Trump officially picks Mnuchin for Treasury

by Ryan Smith30 Nov 2016
President-elect Donald Trump has officially picked his campaign finance chair, Steve Mnuchin, to serve as secretary of the Treasury, according to an NPR report.

Mnuchin, long thought to be the frontrunner for the job, confirmed his selection today on a CNBC interview. Mnuchin spent 17 years at Goldman Sachs, where he was a partner. He’s currently chief executive of the hedge fund Dune Capital, according to NPR.

Mnuchin joined Trump’s campaign in April, NPR reported. He was heavily involved in crafting Trump’s tax proposals, which could bring $6 trillion in tax cuts over the next decade, but which critics say will cause budget deficits to skyrocket.

Mnuchin has also financed blockbuster movies such as this summer’s Suicide Squad, and served as executive producer for American Sniper and Mad Max: Fury Road, NPR reported.

Mnuchin’s pick is not without controversy. In 2009 he put together a group of investors, including George Soros, to buy failed bank IndyMac. Mnuchin became chairman and CEO of the bank, renamed OneWest. Under his tenure, the bank was known to foreclose quickly on delinquent homeowners; OneWest foreclosed on more than 36,000 households under Mnuchin. In 2011, the number of foreclosures even sparked a protest outside his Bel Air mansion, according to NPR.

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