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Wikipedia

Steven Mnuchin

Steven Terner Mnuchin ( ; born December 21, 1962) is an American investment banker and film producer who served as the 77th United States secretary of the treasury as part of the Cabinet of Donald Trump from 2017 to 2021. Previously, Mnuchin had been a hedge fund manager and investor.

Steven Mnuchin
Official portrait, 2018
77th United States Secretary of the Treasury
In office
February 13, 2017 – January 20, 2021
PresidentDonald Trump
DeputySigal Mandelker (acting)
Justin Muzinich
Preceded byJack Lew
Succeeded byJanet Yellen
Personal details
Born
Steven Terner Mnuchin

(1962-12-21)December 21, 1962 (age 58)
New York City, U.S.
Political partyRepublican
Spouse(s)
Kathryn Leigh McCarver
(m. 1992; div. 1999)​

Heather deForest Crosby
(m. 1999; div. 2014)​

(m. 2017)​
Children3
Parent(s)
EducationYale University (BA)

Upon graduating from Yale University in 1985, Mnuchin joined the investment bank Goldman Sachs where his father, Robert Mnuchin, was a general partner. Mnuchin worked at Goldman Sachs for 17 years, eventually becoming its chief information officer. After he left Goldman Sachs in 2002, he worked for and founded several hedge funds and launched Dune Entertainment, a motion picture production company which financed several films for 20th Century Fox. Mnuchin was a member of Sears Holdings's Board of Directors from 2005 until December 2016, and prior to this, Mnuchin served on Kmart's Board of Directors. After Sears went bankrupt, the company that formerly owned it sued Mnuchin and ex-CEO Eddie Lampert for "asset stripping" during their tenure. During the financial crisis of 2007–2008, Mnuchin bought failed residential lender IndyMac. He changed the name to OneWest Bank and rebuilt the bank, then sold it to CIT Group in 2015. During his time as OneWest CEO and Chairman, the bank became embroiled in several lawsuits over questionable foreclosures.

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

Mnuchin is listed in the List of people and organisations named in the Paradise Papers.

Contents

Steven Mnuchin was born on December 21, 1962, in New York City, the second-youngest son in his family. Mnuchin's family is Jewish. He is the son of Robert E. Mnuchin of Washington, Connecticut, and Elaine Terner Cooper of New York. Robert Mnuchin was a partner at Goldman Sachs in charge 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. Mnuchin's great-grandfather, Aaron Mnuchin, a Russian-born diamond dealer who later resided in Belgium, emigrated to the U.S. in 1916.

Mnuchin attended Riverdale Country School in New York City. He graduated from Yale University in 1985 with a bachelor's degree in economics. At Yale, Mnuchin was publisher of the Yale Daily News, and was also initiated into Skull and Bones in 1985. While a student at Yale, Mnuchin drove a Porsche and lived at New Haven's Taft Hotel.

Mnuchin's first job was as a trainee at investment bank Salomon Brothers in the early 1980s, while still studying at Yale.

Goldman Sachs

Mnuchin graduated from Yale in 1985 and started working for Goldman Sachs, where his father had been employed since 1957. Mnuchin started in the mortgage department, and became a partner at Goldman in 1994. Until he left the company in 2002, Mnuchin held the following positions as a partner:

  • November 1994 – December 1998: Head of the Mortgage Securities Department
  • December 1998 – November 1999: Overseeing mortgages, U.S. governments, money markets, and municipals at Fixed Income, Currency and Commodities Division
  • December 1999 – February 2001: Member of the Executive Committee and co-head of the Technology Operating Committee
  • February 2001 – December 2001: Executive Vice President and co-chief information officer
  • December 2001 – 2002: Executive vice president, member of the Management Committee, and chief information officer

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

Hedge funds

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. From 2003 to 2004 he worked as Chief Executive Officer at SFM Capital Management, a fund backed by George Soros. Mnuchin founded a hedge fund called Dune Capital Management, named for a spot near his house in The Hamptons, in 2004 with two former Goldman partners. After its founding, Mnuchin served as the CEO of the company. The firm invested in at least two Donald Trump projects, the Trump International Hotel and Tower in Honolulu and its namesake in Chicago. Dune Capital Management and other lenders to the skyscraper in Chicago were sued by Trump before a settlement was reached.

Mnuchin was outbid by Lone Star Funds on a portfolio of residential mortgage-backed collateralized debt obligations being sold by Merrill Lynch during the financial crisis, which sold for $6.7 billion.

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

OneWest

Purchase of IndyMac and other loan portfolios

In 2009, a group led by Mnuchin bought California-based residential lender IndyMac, which had been in receivership by the FDIC and owned $23.5 billion in commercial loans, mortgages, and mortgage-backed securities. The purchase price was a $4.7 billion discount to its book value. Mnuchin's investment group included George Soros, hedge-fund manager John Paulson, former Goldman Sachs executive J. Christopher Flowers, and Dell Computer founder Michael Dell. 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 $2.4 billion to IndyMac under the shared loss agreement. After purchasing IndyMac, renamed OneWest Bank, Mnuchin moved into a 20,000 square foot house in Bel Air to begin his tenure as CEO and chairman. OneWest then bought several other failed banks including First Federal Bank of California in 2009 and La Jolla Bank in 2010. Furthermore, OneWest bought a portfolio belonging to Citi Holdings for $1.4 billion. OneWest was profitable one year after Mnuchin had bought it, and it became the largest bank of Southern California, with assets worth $27 billion.

Sale to CIT

In 2015, Mnuchin sold OneWest to CIT Group for $3.4 billion. After the acquisition by CIT, Mnuchin remained at OneWest, and became a member of CIT Group's board of directors. As of August 2016, Mnuchin owned $97 million in CIT Group stock, most of which he had received in exchange for his stake in OneWest. On December 2, 2016, Mnuchin resigned from the board of directors of CIT as a result of his selection as nominee for Secretary of the Treasury.

Foreclosures

OneWest was criticized for aggressively foreclosing on homeowners. In the five years following Mnuchin's acquisition of OneWest, the bank foreclosed on 36,000 homes in California, leading local activists to begin calling Mnuchin "the foreclosure king." 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. 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". Because of these foreclosures, around 100 protesters of Occupy Los Angeles gathered outside Mnuchin's home in October 2011 and held signs that read "Make Banks Pay". Two California fair-housing groups filed complaints to the federal government alleging that OneWest had violated the Fair Housing Act by not lending money to African Americans, Hispanics, and Asians.

In November 2016, after OneWest was sold to CIT, the California Reinvestment Coalition submitted a Freedom of Information Act request to the United States Department of Housing and Urban Development (HUD) to learn more about CIT's reverse mortgage subsidiary, Financial Freedom. 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 about 17% of the market and thus was foreclosing more than twice as often as its competitors. CIT Group disclosed to investors that it had received subpoenas from HUD's Office of the Inspector General in the third and fourth quarters of 2015. In November 2016, two non-profits filed a complaint with the Department of Housing and Urban Development, alleging redlining by OneWest Bank.

In 2017 a leaked internal memo from the California attorney general's office was published, stating that the prosecutor's office had found more than a thousand violations of foreclosure law by OneWest during Mnuchin's tenure. The prosecutor, Kamala Harris, had declined to file a civil enforcement suit.

In 2004, he founded Dune Entertainment as a side business, which was the financier of a number of large budget films, mostly for 20th Century Fox, including the X-Men film franchise and Avatar.

In 2012, after Dune's deal with 20th Century Fox ended, Mnuchin teamed up with filmmaker Brett Ratner and Australian businessman James Packer to merge his Dune Entertainment company with Ratner and Packer's newly founded RatPac Entertainment joint venture; resulting in RatPac-Dune Entertainment, which then struck a financing deal with Warner Bros. Between 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 movie company, Relativity Media, but left seven months before it went bankrupt. A source close to the company said he had resigned because of the potential for a conflict of interest between his duties at Relativity and OneWest. He and other investors reportedly lost $80 million.

Filmography

Year Role Titles
2014 Executive producer The Lego Movie
Winter's Tale
Edge of Tomorrow
Jersey Boys
This Is Where I Leave You
The Judge
Annabelle
Inherent Vice
American Sniper
Blended
2015 Executive producer Run All Night
Get Hard
Mad Max: Fury Road
Entourage
San Andreas
Vacation
The Man from U.N.C.L.E.
Black Mass
The Intern
Pan
Our Brand Is Crisis
In the Heart of the Sea
Focus
Jupiter Ascending
2016 Executive producer How to Be Single
Midnight Special
Batman v Superman: Dawn of Justice
Keanu
The Conjuring 2
Central Intelligence
The Legend of Tarzan
Lights Out
Suicide Squad
Sully
Storks
The Accountant
Collateral Beauty
Producer Rules Don't Apply
2017 Executive producer The Lego Batman Movie
Fist Fight
CHiPs
Going in Style
Unforgettable
King Arthur: Legend of the Sword
Wonder Woman
The House
Annabelle: Creation
The Disaster Artist

Donations

Before joining the presidential campaign of Donald Trump in 2016, Mnuchin had been involved in politics only by donating money to campaigns. 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 Mitt Romney were among those to which he donated money. Mnuchin said most of those donations were favors for friends.

Between 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.

2016 presidential campaign of Donald Trump

Mnuchin was an early supporter of Trump, and attended his victory party after the New York Republican primary victory on April 19, 2016, for which he received a last-minute invitation. He was called the following day by Trump, who asked him if he wanted to be the national finance chairman of his campaign. Mnuchin, who later said in an interview he had known Trump "for over fifteen years", accepted the offer. In a statement announcing the appointment, Trump said: "Steven is a professional at the highest level, with an extensive and very successful financial background." He also said Mnuchin would bring "unprecedented experience and expertise" that would benefit the Republican Party. After being appointed as the Trump campaign's main fundraiser, Mnuchin said: "It's a great privilege to be working with Mr. Trump to create a world-class finance organization to support the campaign in the General Election."

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

Political views

In a November 30, 2016, interview on CNBC, Mnuchin called it the Trump administration's job to "make sure that the average American has wage increases and good jobs". Furthermore, he said his priority was getting a sustained growth of GDP of 3% or 4%. He said in order to get there, "our number one priority is tax reform". Mnuchin said he would reduce corporate taxes to 15%, cut taxes for the middle class, and simplify the tax system. When asked about trade, 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. During the interview, he also said he wants to "strip back parts of Dodd–Frank" because he argued it was too complicated, and it prevented banks from lending. He called the stripping back of Dodd–Frank "the number-one priority on the regulatory side".

Nomination and confirmation

Mnuchin being sworn in at the Oval Office

On November 30, 2016, Donald Trump announced on his website that he would nominate Mnuchin as United States Secretary of the Treasury. In the statement, Trump called Mnuchin a "world-class financier, banker, and businessman", and he said Mnuchin played an important role in developing his "plan to build a dynamic, booming economy". Mnuchin himself said he was "honored to have the opportunity to serve our great country in this important role". He called Trump's economic agenda a "bold" one "that creates good-paying jobs and defends the American worker".

On February 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.

After the nomination was announced, Mnuchin resigned from his position on the board of trustees of the Museum of Contemporary Art, Los Angeles, to which he had donated between $100,000 and $250,000. When the pick was announced, Mnuchin was also a member of the boards of UCLA Health System, the NewYork–Presbyterian Hospital, and the Los Angeles Police Foundation.

The New York Times noted that Mnuchin's selection "fits uneasily with much of Mr. Trump's campaign attacks on the financial industry". For example, an ad of Trump's campaign said Goldman Sachs' CEO had "robbed [the] working class". Mnuchin is the third 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.

Mnuchin, Larry Kudlow and Sajid Javid at 11 Downing Street, 2019

During his Senate confirmation hearing on January 19, 2017, Mnuchin was criticized by Democrats for OneWest's foreclose practices. Mnuchin said: "Since I was first nominated to serve as treasury secretary, I have been maligned as taking advantage of others' hardships in order to earn a buck. Nothing could be further from the truth". During the hearing, it was also noted that Mnuchin had failed to disclose $95 million of real estate that he owned and his role as director of Dune Capital International, an investment fund in a tax haven. Mnuchin described the omissions as mistakes made amid a mountain of bureaucracy.

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

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

Tenure

Mnuchin's first official secretary portrait

Artificial intelligence

Mnuchin, when asked in an interview with Mike Allen of Axios "whether he was worried about AI displacing jobs, replied: 'not at all... I think we are so far away from that' — 50 or 100 years — 'it's not even on my radar screen'." Former treasury secretary Lawrence Summers was among critics of the statement, likening it to climate denial and creationism. Fortune columnist Alan Murray, noting the dispute, said he thought "the core of the misunderstanding is the term 'artificial intelligence'". While he felt Mnuchin expressed understanding of the role of technology in the labor market and also worried that the secretary and President Donald Trump were both in their ways underestimating technology's impact, he thought the climate-denial charge was excessive.

Environment

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

Federal budget and benefits

On June 12, 2017, Mnuchin denied the debt ceiling not being raised before the August recess would cease federal government operations, and said Congress should weigh the option of "changing the timing so that the debt ceiling matches the budget process so we don't have to deal with this in this format" during a House appropriations subcommittee hearing. On June 14, during a prepared testimony ahead of the House subcommittee on State, Foreign Operations and Related Programs, Mnuchin said the budget proposal on the part of the Trump administration "should send a message that the international financial institutions need to operate more efficiently".

On July 13, in response to limited lifespans being reported of Social Security and Medicaid, Mnuchin said: "To help make these programs sustainable into the future, we should focus on strengthening the economy today. Compounding growth will help ease projected shortfalls."

Taxes

Mnuchin is a member of the so-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 House. 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.

Shortly after the November 2016 election, Mnuchin, as the planned nominee for secretary of the treasury, stated in an interview with CNBC that "any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class", which Senator Ron Wyden (D-OR) subsequently called "The Mnuchin Rule" during his Senate confirmation hearing.

Brad McMillan, chief investment officer for Commonwealth Financial Network, said a preliminary tax reform proposal by Trump in April 2017 "allocates much of the tax relief to the wealthy" and could increase the budget deficit. In a May 2017 event moderated by CNBC, Mnuchin stated the intent was to deliver a "middle-income tax cut", but that final results depended on the actions of Congress. Mnuchin appeared with White House Director of Legislative Affairs Marc Short in a July 2017 event when they vowed to have the tax reform proposal before Congress after it resumed operations on September 5, and Mnuchin added that "lowering the top [earners'] rate [would be offset by] elimination of huge deductions. So, for most people in the top rate, they're not going to get a tax cut." 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 class" phrase "was never a promise... never a pledge... it was what the president's objective was". Under the tax reform proposal, the top tax rate would decline from 39.6 to 35 percent, and the budget deficit would likely increase.

Cabinet meeting in August 2018

During an appearance at the Milken Institute Global Conference on May 1, 2017, Mnuchin said the White House and House Republicans were united in views on tax reductions: "We're all on the same page. On 80% of the details, we're in agreement. Another 20%, we need to work through."

During a conference in Ottawa on June 9, Mnuchin said government tax receipts were "coming in somewhat lower", but that this did not concern the administration.

While appearing on ABC News on July 9, Mnuchin confirmed the administration was not considering a tax increase on the American upper class and the upcoming tax plan would finance itself.

Mnuchin advocated for the Tax Cuts and Jobs Act of 2017, a bill expected to add $1.5 trillion to the deficit. 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 analysis would be made public before Congress voted on the legislation. However, on November 30, 2017, sources within the Treasury department said Mnuchin had ordered no analysis of the tax plan and that there was no Treasury analysis that showed that the tax cuts would pay for themselves. In December 2017, the treasury released a one-page report on the tax plan which acknowledged that the plan would not pay for itself through economic growth.

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

International relations

Mnuchin led the U.S. delegation to Israel in May 2017 for the inauguration of the newly relocated U.S. embassy in Jerusalem.
Mnuchin, Secretary Pompeo Secretary Nielsen and Advisor Kushner with Mexican president-elect López Obrador, July 13, 2018

At a March 18, 2017, meeting of G-20 country finance ministers, Mnuchin supported the Trump administration's trade policy of economic protectionism.

During an April 24, 2017, White House briefing, Mnuchin announced Department of Treasury sanctions against 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 Council resolutions and of the Chemical Weapons Convention.

On June 29, Mnuchin announced the Bank of Dandong, a Chinese bank, had sanctions imposed on it by the U.S. He charged the bank with acting "as a gateway for North Korea to access the U.S. and international financial systems".

Mnuchin and Saudi Arabian Director of PIF and Chairman of Saudi Aramco, Yasir Al-Rumayyan, discuss energy opportunities and investments in the United States, October 31, 2019

On March 15, 2018, Mnuchin unveiled a series of sanctions, first time under CAATSA as well as Executive Order 13694, against various Russian entities and individuals.

Beginning in November 2019, Mnuchin facilitated negotiations between the governments of Egypt, 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. Egypt has opposed the dam, fearing that it will reduce the amount of water it receives from the Nile. In February 2020, Mnuchin stated that "final testing and filling should not take place without an agreement." Ethiopian Foreign Minister Gedu Andargachew said Mnuchin's advice to Ethiopia was "ill-advised".

Support for President Trump

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

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

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

Comments on Lego Batman movie

In March 2017, Mnuchin drew ethics concerns as regarding a statement he had made urging parents to "send all your kids to LEGO Batman" during an interview with Axios, apparently endorsing The Lego Batman Movie which he was an executive producer of. Just earlier in the interview, Mnuchin acknowledged: "I'm not allowed to promote anything that I'm involved in." In response, Mnuchin wrote in a letter to Walter Shaub at the Office of Government Ethics (OGE) that he "should not have made that statement", and assured the OGE that "it was not my intention to make a product endorsement".

Divestment from prior businesses

In May 2017, it was reported that Mnuchin's fiancée, Louise Linton, had succeeded him as the interim CEO of Dune Entertainment effective February 2017. Mnuchin had stepped down from the role as part of his ethics agreement to divest his business roles in preparation for his appointment as Secretary of the Treasury. Linton's announcement of her role at Dune Entertainment drew the attention of Senator Ron Wyden [D-Oregon], a member of the Senate Finance Committee, 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 later in May.

Use of government aircraft

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

Following criticism of his use of a United States Air Force jet on a trip to Kentucky that involved viewing the solar eclipse, the Treasury Department's Office of the Inspector General (OIG) opened up an inquiry into Mnuchin's use of government aircraft. The watchdog group Citizens for Responsibility and Ethics in Washington (CREW) filed a Freedom of Information Act (FOIA) request regarding Mnuchin's use of government aircraft. After the government failed to respond to the FOIA request, CREW sued the Department of the Treasury to release the documents. 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." Mnuchin, who was accompanied by 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.

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 after an alternative was identified. Mnuchin stated: "I'm very sensitive to the use of government funds. I've never asked the government to pay for my personal travel... The story [regarding the honeymoon travel request] was quite misreported." The OIG investigation also showed Mnuchin had taken a USAF C-37A, the military designation of the Gulfstream V, to return from New York to Washington on August 15 after flying to New York commercially. Although the request for travel on the military jet was initiated by Mnuchin's office, the aircraft had previously been used to fly Transportation Secretary Elaine Chao from Joint Base Andrews to Teterboro Airport. Mnuchin's return flight lasted less than an hour and had an operating cost of at least $25,000.

The OIG released its report on October 4, 2017, concluding that there was "no violation of law in these requests and uses" of government aircraft by Mnuchin, but also expressing concern 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". The referenced Daley Memo was issued by then-White House Chief of Staff William M. Daley on April 4, 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 10, 1993. The Daley Memo also states that travel using military aircraft must be considered a White House Support Mission, taken at the specific direction of the President under one of a set of limited circumstances that "make commercial transportation unacceptable". The typical reimbursement paid by requesting federal executive agencies covers only the cost of an equivalent coach ticket on a commercial flight.

In the report, the OIG reviewed nine travel requests by Mnuchin for military air transportation since March 2017, of which seven were approved and taken, one was withdrawn, and one was approved with travel pending in late October 2017. The total cost of the seven 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. Two of the flights, taken to Europe in March and May 2017, each cost more than $300,000. On one flight, to Ottawa in June, Mnuchin was accompanied by his then-fiancée Linton. The total cost of the Ottawa trip was $16,350, and the reimbursement repaid for Linton's cost of travel was $744. Due to an inconsistency in the records provided for the trip to New York on August 15, the OIG opened a second inquiry in October 2017, "to assure that [the OIG] have in fact received all relevant records".

Student heckling incident

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

The university said in a statement that Mnuchin, who at first "subsequently withdrew" his approval for the video to be posted online, later gave consent for the video to be published.

Mnuchin's mother was a long-time 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 retrieve the money from the Mnuchins, but a court ruled that the Madoff trust could recoup money only from those who had cashed out less than two years before the December 2008 collapse of Madoff's company.

Marriages

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

In 1999, Mnuchin married Heather deForest Crosby, and they had three children together. Heather Mnuchin was active in philanthropy and AZIAM yoga. After he bought IndyMac, Mnuchin moved to a 21,000-square-foot (2,000 m2), $26.5 million house in Bel Air, Los Angeles, California, because the company's headquarters was in Pasadena. They divorced in 2014.

Mnuchin married actress Louise Linton on June 24, 2017. Vice President Mike Pence presided over the ceremony.

Non-profit work

Mnuchin served as a member of the development board of Yale University, as a board member of the Riverdale Country School, as a member of the national board and senior member of the non-profit youth organization Junior Achievement, to which he had donated money, and as a board member of the Hirshhorn Museum and Sculpture Garden.

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Preceded by United States Secretary of the Treasury
2017–2021
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Steven Mnuchin
Steven Mnuchin Article Talk Language Watch Edit 160 160 Redirected from Steve Mnuchin Steven Terner Mnuchin 2 m e ˈ n uː ʃ ɪ n me NOO shin 3 born December 21 1962 is an American investment banker 4 and film producer who served as the 77th United States secretary of the treasury as part of the Cabinet of Donald Trump from 2017 to 2021 Previously Mnuchin had been a hedge fund manager and investor Steven MnuchinOfficial portrait 201877th United States Secretary of the TreasuryIn office February 13 2017 January 20 2021PresidentDonald TrumpDeputySigal Mandelker acting Justin MuzinichPreceded byJack LewSucceeded byJanet YellenPersonal detailsBornSteven Terner Mnuchin 1962 12 21 December 21 1962 age 58 New York City U S Political partyRepublicanSpouse s Kathryn Leigh McCarver m 1992 div 1999 wbr Heather deForest Crosby m 1999 div 2014 wbr Louise Linton m 2017 wbr Children3Parent s Robert Mnuchin father EducationYale University BA Upon graduating from Yale University in 1985 Mnuchin joined the investment bank Goldman Sachs where his father Robert Mnuchin was a general partner Mnuchin worked at Goldman Sachs for 17 years eventually becoming its chief information officer After he left Goldman Sachs in 2002 he worked for and founded several hedge funds and launched Dune Entertainment a motion picture production company which financed several films for 20th Century Fox Mnuchin was a member of Sears Holdings s Board of Directors from 2005 until December 2016 and prior to this Mnuchin served on Kmart s Board of Directors 5 After Sears went bankrupt the company that formerly owned it sued Mnuchin and ex CEO Eddie Lampert for asset stripping during their tenure 6 During the financial crisis of 2007 2008 Mnuchin bought failed residential lender IndyMac He changed the name to OneWest Bank and rebuilt the bank then sold it to CIT Group in 2015 During his time as OneWest CEO and Chairman the bank became embroiled in several lawsuits over questionable foreclosures Mnuchin joined Trump s presidential campaign in 2016 and was named National Finance Chairman for the campaign On February 13 2017 Mnuchin was confirmed by the U S Senate as Secretary of the Treasury by a vote of 53 47 7 As Secretary of the Treasury Mnuchin supported the Trump tax cuts and the tax reform of 2017 and advocated reducing personal and corporate tax rates 8 In regard to regulatory policy Mnuchin supported President Trump s partial repeal of the Dodd Frank Act citing the complexity of the legislation 9 Mnuchin is listed in the List of people and organisations named in the Paradise Papers Contents 1 Early life and education 2 Finance and banking career 2 1 Goldman Sachs 2 2 Hedge funds 2 3 OneWest 2 3 1 Purchase of IndyMac and other loan portfolios 2 3 2 Sale to CIT 2 3 3 Foreclosures 3 Film production career 3 1 Filmography 4 Politics 4 1 Donations 4 2 2016 presidential campaign of Donald Trump 4 3 Political views 5 Secretary of the Treasury 5 1 Nomination and confirmation 5 2 Tenure 5 2 1 Artificial intelligence 5 2 2 Environment 5 2 3 Federal budget and benefits 5 2 4 Taxes 5 2 5 International relations 5 2 6 Support for President Trump 5 2 7 Comments on Lego Batman movie 5 2 8 Divestment from prior businesses 5 2 9 Use of government aircraft 5 2 10 Student heckling incident 6 Personal life 6 1 Marriages 6 2 Non profit work 7 See also 8 References 9 External linksEarly life and education EditSteven Mnuchin was born on December 21 1962 in New York City the second youngest son in his family 10 11 Mnuchin s family is Jewish 11 12 13 He is the son of Robert E Mnuchin of Washington Connecticut and Elaine Terner Cooper of New York 14 Robert Mnuchin was a partner at Goldman Sachs in charge 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 14 15 Mnuchin s great grandfather Aaron Mnuchin a Russian born diamond dealer who later resided in Belgium emigrated to the U S in 1916 16 Mnuchin attended Riverdale Country School in New York City He graduated from Yale University in 1985 with a bachelor s degree in economics 10 17 18 At Yale Mnuchin was publisher of the Yale Daily News 19 20 and was also initiated into Skull and Bones in 1985 21 22 While a student at Yale Mnuchin drove a Porsche and lived at New Haven s Taft Hotel 23 Mnuchin s first job was as a trainee at investment bank Salomon Brothers in the early 1980s while still studying at Yale 22 24 Finance and banking career EditGoldman Sachs Edit Mnuchin graduated from Yale in 1985 and started working for Goldman Sachs where his father had been employed since 1957 10 25 Mnuchin started in the mortgage department and became a partner at Goldman in 1994 12 26 Until he left the company in 2002 Mnuchin held the following positions as a partner 27 28 November 1994 December 1998 Head of the Mortgage Securities Department December 1998 November 1999 Overseeing mortgages U S governments money markets and municipals at Fixed Income Currency and Commodities Division December 1999 February 2001 Member of the Executive Committee and co head of the Technology Operating Committee February 2001 December 2001 Executive Vice President and co chief information officer December 2001 2002 Executive vice president member of the Management Committee and chief information officer 29 Mnuchin left Goldman Sachs in 2002 after 17 years of employment with an estimated 46 million of company stock and 12 6 million in compensation that he received in the months prior to his departure 12 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 30 From 2003 to 2004 he worked as Chief Executive Officer at SFM Capital Management a fund backed by George Soros 31 32 Mnuchin founded a hedge fund called Dune Capital Management 33 named for a spot near his house in The Hamptons in 2004 with two former Goldman partners 10 After its founding Mnuchin served as the CEO of the company 9 The firm invested in at least two Donald Trump projects the Trump International Hotel and Tower in Honolulu and its namesake in Chicago Dune Capital Management and other lenders to the skyscraper in Chicago were sued by Trump before a settlement was reached 34 35 Mnuchin was outbid by Lone Star Funds on a portfolio of residential mortgage backed collateralized debt obligations being sold by Merrill Lynch during the financial crisis which sold for 6 7 billion 10 Mnuchin has been criticized for his use of offshore entities for investment purposes as a hedge fund manager which is a common practice in the industry Mnuchin has stated In no way did I use offshore entities to avoid U S taxes 36 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 5 billion in commercial loans mortgages and mortgage backed securities The purchase price was a 4 7 billion discount to its book value 37 10 Mnuchin s investment group included George Soros hedge fund manager John Paulson former Goldman Sachs executive J Christopher Flowers and Dell Computer founder Michael Dell 10 38 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 4 billion to IndyMac under the shared loss agreement 39 After purchasing IndyMac renamed OneWest Bank Mnuchin moved into a 20 000 square foot house in Bel Air to begin his tenure as CEO and chairman 38 OneWest then bought several other failed banks including First Federal Bank of California in 2009 and La Jolla Bank in 2010 Furthermore OneWest bought a portfolio belonging to Citi Holdings for 1 4 billion 10 OneWest was profitable one year after Mnuchin had bought it and it became the largest bank of Southern California with assets worth 27 billion 34 Sale to CIT Edit In 2015 Mnuchin sold OneWest to CIT Group for 3 4 billion 35 34 After the acquisition by CIT Mnuchin remained at OneWest and became a member of CIT Group s board of directors 38 As of August 2016 Mnuchin owned 97 million in CIT Group stock most of which he had received in exchange for his stake in OneWest 22 On December 2 2016 Mnuchin resigned from the board of directors of CIT as a result of his selection as nominee for Secretary of the Treasury 40 Foreclosures Edit OneWest was criticized for aggressively foreclosing on homeowners In the five years following Mnuchin s acquisition of OneWest the bank foreclosed on 36 000 homes in California leading local activists to begin calling Mnuchin the foreclosure king 41 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 10 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 42 Because of these foreclosures around 100 protesters of Occupy Los Angeles gathered outside Mnuchin s home in October 2011 and held signs that read Make Banks Pay 34 Two California fair housing groups filed complaints to the federal government alleging that OneWest had violated the Fair Housing Act by not lending money to African Americans Hispanics and Asians 30 35 43 In November 2016 after OneWest was sold to CIT the California Reinvestment Coalition submitted a Freedom of Information Act request to the United States Department of Housing and Urban Development HUD to learn more about CIT s reverse mortgage subsidiary Financial Freedom 43 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 about 17 of the market and thus was foreclosing more than twice as often as its competitors 44 CIT Group disclosed to investors that it had received subpoenas from HUD s Office of the Inspector General in the third and fourth quarters of 2015 45 In November 2016 two non profits filed a complaint with the Department of Housing and Urban Development alleging redlining by OneWest Bank 46 47 48 In 2017 a leaked internal memo from the California attorney general s office was published stating that the prosecutor s office had found more than a thousand violations of foreclosure law by OneWest during Mnuchin s tenure The prosecutor Kamala Harris had declined to file a civil enforcement suit 49 50 51 Film production career EditIn 2004 he founded Dune Entertainment as a side business which was the financier of a number of large budget films mostly for 20th Century Fox including the X Men film franchise and Avatar 9 52 53 In 2012 after Dune s deal with 20th Century Fox ended Mnuchin teamed up with filmmaker Brett Ratner and Australian businessman James Packer to merge his Dune Entertainment company with Ratner and Packer s newly founded RatPac Entertainment joint venture resulting in RatPac Dune Entertainment which then struck a financing deal with Warner Bros Between 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 movie company Relativity Media but left seven months before it went bankrupt 42 A source close to the company said he had resigned because of the potential for a conflict of interest between his duties at Relativity and OneWest 52 He and other investors reportedly lost 80 million 53 Filmography Edit Year Role Titles2014 Executive producer The Lego Movie Winter s Tale Edge of Tomorrow Jersey Boys This Is Where I Leave You The Judge Annabelle Inherent Vice American Sniper Blended2015 Executive producer Run All Night Get Hard Mad Max Fury Road Entourage San Andreas Vacation The Man from U N C L E Black Mass The Intern Pan Our Brand Is Crisis In the Heart of the Sea Focus Jupiter Ascending2016 Executive producer How to Be Single Midnight Special Batman v Superman Dawn of Justice Keanu The Conjuring 2 Central Intelligence The Legend of Tarzan Lights Out Suicide Squad Sully Storks The Accountant Collateral BeautyProducer Rules Don t Apply2017 Executive producer The Lego Batman Movie Fist Fight CHiPs Going in Style Unforgettable King Arthur Legend of the Sword Wonder Woman The House Annabelle Creation The Disaster ArtistPolitics EditDonations Edit Before joining the presidential campaign of Donald Trump in 2016 Mnuchin had been involved in politics only by donating money to campaigns 54 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 Mitt Romney were among those to which he donated money 55 Mnuchin said most of those donations were favors for friends 34 Between 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 55 2016 presidential campaign of Donald Trump Edit Mnuchin was an early supporter of Trump and attended his victory party after the New York Republican primary victory on April 19 2016 for which he received a last minute invitation 35 He was called the following day by Trump who asked him if he wanted to be the national finance chairman of his campaign 34 Mnuchin who later said in an interview he had known Trump for over fifteen years accepted the offer 9 34 In a statement announcing the appointment Trump said Steven is a professional at the highest level with an extensive and very successful financial background He also said Mnuchin would bring unprecedented experience and expertise that would benefit the Republican Party After being appointed as the Trump campaign s main fundraiser Mnuchin said It s a great privilege to be working with Mr Trump to create a world class finance organization to support the campaign in the General Election 56 Mnuchin worked with Republican National Committee counterpart Lewis Eisenberg on a late developing joint operation for the committee and the Trump campaign Before Mnuchin s appointment no large scale fundraising operation had been started for the Trump campaign The late summer fundraising goal was close to 500 million 34 The New York Times described Mnuchin s role during the campaign as relatively behind the scenes and the newspaper noticed he never seemed to seek the spotlight 9 During an interview Mnuchin said that because of his connection to the Trump campaign a lot of people in California and New York wanted to stop being friends 57 After Trump won the election he announced that Mnuchin would join the transition team on November 11 58 Political views Edit In a November 30 2016 interview on CNBC Mnuchin called it the Trump administration s job to make sure that the average American has wage increases and good jobs Furthermore he said his priority was getting a sustained growth of GDP of 3 or 4 He said in order to get there our number one priority is tax reform Mnuchin said he would reduce corporate taxes to 15 cut taxes for the middle class and simplify the tax system When asked about trade 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 8 During the interview he also said he wants to strip back parts of Dodd Frank because he argued it was too complicated and it prevented banks from lending He called the stripping back of Dodd Frank the number one priority on the regulatory side 9 Secretary of the Treasury EditNomination and confirmation Edit Mnuchin being sworn in at the Oval Office On November 30 2016 Donald Trump announced on his website that he would nominate Mnuchin as United States Secretary of the Treasury 17 In the statement Trump called Mnuchin a world class financier banker and businessman and he said Mnuchin played an important role in developing his plan to build a dynamic booming economy Mnuchin himself said he was honored to have the opportunity to serve our great country in this important role He called Trump s economic agenda a bold one that creates good paying jobs and defends the American worker 17 On February 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 59 After the nomination was announced Mnuchin resigned from his position on the board of trustees of the Museum of Contemporary Art Los Angeles to which he had donated between 100 000 and 250 000 60 61 When the pick was announced Mnuchin was also a member of the boards of UCLA Health System the NewYork Presbyterian Hospital and the Los Angeles Police Foundation 17 The New York Times noted that Mnuchin s selection fits uneasily with much of Mr Trump s campaign attacks on the financial industry For example an ad of Trump s campaign said Goldman Sachs CEO had robbed the working class Mnuchin is the third 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 35 Mnuchin Larry Kudlow and Sajid Javid at 11 Downing Street 2019 During his Senate confirmation hearing on January 19 2017 Mnuchin was criticized by Democrats for OneWest s foreclose practices Mnuchin said Since I was first nominated to serve as treasury secretary I have been maligned as taking advantage of others hardships in order to earn a buck Nothing could be further from the truth 62 During the hearing it was also noted that Mnuchin had failed to disclose 95 million of real estate that he owned and his role as director of Dune Capital International an investment fund in a tax haven Mnuchin described the omissions as mistakes made amid a mountain of bureaucracy 63 Following Trump s January 2017 announcement about an investigation into voter registration it was discovered that Mnuchin is registered to vote in both California and New York 64 On February 13 2017 Mnuchin was confirmed as secretary of the treasury by a vote of 53 47 He received unanimous support from Senate Republicans but from only one Senate Democrat Joe Manchin of West Virginia 65 Tenure Edit Mnuchin s first official secretary portrait Artificial intelligence Edit Mnuchin when asked in an interview with Mike Allen of Axios whether he was worried about AI displacing jobs replied not at all I think we are so far away from that 50 or 100 years it s not even on my radar screen Former treasury secretary Lawrence Summers was among critics of the statement likening it to climate denial and creationism 66 Fortune columnist Alan Murray noting the dispute said he thought the core of the misunderstanding is the term artificial intelligence While he felt Mnuchin expressed understanding of the role of technology in the labor market and also worried that the secretary and President Donald Trump were both in their ways underestimating technology s impact he thought the climate denial charge was excessive 67 Environment Edit In January 2020 Mnuchin dismissed environmental activist Greta Thunberg saying she should go to college and study economics before weighing in on policy 68 Others responded to Mnuchin noting that thousands of economists with PhDs had signed a letter calling for taxation of carbon dioxide emissions 69 Federal budget and benefits Edit On June 12 2017 Mnuchin denied the debt ceiling not being raised before the August recess would cease federal government operations and said Congress should weigh the option of changing the timing so that the debt ceiling matches the budget process so we don t have to deal with this in this format during a House appropriations subcommittee hearing 70 On June 14 during a prepared testimony ahead of the House subcommittee on State Foreign Operations and Related Programs Mnuchin said the budget proposal on the part of the Trump administration should send a message that the international financial institutions need to operate more efficiently 71 On July 13 in response to limited lifespans being reported of Social Security and Medicaid Mnuchin said To help make these programs sustainable into the future we should focus on strengthening the economy today Compounding growth will help ease projected shortfalls 72 Taxes Edit Mnuchin is a member of the so 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 House 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 73 Shortly after the November 2016 election Mnuchin as the planned nominee for secretary of the treasury stated in an interview with CNBC that any reductions we have in upper income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class 74 which Senator Ron Wyden D OR subsequently called The Mnuchin Rule during his Senate confirmation hearing 75 Brad McMillan chief investment officer for Commonwealth Financial Network said a preliminary tax reform proposal by Trump in April 2017 allocates much of the tax relief to the wealthy and could increase the budget deficit 75 In a May 2017 event moderated by CNBC Mnuchin stated the intent was to deliver a middle income tax cut but that final results depended on the actions of Congress 76 Mnuchin appeared with White House Director of Legislative Affairs Marc Short in a July 2017 event when they vowed to have the tax reform proposal before Congress after it resumed operations on September 5 and Mnuchin added that lowering the top earners rate would be offset by elimination of huge deductions So for most people in the top rate they re not going to get a tax cut 77 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 class phrase was never a promise never a pledge it was what the president s objective was Under the tax reform proposal the top tax rate would decline from 39 6 to 35 percent and the budget deficit would likely increase 78 Cabinet meeting in August 2018 During an appearance at the Milken Institute Global Conference on May 1 2017 Mnuchin said the White House and House Republicans were united in views on tax reductions We re all on the same page On 80 of the details we re in agreement Another 20 we need to work through 79 During a conference in Ottawa on June 9 Mnuchin said government tax receipts were coming in somewhat lower but that this did not concern the administration 80 While appearing on ABC News on July 9 Mnuchin confirmed the administration was not considering a tax increase on the American upper class and the upcoming tax plan would finance itself 81 Mnuchin advocated for the Tax Cuts and Jobs Act of 2017 a bill expected to add 1 5 trillion to the deficit 82 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 analysis would be made public before Congress voted on the legislation 82 However on November 30 2017 sources within the Treasury department said Mnuchin had ordered no analysis of the tax plan and that there was no Treasury analysis that showed that the tax cuts would pay for themselves 82 In December 2017 the treasury released a one page report on the tax plan which acknowledged that the plan would not pay for itself through economic growth 83 84 In May 2018 Mnuchin instructed his staff to accept a non low income tract in Storey County Nevada as an Opportunity Zone shortly after attending a Milken Institute event in Beverly Hills with Michael Milken 85 Milken was already an investor in the Nevada tract 85 In August 2018 Mnuchin attended a Milkin Institute conference on opportunity zones in the Hamptons with Milken and later accepted a flight to Los Angeles with Milken on his private jet 85 Treasury later issued a regulatory guidance that allows prior investors to benefit from newly designated opportunity zones 85 International relations Edit Mnuchin led the U S delegation to Israel in May 2017 for the inauguration of the newly relocated U S embassy in Jerusalem Mnuchin Secretary Pompeo Secretary Nielsen and Advisor Kushner with Mexican president elect Lopez Obrador July 13 2018 At a March 18 2017 meeting of G 20 country finance ministers Mnuchin supported the Trump administration s trade policy of economic protectionism 86 87 During an April 24 2017 White House briefing Mnuchin announced Department of Treasury sanctions against 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 Council resolutions and of the Chemical Weapons Convention 88 On June 29 Mnuchin announced the Bank of Dandong a Chinese bank had sanctions imposed on it by the U S He charged the bank with acting as a gateway for North Korea to access the U S and international financial systems 89 Mnuchin and Saudi Arabian Director of PIF and Chairman of Saudi Aramco Yasir Al Rumayyan discuss energy opportunities and investments in the United States October 31 2019 On March 15 2018 Mnuchin unveiled a series of sanctions first time under CAATSA as well as Executive Order 13694 against various Russian entities and individuals 90 91 Beginning in November 2019 Mnuchin facilitated negotiations between the governments of Egypt 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 92 Egypt has opposed the dam fearing that it will reduce the amount of water it receives from the Nile In February 2020 Mnuchin stated that final testing and filling should not take place without an agreement 93 Ethiopian Foreign Minister Gedu Andargachew said Mnuchin s advice to Ethiopia was ill advised 94 Support for President Trump Edit While briefing reporters on April 26 Mnuchin said President Trump has no intention to release his tax returns asserting that Trump has released plenty of information 95 In the August 2017 Unite the Right rally in Charlottesville Virginia opposing the removal of Confederate statues protesters included neo Nazis and Klansmen leading to violent conflicts President Trump said there was blame on both sides Several hundred of Mnuchin s Yale classmates drafted a letter urging him to resign from the administration in protest 96 Mnuchin responded by saying While I find it hard to believe I should have to defend myself on this or the president I feel compelled to let you know that the president in no way shape or form believes that neo Nazi and other hate groups who endorse violence are equivalent to groups that demonstrate in peaceful and lawful ways 13 On September 24 Mnuchin appeared on This Week and State of the Union to defend Trump s call to get that son of a bitch off the field right now referring to the protests by professional athletes starting in 2016 most notably marked by Colin Kaepernick kneeling during the pregame singing of the national anthem Mnuchin said it s not about race it s not about free speech They can do free speech on their own time T his is about respect for the military and first responders in the country 97 Comments on Lego Batman movie Edit In March 2017 Mnuchin drew ethics concerns as regarding a statement he had made urging parents to send all your kids to LEGO Batman during an interview with Axios apparently endorsing The Lego Batman Movie which he was an executive producer of Just earlier in the interview Mnuchin acknowledged I m not allowed to promote anything that I m involved in 98 In response Mnuchin wrote in a letter to Walter Shaub at the Office of Government Ethics OGE that he should not have made that statement and assured the OGE that it was not my intention to make a product endorsement 99 Divestment from prior businesses Edit In May 2017 it was reported that Mnuchin s fiancee Louise Linton had succeeded him as the interim CEO of Dune Entertainment effective February 2017 Mnuchin had stepped down from the role as part of his ethics agreement to divest his business roles in preparation for his appointment as Secretary of the Treasury 100 101 Linton s announcement of her role at Dune Entertainment drew the attention of Senator Ron Wyden D Oregon a member of the Senate Finance Committee 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 later in May 102 Use of government aircraft Edit Gulfstream Aerospace C 37A Gulfstream V photographed in 2005 Following criticism of his use of a United States Air Force jet on a trip to Kentucky that involved viewing the solar eclipse the Treasury Department s Office of the Inspector General OIG opened up an inquiry into Mnuchin s use of government aircraft 103 The watchdog group Citizens for Responsibility and Ethics in Washington CREW filed a Freedom of Information Act FOIA request regarding Mnuchin s use of government aircraft After the government failed to respond to the FOIA request CREW sued the Department of the Treasury to release the documents 104 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 105 Mnuchin who was accompanied by 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 26 900 106 107 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 after an alternative was identified 108 Mnuchin stated I m very sensitive to the use of government funds I ve never asked the government to pay for my personal travel The story regarding the honeymoon travel request was quite misreported 105 The OIG investigation also showed Mnuchin had taken a USAF C 37A the military designation of the Gulfstream V to return from New York to Washington on August 15 after flying to New York commercially Although the request for travel on the military jet was initiated by Mnuchin s office the aircraft had previously been used to fly Transportation Secretary Elaine Chao from Joint Base Andrews to Teterboro Airport Mnuchin s return flight lasted less than an hour and had an operating cost of at least 25 000 109 The OIG released its report on October 4 2017 concluding that there was no violation of law in these requests and uses of government aircraft by Mnuchin but also expressing concern 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 110 The referenced Daley Memo was issued by then White House Chief of Staff William M Daley on April 4 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 10 1993 The Daley Memo also states that travel using military aircraft must be considered a White House Support Mission taken at the specific direction of the President under one of a set of limited circumstances that make commercial transportation unacceptable 110 The typical reimbursement paid by requesting federal executive agencies covers only the cost of an equivalent coach ticket on a commercial flight 109 In the report the OIG reviewed nine travel requests by Mnuchin for military air transportation since March 2017 of which seven were approved and taken one was withdrawn and one was approved with travel pending in late October 2017 110 The total cost of the seven 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 Two of the flights taken to Europe in March and May 2017 each cost more than 300 000 On one flight to Ottawa in June Mnuchin was accompanied by his then fiancee Linton The total cost of the Ottawa trip was 16 350 and the reimbursement repaid for Linton s cost of travel was 744 107 111 Due to an inconsistency in the records provided for the trip to New York on August 15 the OIG opened a second inquiry in October 2017 to assure that the OIG have in fact received all relevant records 112 Student heckling incident Edit Mnuchin spoke at UCLA on February 26 2018 where he was heckled and initially blocked the video from being released 113 The university said in a statement that Mnuchin who at first subsequently withdrew his approval for the video to be posted online later gave consent for the video to be published 114 Personal life EditMnuchin s mother was a long time 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 retrieve the money from the Mnuchins but a court ruled that the Madoff trust could recoup money only from those who had cashed out less than two years before the December 2008 collapse of Madoff s company 115 Marriages Edit From 1992 to 1999 Mnuchin was married to Kathryn Leigh McCarver citation needed In 1999 Mnuchin married Heather deForest Crosby 14 22 and they had three children together 116 Heather Mnuchin was active in philanthropy and AZIAM yoga 117 118 After he bought IndyMac Mnuchin moved to a 21 000 square foot 2 000 m2 26 5 million house in Bel Air Los Angeles California because the company s headquarters was in Pasadena 10 116 They divorced in 2014 Mnuchin married actress Louise Linton on June 24 2017 119 Vice President Mike Pence presided over the ceremony 120 Non profit work Edit Mnuchin served as a member of the development board of Yale University as a board member of the Riverdale Country School as a member of the national board and senior member of the non profit youth organization Junior Achievement to which he had donated money and as a board member of the Hirshhorn Museum and Sculpture Garden 28 121 See also EditList of people and organizations named in the Paradise PapersReferences Edit Peterson Withorn Chase January 19 2017 Here s What Each Member of Trump s 4 5 Billion Cabinet Is Worth Forbes Archived from the original on June 6 2017 The Secretary United States Department of the Treasury Archived from the original on November 19 2019 Retrieved June 3 2017 Steven Mnuchin February 23 2017 Treasury Secretary Steve Mnuchin goes one on one with CNBC Interview Interviewed by Becky Quick CNBC Archived from the original on October 2 2017 Retrieved October 2 2017 The Editorial Board February 6 2018 Do You Think Donald Trump Is Ready for a Real Financial Crisis The New York Times Archived from the original on November 9 2020 Retrieved February 7 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31 2017 at the Wayback Machine Fortune March 30 2017 With link to the Allen Mnuchin interview Secretary Mnuchin on Health Care and Tax Reform video 52 min Archived September 6 2017 at the Wayback Machine C Span March 24 2017 Retrieved March 31 2017 Cole Devan January 23 2020 Mnuchin says Greta Thunberg can explain US economic policy after she studies economics in college CNN Archived from the original on January 26 2021 Retrieved February 11 2020 Yglesias Matthew January 23 2020 It s Steven Mnuchin who should listen to economists on climate change Vox Archived from the original on November 22 2020 Retrieved March 15 2020 Lorenzo Aaron June 12 2017 Mnuchin Government to stay open into September without debt limit increase Politico Archived from the original on June 26 2017 Mnuchin Says Global Financial Institutions Need to Tighten Belts Bloomberg June 14 2017 Archived from the original on August 25 2017 Elis Niv July 13 2017 Mnuchin touts growth as solution to Social Security Medicare woes The Hill Archived from the original on September 1 2017 Faler Brian September 14 2017 Big Six still divided over basic elements of tax reform Politico Archived from the original on October 3 2017 Retrieved October 2 2017 Gurdus Elizabeth November 30 2016 EXCLUSIVE Steve Mnuchin says there will be no absolute tax cut for the upper class CNBC Archived from the original on October 2 2017 Retrieved October 2 2017 a b Soergel Andrew May 23 2017 Mnuchin Wavers on Claim of No Tax Cuts for the Wealthy U S News amp World Report Archived from the original on October 2 2017 Retrieved October 2 2017 Pramuk Jacob May 23 2017 Treasury Secretary Mnuchin backs off pledge of no absolute tax cut for the wealthy CNBC Archived from the original on October 2 2017 Retrieved October 2 2017 Soergel Andrew July 31 2017 Mnuchin Most To Earners Won t Get Tax Cut Under Trump Plan U S News amp World Report Archived from the original on October 2 2017 Retrieved October 2 2017 Savransky Rebecca September 24 2017 Mnuchin No absolute tax cut for upper class was never a pledge The Hill Archived from the original on October 2 2017 Retrieved October 2 2017 Maddus Gene May 1 2017 Treasury Secretary Steven Mnuchin Promotes Trump Tax Plan We re All on the Same Page Variety Archived from the original on August 25 2017 Mnuchin not worried by lower U S tax receipts has funding plan Reuters Reuters June 9 2017 Archived from the original on September 2 2017 Treasury Secretary Mnuchin says no to tax hike on wealthy The Seattle Times July 9 2017 Archived from the original on July 9 2017 a b c Rappeport Alan November 30 2017 Ahead of Vote Promised Treasury Analysis of Tax Bill Proves Elusive The New York Times ISSN 0362 4331 Archived from the original on November 30 2017 Retrieved November 30 2017 Treasury admits tax plan won t pay for itself Axios December 11 2017 Archived from the original on December 12 2017 Retrieved December 11 2017 Treasury Department admits Senate tax plan won t pay for itself Vox Archived from the original on March 11 2021 Retrieved December 11 2017 a b c d Lipton Eric Drucker Jesse October 27 2019 Symbol of 80s Greed Stands to Profit From Trump Tax Break for Poor Areas The New York Times p A1 Archived from the original on March 24 2021 Retrieved November 1 2019 da Costa Pedro March 20 2017 We may have just moved closer to a global trade war markets businessinsider com Business Insider Archived from the original on March 28 2017 Retrieved March 28 2017 Greenwood Max March 18 2017 Trump admin rejects anti protectionism language in G20 free trade statement TheHill Archived from the original on March 20 2017 Retrieved April 1 2017 Tillet Emily April 24 2017 Treasury secretary Steven Mnuchin announces new Syrian sanctions CBS News Archived from the original on April 25 2017 Nelson Louis June 29 2017 U S sanctions Chinese bank for allegedly helping North Korea Politico Archived from the original on July 9 2017 Easley Jonathan March 15 2018 Trump unveils new sanctions against Russia The Hill Archived from the original on March 15 2018 New Sanctions Imposed on Russians for Cyber Intrusions Voice of America June 14 2018 Archived from the original on August 7 2020 Retrieved July 31 2020 Joint Statement of Egypt Ethiopia Sudan the United States And the World Bank U S Department of the Treasury home treasury gov Archived from the original on February 7 2020 Retrieved February 7 2020 No Deal From US Brokered Nile Dam Talks Voice of America February 29 2020 Archived from the original on February 11 2021 Retrieved July 31 2020 Ethiopia thrashes US advise on dam filling Anadolu Agency March 4 2020 Archived from the original on August 7 2020 Retrieved July 31 2020 Mnuchin Trump has no intention of releasing returns The Detroit News April 26 2017 Archived from the original on April 26 2017 Logan Brian August 18 2017 Steve Mnuchin s Yale classmates are urging him to resign from the Trump administration in protest Business Insider Archived from the original on August 20 2017 Robillard Kevin September 24 2017 Mnuchin NFL players can do free speech on their own time Politico Archived from the original on September 24 2017 Retrieved September 25 2017 Venook Jeremy March 24 2017 Holy Ethics Disaster Batman The Atlantic Archived from the original on September 25 2017 Retrieved September 25 2017 Vitali Ali Mnuchin Not My Intention to Promote Lego Batman Movie Archived March 31 2017 at the Wayback Machine NBC News March 31 2017 Retrieved March 31 2017 Gonzalez Sandra May 9 2017 Treasury Secretary s fiancee is interim CEO of Dune Entertainment CNN Archived from the original on August 23 2017 Retrieved August 23 2017 Kassel Matthew Hallemann Caroline August 22 2017 Meet Louise Linton the Blonde Bombshell Who s Stirring Up Controversy on Capitol Hill Town amp Country Archived from the original on August 23 2017 Retrieved August 23 2017 Wattles Jackie Alesci Cristina May 26 2017 Treasury secretary s fiancee to resign from Hollywood CEO job after senator s criticism CNN Archived from the original on August 23 2017 Retrieved August 23 2017 Harwell Drew August 31 2017 Treasury inspector general to review Mnuchin s flight to Fort Knox The Washington Post Archived from the original on September 15 2017 Retrieved September 25 2017 Price Greg September 11 2017 Mnuchin and Linton s solar eclipse trip got the Treasury sued Newsweek Archived from the original on September 26 2017 Retrieved September 25 2017 a b Horton Alex Paletta Damian September 14 2017 Mnuchin pushes back against reports that he requested government jet for his European honeymoon The Washington Post Archived from the original on September 21 2017 Retrieved September 25 2017 Bennett Kate September 5 2017 Louise Linton I see the irony of making an apology in a ball gown CNN Archived from the original on September 25 2017 Retrieved September 25 2017 a b Horowitz Julia October 5 2017 The 7 trips Steven Mnuchin took on government planes for 811 800 CNN Archived from the original on October 6 2017 Retrieved October 5 2017 Puzzanghera Jim September 14 2017 Treasury inspector general looking into Steven Mnuchin s request for a military jet for his honeymoon Los Angeles Times Archived from the original on September 25 2017 Retrieved September 25 2017 a b Fishel Justin McLaughlin Elizabeth September 22 2017 Mnuchin s travel Investigators now probing another costly government flight ABC News Archived from the original on September 25 2017 Retrieved September 25 2017 a b c Delmar Rich October 4 2017 Memorandum Inquiry Re Use of Government Aircraft by Secretary Mnuchin Letter to Inspector General Thornton Department of the Treasury Archived from the original on October 6 2017 Retrieved October 5 2017 Rappeport Alan October 5 2017 Seven Flights for 800 000 Mnuchin s Travel on Military Jets The New York Times Archived from the original on October 5 2017 Retrieved October 5 2017 Borak Donna October 10 2017 Inspector general launches second review of Steven Mnuchin s travels CNN Archived from the original on October 11 2017 Retrieved October 11 2017 Rapperport Alan March 1 2018 Mnuchin Blocks U C L A From Releasing Video of Students Heckling Him New York Times Archived from the original on November 9 2020 Retrieved March 3 2018 Hecklers hiss call Mnuchin bulls t during moderated talk at UCLA Fox News March 13 2018 Archived from the original on June 25 2018 Retrieved March 13 2018 Eisinger Jesse December 1 2016 Trump s Treasury Secretary Pick is a Lucky Man Very Lucky ProPublica Archived from the original on August 16 2017 Retrieved August 16 2017 a b Miller Daniel James Rufus Koren November 9 2016 Film financier and Wall Street executive Steven Mnuchin a leading candidate for Treasury secretary Los Angeles Times Archived from the original on November 12 2016 Retrieved November 12 2016 Minkoff Jessica June 15 2011 Q amp A With Yoga Enthusiast Heather Mnuchin Harper s BAZAAR Archived from the original on April 4 2021 Retrieved June 30 2019 Boncampagni Tatiana May 2 2009 What a hedge fund wife looks like these days Financial Times Archived from the original on December 20 2016 Retrieved December 10 2016 Kim Leena June 19 2017 All the Jewels Louise Linton Wore to Her Wedding Archived August 23 2017 at the Wayback Machine Town amp Country Samuelsohn Darren Morin Rebecca Lima Cristiano June 24 2017 Trump joins A list crowd at Treasury Secretary Steve Mnuchin s wedding Politico Archived from the original on June 25 2017 Retrieved June 25 2017 2001 2002 Financial Report Junior Achievement 2002 Archived from the original on December 10 2016 Retrieved December 10 2016 External links EditWikimedia Commons has media related to Steven Mnuchin Wikiquote has quotations related to Steven MnuchinSecretary of the Treasury Steven T Mnuchin Archived November 19 2019 at the Wayback Machine Steven Mnuchin at IMDb Appearances on C SPAN Steven Mnuchin on TwitterPolitical officesPreceded byJack Lew United States Secretary of the Treasury 2017 2021 Succeeded byJanet Yellen Retrieved from https en wikipedia org w index php title Steven Mnuchin amp oldid 1052190986, wikipedia, wiki, book,

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