Donald Trump’s Secretary Of The Treasury designee Steve Mnuchin has been called out by the ranking Democrat on the Senate Banking Committee Sherrod Brown. Brown expects Mnuchin to explain to the Senate how his career as a hedge fund partner and bank executive will affect his decisions on fiscal and monetary policies.
Senator Brown sent Steven Mnuchin a letter on Wednesday with a list of questions. The Senator from Ohio asked for an answer by January 6. Brown is especially concerned with how Mnuchin’s OneWest regional bank made a fortune from foreclosing on 36, 000 mortgages in the wake of the 2008 subprime mortgage debacle.
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The letter stated, “A Treasury Secretary is expected to be an expert in financial market operations and regulation, in addition to industrial and international trade policy, terrorist financing and sanctions, and tax and fiscal policy. I am currently unaware of your views and record on a host of these issues.”
And he released a statement saying, “Working people need a Treasury Secretary who will work for them, not Wall Street. The American public deserves to know where Mr. Mnuchin stands on the important housing and finance issues that he will oversee. While he made a fortune from the financial crisis, far too many Ohioans have yet to recover from it.”
Senator Brown is also concerned with possible conflicts of interest whereby Mr. Mnuchin may make decisions that are favorable to his Wall Street associates.
Mr. Mnuchin’s office released a statement in response saying, “Several weeks ago we reached out to request a meeting for treasury nominee Steven Mnuchin to meet with Sen. Brown, and to date Sen. Brown has not accepted. Mr. Mnuchin looks forward to the confirmation process and to meeting Senator Brown to discuss issues important to the Senator.”