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Steven Mnuchin Is Donald Trump’s Expected Choice for Treasury Secretary Steven Mnuchin Is Donald Trump’s Expected Choice for Treasury Secretary
(about 1 hour later)
WASHINGTON — Steven Mnuchin, a financier with deep roots on Wall Street and in Hollywood but no government experience, is expected to be named Donald J. Trump’s Treasury secretary as soon as Wednesday, people close to the transition say.WASHINGTON — Steven Mnuchin, a financier with deep roots on Wall Street and in Hollywood but no government experience, is expected to be named Donald J. Trump’s Treasury secretary as soon as Wednesday, people close to the transition say.
Mr. Mnuchin, 53, was the national finance chairman for Mr. Trump’s campaign, and his selection would elevate a wealthy loyalist to a pivotal economic post. He began his career at Goldman Sachs, where he became a partner, before creating his own hedge fund, moving to the West Coast and entering the first rank of movie financiers by bankrolling hits like the “X-Men” franchise and “Avatar.”Mr. Mnuchin, 53, was the national finance chairman for Mr. Trump’s campaign, and his selection would elevate a wealthy loyalist to a pivotal economic post. He began his career at Goldman Sachs, where he became a partner, before creating his own hedge fund, moving to the West Coast and entering the first rank of movie financiers by bankrolling hits like the “X-Men” franchise and “Avatar.”
If confirmed, Mr. Mnuchin would play a critical role in carrying out Mr. Trump’s promised economic policy changes, including the enactment of a large package of tax cuts, sweeping changes to foreign trade agreements and the fulfillment of a huge new infrastructure spending program. He could also help lead any efforts to roll back President Obama’s nuclear deal with Iran and the administration’s opening to Cuba by reimposing sanctions on Tehran and Havana.If confirmed, Mr. Mnuchin would play a critical role in carrying out Mr. Trump’s promised economic policy changes, including the enactment of a large package of tax cuts, sweeping changes to foreign trade agreements and the fulfillment of a huge new infrastructure spending program. He could also help lead any efforts to roll back President Obama’s nuclear deal with Iran and the administration’s opening to Cuba by reimposing sanctions on Tehran and Havana.
Mr. Mnuchin’s selection fits uneasily with much of Mr. Trump’s campaign attacks on the financial industry. Mr. Trump, in a campaign ad intended as a closing argument, portrayed the chief executive of Goldman Sachs as the personification of a global elite that the ad said had “robbed our working class.”Mr. Mnuchin’s selection fits uneasily with much of Mr. Trump’s campaign attacks on the financial industry. Mr. Trump, in a campaign ad intended as a closing argument, portrayed the chief executive of Goldman Sachs as the personification of a global elite that the ad said had “robbed our working class.”
The selection of Mr. Mnuchin (pronounced mi-NEW-chin) came as Mr. Trump moved on Tuesday to fill the ranks of his domestic policy team with seasoned Washington insiders chosen to help smooth the way in Congress for his two marquee campaign promises: the repeal of Mr. Obama’s health insurance coverage law and the large package to repair infrastructure, which could reach $1 trillion.The selection of Mr. Mnuchin (pronounced mi-NEW-chin) came as Mr. Trump moved on Tuesday to fill the ranks of his domestic policy team with seasoned Washington insiders chosen to help smooth the way in Congress for his two marquee campaign promises: the repeal of Mr. Obama’s health insurance coverage law and the large package to repair infrastructure, which could reach $1 trillion.
Mr. Trump chose Elaine L. Chao, a veteran of past Republican administrations who is married to Senator Mitch McConnell, Republican of Kentucky and the majority leader, as his transportation secretary. She will be charged with steering the infrastructure initiative through a divided Congress and the federal bureaucracy. Mr. Trump also announced that he would nominate Representative Tom Price, Republican of Georgia, a physician who has been a fierce opponent of the health care law, as his secretary of health and human services — tasked with leading his efforts to dismantle the measure.Mr. Trump chose Elaine L. Chao, a veteran of past Republican administrations who is married to Senator Mitch McConnell, Republican of Kentucky and the majority leader, as his transportation secretary. She will be charged with steering the infrastructure initiative through a divided Congress and the federal bureaucracy. Mr. Trump also announced that he would nominate Representative Tom Price, Republican of Georgia, a physician who has been a fierce opponent of the health care law, as his secretary of health and human services — tasked with leading his efforts to dismantle the measure.
On Wednesday, Mr. Trump will announce Wilbur Ross, the billionaire investor, as his secretary of commerce, according to the transition team.
The moves suggested that Mr. Trump was seeking experienced policy makers who have deep relationships in Washington to shepherd his most sweeping pledges.The moves suggested that Mr. Trump was seeking experienced policy makers who have deep relationships in Washington to shepherd his most sweeping pledges.
In Ms. Chao, Mr. Trump was turning to a former secretary of labor under President George W. Bush. Her experience on Capitol Hill will be necessary to take on what will have to be a bipartisan infrastructure effort in Congress. Aides said Mr. Trump’s choice of Mr. Price underscored the president-elect’s commitment to move swiftly — as early as his first day in office — to roll back the Affordable Care Act, Mr. Obama’s signature domestic policy achievement, and replace it. The selections on Tuesday came as Mr. Trump and former Gov. Mitt Romney of Massachusetts, who called the president-elect a “phony” and a “fraud” during the campaign, dined at Jean-Georges, a three-star restaurant at Trump International Tower and Hotel. Mr. Romney emerged from the four-course dinner to heap compliments on the president-elect, saying he had been impressed with Mr. Trump’s victory speech on election night, his transition effort and his personnel decisions.
“He did something I tried to do and was unsuccessful in accomplishing: He won the general election,” Mr. Romney told reporters.
Among the appointments announced Tuesday, Ms. Chao, a former secretary of labor under President George W. Bush, has experience on Capitol Hill that will be necessary to take on what will have to be a bipartisan infrastructure effort in Congress. Aides said Mr. Trump’s choice of Mr. Price underscored the president-elect’s commitment to move swiftly — as early as his first day in office — to roll back the Affordable Care Act, Mr. Obama’s signature domestic policy achievement, and replace it.
Ms. Chao, who was born in Taiwan, brings a third woman to cabinet-level positions in a Trump administration and an additional degree of diversity to the president-elect’s team, so far filled largely with conservative white men who have scoffed at political convention.Ms. Chao, who was born in Taiwan, brings a third woman to cabinet-level positions in a Trump administration and an additional degree of diversity to the president-elect’s team, so far filled largely with conservative white men who have scoffed at political convention.
Democrats said they were cautiously optimistic about working with Ms. Chao to forge a bipartisan infrastructure deal. “I hope Secretary Chao shares that ambitious goal and is willing to work with Democrats to rebuild our crumbling infrastructure and create millions of good-paying jobs along the way,” said Senator Chuck Schumer of New York.Democrats said they were cautiously optimistic about working with Ms. Chao to forge a bipartisan infrastructure deal. “I hope Secretary Chao shares that ambitious goal and is willing to work with Democrats to rebuild our crumbling infrastructure and create millions of good-paying jobs along the way,” said Senator Chuck Schumer of New York.
But Ms. Chao was quickly criticized by progressive groups who said she was emblematic of the very corporate-driven political establishment Mr. Trump had promised to dismantle. Some policy analysts argued that she had inadequately protected employee rights, and the Center for American Progress called her selection an “ominous sign for workers.” But Ms. Chao was quickly criticized by liberal groups who said she was emblematic of the very corporate-driven political establishment Mr. Trump had promised to dismantle. Some policy analysts argued that as labor secretary she had inadequately protected employee rights, and the Center for American Progress called her selection an “ominous sign for workers.”
The selection of Mr. Price, who has served in Congress since 2005, revealed deeper partisan divisions.The selection of Mr. Price, who has served in Congress since 2005, revealed deeper partisan divisions.
Representative Fred Upton, Republican of Michigan and the chairman of the House Committee on Energy and Commerce, described Mr. Price as “a brilliant choice,” adding: “The Department of Health and Human Services will have a lot on its plate next year. I’m glad that we’ll have a doctor who knows health care inside and out leading the way.” Representative Fred Upton, Republican of Michigan and the chairman of the House Committee on Energy and Commerce, described Mr. Price as “a brilliant choice,” adding, “I’m glad that we’ll have a doctor who knows health care inside and out leading the way.”
But Democrats and their allies voiced alarm bordering on panic in some cases. But Democrats and their allies voiced alarm.
Richard J. Fiesta, the executive director of the Alliance for Retired Americans, which represents many retired union members, said he was “horrified” by the selection of Mr. Price. Richard J. Fiesta, the executive director of the Alliance for Retired Americans, which represents many retired union members, said he was “horrified” by the selection of Mr. Price. Marcia D. Greenberger, a president of the National Women’s Law Center, a research and advocacy group, said Mr. Price “would have a devastating impact on women’s health.”
Marcia D. Greenberger, co-president of the National Women’s Law Center, a research and advocacy group, said the selection of Mr. Price was “very disappointing, but not a surprise.”
“If his record and principles are any guide, and if he could implement those positions as secretary of health and human services,” she said, “he would have a devastating impact on women’s health.”
Ms. Greenberger said the 2010 health care law had advanced women’s health care in several ways. It prohibits insurers from charging women more than men, and lists maternity and newborn care as “essential health benefits” that must be covered by health plans. Moreover, the law requires coverage of certain preventive services without co-payments and deductibles, and rules issued by the Obama administration say those services must include contraceptives.
In Mr. Mnuchin, Mr. Trump has an ally whose nomination is expected to be well received on Wall Street, a number of traders and bankers contacted on Tuesday said.In Mr. Mnuchin, Mr. Trump has an ally whose nomination is expected to be well received on Wall Street, a number of traders and bankers contacted on Tuesday said.
Since Mr. Trump’s victory, United States equity markets have hit record highs, with financial institutions leading the way. Having a Treasury secretary with broad experience as a financier is likely to to sustain the view that a Trump administration will look favorably upon Wall Street, not least in terms of pulling back some of the regulations put in place by Mr. Obama. Since Mr. Trump’s victory, United States equity markets have hit record highs, with financial institutions leading the way. Having a Treasury secretary with broad experience as a financier is likely to sustain the view that a Trump administration will look favorably upon Wall Street, not least in terms of pulling back some of the regulations put in place by Mr. Obama.
Mr. Mnuchin, who would be the third Goldman Sachs alumnus to serve as Treasury secretary, drew swift condemnation from progressive groups who said he had cashed in on the country’s financial collapse. Mr. Mnuchin was an early supporter of Mr. Trump. When Mr. Trump won New York’s Republican presidential primary contest in April, Mr. Mnuchin attended the victory party. The next day, he accepted Mr. Trump’s invitation to become the campaign’s national finance chairman.
“Nobody’s going to be, like, ‘Well, why did he do this?’ if I end up in the administration,” he told Bloomberg Businessweek in August.
Mr. Mnuchin, the son of a Goldman Sachs partner, joined the firm after graduating from Yale. He worked there for 17 years, rising to oversee trading in government securities and mortgage bonds.
Mr. Mnuchin, who would be the third Goldman Sachs alumnus to serve as Treasury secretary, drew swift condemnation from liberal groups who said he had cashed in on the country’s financial collapse.
“He purchased a bailed-out bank for pennies on the dollar and then aggressively foreclosed on tens of thousands of families,” Jon Green, a spokesman for Americans for Financial Reform, said in a statement. “Anyone concerned about Wall Street billionaires rigging the economy should be terrified by the prospect of a Treasury Secretary Mnuchin.”“He purchased a bailed-out bank for pennies on the dollar and then aggressively foreclosed on tens of thousands of families,” Jon Green, a spokesman for Americans for Financial Reform, said in a statement. “Anyone concerned about Wall Street billionaires rigging the economy should be terrified by the prospect of a Treasury Secretary Mnuchin.”
The group was apparently referring to Mr. Mnuchin’s role in 2009 in a group that bought the failed California mortgage lender IndyMac from the government. He became the chairman of the company, renamed OneWest, which was ultimately sold to CIT, the nation’s largest small-business lender, in 2015 for more than twice the price the group had paid.The group was apparently referring to Mr. Mnuchin’s role in 2009 in a group that bought the failed California mortgage lender IndyMac from the government. He became the chairman of the company, renamed OneWest, which was ultimately sold to CIT, the nation’s largest small-business lender, in 2015 for more than twice the price the group had paid.
During Mr. Mnuchin’s tenure, OneWest faced allegations that it had foreclosed improperly on some borrowers. Fair-housing groups also filed a complaint with the federal government, claiming that OneWest was not meeting its legal obligation to make loans in minority neighborhoods.During Mr. Mnuchin’s tenure, OneWest faced allegations that it had foreclosed improperly on some borrowers. Fair-housing groups also filed a complaint with the federal government, claiming that OneWest was not meeting its legal obligation to make loans in minority neighborhoods.
Mr. Mnuchin was the latest in a string of wealthy donors whom Mr. Trump has selected for top posts in his cabinet, including Wilbur Ross, the billionaire investor he is said to have chosen as his commerce secretary; Todd Ricketts, a Republican megadonor and an owner of the Chicago Cubs, who is expected to be the deputy commerce secretary; and Betsy DeVos, a school choice activist and Republican fund-raiser, who he announced would be his education secretary. Mr. Mnuchin was the latest in a string of wealthy donors whom Mr. Trump has selected for top posts in his cabinet, including Mr. Ross; Todd Ricketts, a Republican megadonor and an owner of the Chicago Cubs, who is expected to be the deputy commerce secretary; and Betsy DeVos, a school choice activist and Republican fund-raiser, who he announced would be his education secretary.
Mr. Mnuchin, who was plucked from relative obscurity by Mr. Trump to lead his campaign fund-raising, has conducted past business deals with the president-elect — but not always under the best of circumstances. Mr. Mnuchin’s hedge fund, Dune Capital Management, helped finance construction of a Trump project in Chicago. In 2008, Mr. Trump sued Dune and other lenders to extend the loan terms. The parties ultimately settled.Mr. Mnuchin, who was plucked from relative obscurity by Mr. Trump to lead his campaign fund-raising, has conducted past business deals with the president-elect — but not always under the best of circumstances. Mr. Mnuchin’s hedge fund, Dune Capital Management, helped finance construction of a Trump project in Chicago. In 2008, Mr. Trump sued Dune and other lenders to extend the loan terms. The parties ultimately settled.
The selections on Tuesday came as Mr. Trump huddled with advisers and potential cabinet officials in Trump Tower in Manhattan, stoking a remarkably public debate among his aides and allies over critical members of his national security team. Among the issues was whether he should name Mitt Romney, a former governor of Massachusetts and a nemesis during the presidential campaign, as his secretary of state. Mr. Trump dined with Mr. Romney on Tuesday evening at Jean-Georges, a three-star Michelin restaurant at the Trump International Tower and Hotel in Manhattan, after having met on Monday with David H. Petraeus, the highly decorated but scandal-scarred former military commander and C.I.A. director, who is also said to be in the running for the position. The selections on Tuesday came as Mr. Trump huddled with advisers and potential cabinet officials in Trump Tower in Manhattan, stoking a remarkably public debate among his aides and allies over critical members of his national security team.
Mr. Trump was also planning to begin a victory tour on Thursday, beginning with an evening rally in Cincinnati, that will take him to the kind of large, raucous events that defined his campaign and drew tens of thousands of supporters who paired cheers for Mr. Trump with shouts of angry slogans against his opponent and the news media. On Monday, he met with David H. Petraeus, the highly decorated but scandal-scarred former military commander and C.I.A. director, who is also said to be in the running for the position.
Among the issues was whether Mr. Trump should name Mr. Romney as his secretary of state. After their dinner, Mr. Romney told reporters that Mr. Trump “continues with a message of inclusion and bringing people together, and his vision is something which obviously connected with the American people in a very powerful way.”
Mr. Trump was planning to begin a victory tour on Thursday, beginning with an evening rally in Cincinnati, that will take him to the kind of large, raucous events that defined his campaign and drew tens of thousands of supporters.