been in receivership by the FDIC and owned $23.five billion in commercial loans, mortgages, and mortgage-backed securities. The buy price was a $iv.7 billion discount to its volume value.[36] [ix] Mnuchin's investment group included George Soros, hedge-fund director John Paulson, former Goldman Sachs executive J. Christopher Flowers, and Dell Calculator founder Michael Dell.[ix] [37] The FDIC agreed to retain some of the more problematic assets of the bank, and signed a loss-sharing agreement. The FDIC was estimated to be required to pay $2.iv billion to IndyMac nether the shared loss agreement.[38] After purchasing IndyMac, renamed OneWest Bank, Mnuchin moved into a xx,000 square foot business firm in Bel Air to begin his tenure as CEO and chairman.[37] OneWest and then bought several other failed banks including Starting time Federal Banking concern of California in 2009 and La Jolla Bank in 2010. Furthermore, OneWest bought a portfolio belonging to Citi Holdings for $ane.4 billion.[nine] OneWest was profitable one yr after Mnuchin had bought information technology, and it became the largest bank of Southern California, with assets worth $27 billion.[33]

Sale to CIT [edit]

In 2015, Mnuchin sold OneWest to CIT Group for $3.4 billion.[34] [33] After the conquering by CIT, Mnuchin remained at OneWest, and became a member of CIT Group's lath of directors.[37] As of August 2016, Mnuchin owned $97 million in CIT Group stock, most of which he had received in exchange for his pale in OneWest.[21] On Dec ii, 2016, Mnuchin resigned from the lath of directors of CIT as a result of his selection every bit nominee for Secretarial assistant of the Treasury.[39]

Foreclosures [edit]

OneWest was criticized for aggressively foreclosing on homeowners. In the 5 years following Mnuchin'south acquisition of OneWest, the bank foreclosed on 36,000 homes in California, leading local activists to begin calling Mnuchin "the foreclosure rex."[40] The high foreclosure rate might have been a result of the loss sharing agreement with the FDIC, whereby the FDIC had to reimburse OneWest for losses.[9] According to The New York Times, OneWest "was involved in a string of lawsuits over questionable foreclosures, and settled several cases for millions of dollars".[41] Considering of these foreclosures, around 100 protesters of Occupy Los Angeles gathered exterior Mnuchin's home in October 2011 and held signs that read "Brand Banks Pay".[33] Two California off-white-housing groups filed complaints to the federal government alleging that OneWest had violated the Fair Housing Act past not lending coin to African Americans, Hispanics, and Asians.[29] [34] [42]

In November 2016, afterwards OneWest was sold to CIT, the California Reinvestment Coalition submitted a Liberty of Data Deed request to the United States Department of Housing and Urban Development (HUD) to learn more about CIT's reverse mortgage subsidiary, Financial Freedom.[42] According to the HUD's response, CIT/Financial Freedom foreclosed on 16,220 federally insured reverse mortgages from April 2009 to April 2016. This represented about 39% of all federally insured reverse mortgage foreclosures during that time. CRC estimated that Financial Freedom serviced only almost 17% of the market and thus was foreclosing more than twice as often every bit its competitors.[43] CIT Grouping disclosed to investors that information technology had received subpoenas from HUD's Part of the Inspector Full general in the 3rd and fourth quarters of 2015.[44] In November 2016, two non-profits filed a complaint with the Department of Housing and Urban Development, alleging redlining by OneWest Bank.[45] [46] [47]

In 2017 a leaked internal memo from the California chaser general'due south office was published, stating that the prosecutor's function had found more than than a thousand violations of foreclosure law past OneWest during Mnuchin'southward tenure. The prosecutor, Kamala Harris, had declined to file a civil enforcement suit.[48] [49] [50]

Liberty Strategic Majuscule [edit]

After Donald Trump lost the 2020 election, Mnuchin established an investment fund, Liberty Strategic Capital letter. The fund obtained funds from the Saudis, Emirati and Qatari sovereign wealth funds.[51] According to the New York Times, "The calibration of Mr. Mnuchin's fund and its investments from countries where he traveled as Treasury secretary have raised questions about whether he used his government role to enrich himself."[52]

Motion-picture show product career [edit]

In 2004, he founded Dune Entertainment as a side business, which was the financier of a number of big budget films, by and large for 20th Century Fox, including the X-Men flick franchise and Avatar.[8] [53] [54]

In 2012, later on Dune's deal with 20th Century Fox concluded, Mnuchin teamed upward with filmmaker Brett Ratner and Australian businessman James Packer to merge his Dune Entertainment company with Ratner and Packer's newly founded RatPac Amusement joint venture; resulting in RatPac-Dune Entertainment, which then struck a financing bargain with Warner Bros. Betwixt 2013 and 2018, RatPac-Dune financed many films for Warner Bros., including American Sniper and Mad Max: Fury Road. Mnuchin was co-chairman of the trio's flick company, Relativity Media, simply left 7 months before it went bankrupt.[41] A source close to the company said he had resigned considering of the potential for a conflict of interest between his duties at Relativity and OneWest.[53] He and other investors reportedly lost $80 million.[54]

Filmography [edit]

Twelvemonth Function Titles
2014 Executive producer The Lego Movie
Winter's Tale
Edge of Tomorrow
Bailiwick of jersey Boys
This Is Where I Leave You
The Approximate
Annabelle
Inherent Vice
American Sniper
Blended
2015 Executive producer Run All Nighttime
Become Difficult
Mad Max: Fury Road
Entourage
San Andreas
Vacation
The Homo from U.N.C.L.E.
Black Mass
The Intern
Pan
Our Brand Is Crisis
In the Heart of the Bounding main
Focus
Jupiter Ascending
2016 Executive producer How to Exist Single
Midnight Special
Batman v Superman: Dawn of Justice
Keanu
The Conjuring two
Central Intelligence
The Legend of Tarzan
Lights Out
Suicide Squad
Sully
Storks
The Accountant
Collateral Beauty
Producer Rules Don't Employ
2017 Executive producer The Lego Batman Moving picture
Fist Fight
CHiPs
Going in Style
Unforgettable
King Arthur: Fable of the Sword
Wonder Woman
The Business firm
Annabelle: Cosmos
The Disaster Artist

Politics [edit]

Donations [edit]

Before joining the presidential campaign of Donald Trump in 2016, Mnuchin had been involved in politics just past donating money to campaigns.[55] Between 1995 and 2014, he donated over $120,000 to political organizations, PACs, politicians, and political parties. His contributions to candidates included 11 donations to Republicans and 36 donations to Democrats. The campaigns of Al Gore, Hillary Clinton, John Kerry, Barack Obama, and Hand Romney were amid those to which he donated money.[56] Mnuchin said most of those donations were favors for friends.[33]

Betwixt June and September 2016, Mnuchin donated over $400,000 to the Republican Party, including donations to Paul Ryan and Donald Trump. Earlier in 2016, Mnuchin had donated $4,000 to Democrats Kamala Harris and Michael Wildes.[56]

2016 presidential campaign of Donald Trump [edit]

Mnuchin was an early supporter of Trump, and attended his victory party after the New York Republican chief victory on April 19, 2016, for which he received a concluding-minute invitation.[34] He was chosen the post-obit day past Trump, who asked him if he wanted to exist the national finance chairman of his campaign.[33] Mnuchin, who afterward said in an interview he had known Trump "for over fifteen years", accepted the offer.[eight] [33] In a statement announcing the appointment, Trump said: "Steven is a professional at the highest level, with an extensive and very successful financial groundwork." He also said Mnuchin would bring "unprecedented feel and expertise" that would do good the Republican Political party. Afterwards being appointed as the Trump campaign's main fundraiser, Mnuchin said: "Information technology's a bully privilege to exist working with Mr. Trump to create a world-grade finance organization to support the campaign in the General Election."[57]

Mnuchin worked with Republican National Committee counterpart Lewis Eisenberg on a belatedly-developing joint operation for the committee and the Trump campaign. Before Mnuchin'south appointment, no large-scale fundraising operation had been started for the Trump entrada. The late-summer fundraising goal was shut to $500 one thousand thousand.[33] The New York Times described Mnuchin's part during the campaign as "relatively behind the scenes", and the paper noticed he never "seemed to seek the spotlight".[8] During an interview, Mnuchin said that because of his connectedness to the Trump entrada, "a lot of people in California and New York [...] wanted to stop being friends".[58] After Trump won the election, he announced that Mnuchin would join the transition team on November 11.[59]

Political views [edit]

In a November 30, 2016, interview on CNBC, Mnuchin chosen it the Trump administration's task to "make sure that the average American has wage increases and skilful jobs". Furthermore, he said his priority was getting a sustained growth of GDP of 3% or four%. He said in society to become in that location, "our number ane priority is tax reform". Mnuchin said he would reduce corporate taxes to xv%, cut taxes for the centre form, and simplify the tax system. When asked about merchandise, he said he believed in trade deals with individual countries, as opposed to regional trade deals. Mnuchin said, "This president [...] is going to have open communication with business leaders", when asked about keeping jobs from being offshored to Mexico.[vii] During the interview, he also said he wants to "strip dorsum parts of Dodd–Frank" because he argued it was as well complicated, and information technology prevented banks from lending. He called the stripping dorsum of Dodd–Frank "the number-one priority on the regulatory side".[8]

Secretary of the Treasury [edit]

Nomination and confirmation [edit]

On November 30, 2016, Donald Trump announced on his website that he would nominate Mnuchin as United states Secretary of the Treasury.[sixteen] In the statement, Trump called Mnuchin a "earth-class financier, banker, and businessman", and he said Mnuchin played an important part in developing his "plan to build a dynamic, booming economy". Mnuchin himself said he was "honored to take the opportunity to serve our corking country in this important role". He called Trump's economic agenda a "assuming" ane "that creates adept-paying jobs and defends the American worker".[16]

On Feb 1, 2017, the Senate Finance Committee approved his nomination by a vote of 11–0 with all Democrats boycotting the vote, sending the nomination to the Senate floor.[lx]

Subsequently the nomination was announced, Mnuchin resigned from his position on the lath of trustees of the Museum of Gimmicky Art, Los Angeles, to which he had donated between $100,000 and $250,000.[61] [62] When the pick was appear, Mnuchin was also a member of the boards of UCLA Wellness System, the NewYork–Presbyterian Hospital, and the Los Angeles Police Foundation.[xvi]

The New York Times noted that Mnuchin'southward selection "fits uneasily with much of Mr. Trump'due south campaign attacks on the financial industry". For example, an ad of Trump'southward campaign said Goldman Sachs' CEO had "robbed [the] working grade". Mnuchin is the tertiary former Goldman-Sachs executive to serve in the job, after Hank Paulson, under President George W. Bush, and Robert Rubin, under President Bill Clinton, in the 2000s and 1990s, respectively.[34]

During his Senate confirmation hearing on January 19, 2017, Mnuchin was criticized by Democrats for OneWest's foreclose practices. Mnuchin said: "Since I was starting time nominated to serve as treasury secretary, I have been maligned as taking advantage of others' hardships in society to earn a buck. Nothing could be further from the truth".[63] During the hearing, it was also noted that Mnuchin had failed to disclose $95 meg of real estate that he endemic and his role every bit director of Dune Majuscule International, an investment fund in a tax oasis. Mnuchin described the omissions every bit mistakes fabricated amongst a mountain of hierarchy.[64]

Following Trump's January 2017 announcement about an investigation into voter registration, information technology was discovered that Mnuchin is registered to vote in both California and New York.[65]

On Feb 13, 2017, Mnuchin was confirmed as secretary of the treasury by a vote of 53–47. He received unanimous support from Senate Republicans only from only one Senate Democrat, Joe Manchin of West Virginia.[66]

Tenure [edit]

Mnuchin's first official secretary portrait

Bogus intelligence [edit]

Mnuchin, when asked in an interview with Mike Allen of Axios "whether he was worried almost AI displacing jobs, replied: 'non at all... I recall we are so far away from that' — 50 or 100 years — 'it'due south not even on my radar screen'." Old treasury secretary Lawrence Summers was among critics of the statement, likening it to climate denial and creationism.[67] Fortune columnist Alan Murray, noting the dispute, said he idea "the cadre of the misunderstanding is the term 'artificial intelligence'". While he felt Mnuchin expressed agreement of the office of technology in the labor marketplace and besides worried that the secretary and President Donald Trump were both in their ways underestimating technology's touch on, he idea the climate-denial charge was excessive.[68]

Environment [edit]

In January 2020, Mnuchin dismissed environmental activist Greta Thunberg, proverb she should go to college and study economics before weighing in on policy.[69] Others responded to Mnuchin, noting that thousands of economists with PhDs had signed a letter calling for taxation of carbon dioxide emissions.[70]

Federal budget and benefits [edit]

On June 12, 2017, Mnuchin denied the debt ceiling not beingness raised before the Baronial recess would cease federal government operations, and said Congress should weigh the option of "irresolute the timing so that the debt ceiling matches the upkeep process and then we don't have to bargain with this in this format" during a House appropriations subcommittee hearing.[71] On June fourteen, during a prepared testimony alee of the Business firm subcommittee on State, Strange Operations and Related Programs, Mnuchin said the upkeep proposal on the part of the Trump administration "should send a bulletin that the international financial institutions demand to operate more efficiently".[72]

On July 13, in response to express lifespans existence reported of Social Security and Medicaid, Mnuchin said: "To aid make these programs sustainable into the future, we should focus on strengthening the economic system today. Compounding growth will assistance ease projected shortfalls."[73]

Taxes [edit]

Mnuchin is a fellow member of the then-called "Big Six", a group of politicians convened to write a tax reform proposal that incorporated input from members of the House of Representatives, Senate, and White Business firm. In addition to Mnuchin, the group consists of senators Orrin Hatch (R-UT) and Mitch McConnell (R-KY); representatives Kevin Brady (R-TX) and Paul Ryan (R-WI); and National Economic Council Director Gary Cohn.[74]

Shortly later on the Nov 2016 ballot, Mnuchin, as the planned nominee for secretary of the treasury, stated in an interview with CNBC that "any reductions nosotros have in upper-income taxes will be offset by less deductions so that at that place volition be no absolute revenue enhancement cut for the upper class",[75] which Senator Ron Wyden (D-OR) later called "The Mnuchin Rule" during his Senate confirmation hearing.[76]

Brad McMillan, chief investment officer for Commonwealth Financial Network, said a preliminary taxation reform proposal by Trump in April 2017 "allocates much of the taxation relief to the wealthy" and could increase the budget deficit.[76] In a May 2017 result moderated past CNBC, Mnuchin stated the intent was to evangelize a "middle-income taxation cut", but that final results depended on the actions of Congress.[77] Mnuchin appeared with White House Director of Legislative Diplomacy Marc Short in a July 2017 event when they vowed to have the tax reform proposal before Congress after information technology resumed operations on September 5, and Mnuchin added that "lowering the top [earners'] rate [would be beginning by] emptying of huge deductions. So, for well-nigh people in the meridian rate, they're non going to become a tax cutting."[78] Mnuchin walked back the "Mnuchin Rule" in a September 2017 interview with CNN prior to the release of the proposed tax reforms, saying the "no absolute tax cut for the upper grade" phrase "was never a promise... never a pledge... it was what the president'south objective was". Under the tax reform proposal, the acme tax rate would decline from 39.6 to 35 per centum, and the budget arrears would probable increment.[79]

Cabinet coming together in Baronial 2018

During an appearance at the Milken Institute Global Conference on May 1, 2017, Mnuchin said the White Firm and House Republicans were united in views on tax reductions: "Nosotros're all on the same folio. On 80% of the details, we're in agreement. Some other 20%, nosotros need to work through."[eighty]

During a conference in Ottawa on June 9, Mnuchin said government tax receipts were "coming in somewhat lower", just that this did non concern the administration.[81]

While actualization on ABC News on July 9, Mnuchin confirmed the assistants was not considering a tax increase on the American upper class and the upcoming tax plan would finance itself.[82]

Mnuchin advocated for the Tax Cuts and Jobs Human action of 2017, a pecker expected to add $1.5 trillion to the deficit.[83] Mnuchin claimed the bill would pay for itself by causing explosive economic growth; he promised the treasury was working on an analysis that showed that, and that the assay would be made public before Congress voted on the legislation.[83] However, on November xxx, 2017, sources within the Treasury department said Mnuchin had ordered no assay of the tax programme and that there was no Treasury analysis that showed that the tax cuts would pay for themselves.[83] In December 2017, the treasury released a one-folio report on the tax plan which acknowledged that the plan would not pay for itself through economic growth.[84] [85]

In May 2018, Mnuchin instructed his staff to take a non-depression-income tract in Storey Canton, Nevada, as an Opportunity Zone shortly after attending a Milken Institute event in Beverly Hills with Michael Milken.[86] Milken was already an investor in the Nevada tract.[86] In Baronial 2018, Mnuchin attended a Milkin Plant briefing on "opportunity zones" in the Hamptons with Milken and afterwards accepted a flight to Los Angeles with Milken on his private jet.[86] Treasury later issued a regulatory guidance that allows prior investors to benefit from newly designated "opportunity zones".[86]

International relations [edit]

At a March 18, 2017, meeting of G-20 country finance ministers, Mnuchin supported the Trump administration'southward trade policy of economical protectionism.[87] [88]

During an April 24, 2017, White House briefing, Mnuchin announced Department of Treasury sanctions confronting the Syrian Scientific Studies and Research Center. He said the sanctions were designed to create accountability for the Bashar al-Assad regime and its supporters in the wake of their violations both of U.N. Security Quango resolutions and of the Chemical Weapons Convention.[89]

On June 29, Mnuchin appear the Depository financial institution of Dandong, a Chinese bank, had sanctions imposed on information technology by the U.S. He charged the bank with acting "equally a gateway for North Korea to access the U.South. and international fiscal systems".[90]

Mnuchin and Saudi Arabian Managing director of PIF and Chairman of Saudi Aramco, Yasir Al-Rumayyan, discuss energy opportunities and investments in the United states, Oct 31, 2019

On March 15, 2018, Mnuchin unveiled a series of sanctions, offset time under CAATSA as well as Executive Society 13694, confronting various Russian entities and individuals.[91] [92]

Beginning in November 2019, Mnuchin facilitated negotiations between the governments of Egypt, Federal democratic republic of ethiopia, and Sudan with respect to the filling and operation of the Grand Ethiopian Renaissance Dam after tripartite negotiations between the three countries languished after eight years of talks.[93] Egypt has opposed the dam, fearing that information technology volition reduce the corporeality of water it receives from the Nile. In February 2020, Mnuchin stated that "final testing and filling should not take identify without an agreement."[94] Ethiopian Foreign Government minister Gedu Andargachew said Mnuchin'due south advice to Ethiopia was "ill-advised".[95]

Back up for President Trump [edit]

While briefing reporters on April 26, Mnuchin said President Trump "has no intention" to release his taxation returns, asserting that Trump "has released plenty of information".[96]

In the Baronial 2017 Unite the Right rally in Charlottesville, Virginia, opposing the removal of Amalgamated statues, protesters included neo-Nazis and Klansmen, leading to tearing conflicts. President Trump said in that location was "blame on both sides". Several hundred of Mnuchin's Yale classmates drafted a letter urging him to resign from the assistants in protest.[97] Mnuchin responded by saying: "While I find it hard to believe I should accept to defend myself on this, or the president, I feel compelled to let you know that the president in no way, shape, or course, believes that neo-Nazi and other hate groups who endorse violence are equivalent to groups that demonstrate in peaceful and lawful ways."[12]

On September 24, Mnuchin appeared on This Week and State of the Union to defend Trump's phone call to "become that son of a bitch off the field correct now", referring to the protests past professional athletes starting in 2016, most notably marked by Colin Kaepernick kneeling during the pregame singing of the national anthem. Mnuchin said: "...it'southward not nigh race, it's not about free speech. They can exercise free speech on their own time.... [T]his is about respect for the military and first responders in the state."[98]

[edit]

In March 2017, Mnuchin drew ethics concerns every bit regarding a statement he had fabricated urging parents to "send all your kids to LEGO Batman" during an interview with Axios, plainly endorsing The Lego Batman Motion picture which he was an executive producer of. Simply earlier in the interview, Mnuchin acknowledged: "I'thou non immune to promote anything that I'm involved in."[99] In response, Mnuchin wrote in a alphabetic character to Walter Shaub at the Office of Government Ethics (OGE) that he "should not have fabricated that statement", and assured the OGE that "it was not my intention to make a production endorsement".[100]

Divestment from prior businesses [edit]

In May 2017, it was reported that Mnuchin's fiancée, Louise Linton, had succeeded him every bit the interim CEO of Dune Entertainment effective February 2017. Mnuchin had stepped down from the function every bit function of his ideals agreement to divest his business concern roles in preparation for his appointment as Secretary of the Treasury.[101] [102] Linton'due south announcement of her part at Dune Entertainment drew the attention of Senator Ron Wyden [D-Oregon], a member of the Senate Finance Commission, who questioned whether the appointment of Linton meant Mnuchin had fully divested from the company. Although the Department of the Treasury replied that she was serving in an uncompensated capacity, Linton resigned as interim CEO afterward in May.[103]

Use of government shipping [edit]

Gulfstream Aerospace C-37A (Gulfstream V), photographed in 2005

Following criticism of his use of a United States Air Strength jet on a trip to Kentucky that involved viewing the solar eclipse, the Treasury Section's Office of the Inspector General (OIG) opened upwardly an inquiry into Mnuchin's use of regime aircraft.[104] The watchdog group Citizens for Responsibility and Ethics in Washington (CREW) filed a Freedom of Data Deed (FOIA) request regarding Mnuchin's use of government aircraft. After the authorities failed to answer to the FOIA request, Crew sued the Department of the Treasury to release the documents.[105] Mnuchin denied the trip was related to viewing the solar eclipse, saying: "People in Kentucky took [the solar eclipse] very seriously. Being a New Yorker, I don't have any interest in watching the eclipse."[106] Mnuchin, who was accompanied past his wife Louise Linton on the trip, reimbursed the government for Linton's travel to Kentucky, which amounted to $595 out of a total cost of $26,900.[107] [108]

During the OIG's investigation into Mnuchin's use of government aircraft, it was revealed that Mnuchin had requested a military jet for his honeymoon travel to Europe in June 2017. Mnuchin stated that, as a member of the United States National Security Council, he needed access to secure communications during his honeymoon, but withdrew his request for the military jet later on an alternative was identified.[109] Mnuchin stated: "I'g very sensitive to the utilize of authorities funds. I've never asked the government to pay for my personal travel... The story [regarding the honeymoon travel request] was quite misreported."[106] The OIG investigation also showed Mnuchin had taken a USAF C-37A, the military designation of the Gulfstream Five, to return from New York to Washington on August xv after flying to New York commercially. Although the asking for travel on the military jet was initiated by Mnuchin's office, the aircraft had previously been used to fly Transportation Secretarial assistant Elaine Chao from Joint Base of operations Andrews to Teterboro Aerodrome. Mnuchin'southward return flight lasted less than an hour and had an operating cost of at to the lowest degree $25,000.[110]

The OIG released its report on October four, 2017, last that there was "no violation of law in these requests and uses" of government aircraft by Mnuchin, only likewise expressing business organization regarding "a disconnect between the standard of proof called for in the Daley memo and the actual amount of proof provided by Treasury and accepted by the White House in justifying these trip requests".[111] The referenced Daley Memo was issued by then-White Business firm Chief of Staff William M. Daley on April iv, 2011, and it stated the standards for use of government aircraft by senior executive branch officials were given in OMB Circular A-126, dated February x, 1993. The Daley Memo also states that travel using military shipping must be considered a White Firm Support Mission, taken at the specific direction of the President under one of a prepare of limited circumstances that "brand commercial transportation unacceptable".[111] The typical reimbursement paid by requesting federal executive agencies covers only the cost of an equivalent omnibus ticket on a commercial flight.[110]

In the written report, the OIG reviewed nine travel requests by Mnuchin for armed services air transportation since March 2017, of which 7 were approved and taken, i was withdrawn, and ane was approved with travel pending in tardily Oct 2017.[111] The full cost of the vii trips taken was $811,800, calculated from per-hour cost and operating hours for the specific aircraft, or Air Force-provided direct costs of operations. 2 of the flights, taken to Europe in March and May 2017, each toll more than than $300,000. On ane flight, to Ottawa in June, Mnuchin was accompanied by his then-fiancée Linton. The total price of the Ottawa trip was $16,350, and the reimbursement repaid for Linton's price of travel was $744.[108] [112] Due to an inconsistency in the records provided for the trip to New York on August 15, the OIG opened a 2d research in October 2017, "to assure that [the OIG] take in fact received all relevant records".[113]

Student heckling incident [edit]

Mnuchin spoke at UCLA on Feb 26, 2018, where he was heckled and initially blocked the video from being released.[114]

The academy said in a statement that Mnuchin, who at beginning "afterwards withdrew" his approving for the video to be posted online, after gave consent for the video to be published.[115]

Personal life [edit]

Mnuchin'due south mother was a long-fourth dimension investor with Bernie Madoff. After his mother died in early 2005, Mnuchin and his brother liquidated her investments, making $3.2 million. A Madoff trustee sued to recollect the money from the Mnuchins, just a court ruled that the Madoff trust could recoup money but from those who had cashed out less than two years before the December 2008 collapse of Madoff'south company.[116]

Marriages [edit]

From 1992 to 1999, Mnuchin was married to Kathryn Leigh McCarver.[ citation needed ]

In 1999, Mnuchin married Heather deForest Crosby,[13] [21] and they had three children together.[117] Heather Mnuchin was active in philanthropy and AZIAM yoga.[118] [119] After he bought IndyMac, Mnuchin moved to a 21,000-square-human foot (2,000 ktwo), $26.5 meg business firm in Bel Air, Los Angeles, California, because the company'south headquarters was in Pasadena.[ix] [117] They divorced in 2014.

Mnuchin married actress Louise Linton on June 24, 2017.[120] Vice President Mike Pence presided over the anniversary.[121]

Non-profit work [edit]

Mnuchin served equally a member of the development board of Yale University, equally a board member of the Riverdale Country School, as a member of the national board and senior member of the non-profit youth organisation Junior Accomplishment, to which he had donated money, and as a board member of the Hirshhorn Museum and Sculpture Garden.[27] [122]

See also [edit]

  • List of people and organizations named in the Paradise Papers

References [edit]

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External links [edit]

  • Secretary of the Treasury Steven T. Mnuchin Archived November 19, 2019, at the Wayback Auto
  • Steven Mnuchin at IMDb
  • Appearances on C-Span
  • Steven Mnuchin on Twitter
Political offices
Preceded by

Jack Lew

 United States Secretary of the Treasury
2017–2021 		Succeeded by

Janet Yellen
U.S. guild of precedence (formalism)
Preceded past

Tom Price

as One-time US Cabinet Member 		Order of precedence of the United states
as Former Usa Chiffonier Member 		Succeeded by

David Shulkin

as Former US Chiffonier Member

plummerupostionots.blogspot.com

Source: https://en.wikipedia.org/wiki/Steven_Mnuchin

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