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Mnuchin promises to boost US growth as Treasury boss Mnuchin promises to boost US growth as Treasury boss
(about 1 hour later)
Former Goldman Sachs banker Steven Mnuchin has promised to boost the US economy and cut taxes in his new role as Treasury secretary.Former Goldman Sachs banker Steven Mnuchin has promised to boost the US economy and cut taxes in his new role as Treasury secretary.
Confirming his appointment in an interview with CNBC, he said that "sustained economic growth" would be his chief priority.Confirming his appointment in an interview with CNBC, he said that "sustained economic growth" would be his chief priority.
He also said the US could "absolutely" achieve a 3-4% growth rate, one of Donald Trump's key pledges.He also said the US could "absolutely" achieve a 3-4% growth rate, one of Donald Trump's key pledges.
Wilbur Ross has also been confirmed as the new Commerce Department head.Wilbur Ross has also been confirmed as the new Commerce Department head.
Mr Mnuchin, 53, is relatively unknown as a public figure, despite building a career as a successful private equity investor and Hollywood financier.Mr Mnuchin, 53, is relatively unknown as a public figure, despite building a career as a successful private equity investor and Hollywood financier.
He spent 17 years at Goldman Sachs before leaving in 2002 to set up an investment group which funded big movies such as "Avatar" and "Suicide Squad."He spent 17 years at Goldman Sachs before leaving in 2002 to set up an investment group which funded big movies such as "Avatar" and "Suicide Squad."
Mortgage controversyMortgage controversy
More controversially, he persuaded billionaires George Soros and John Paulson to buy the failed California bank IndyMac in 2009, which had collapsed under a portfolio of high-risk sub-prime mortgage loans. More controversially, he persuaded billionaires George Soros and John Paulson to help him buy the failed bank IndyMac in 2009, which had collapsed under a portfolio of high-risk mortgage loans.
Rebranded as OneWest the bank grew to become one of California's largest lenders.Rebranded as OneWest the bank grew to become one of California's largest lenders.
But it was also accused of generating driving homeowners into foreclosure to generate earnings - claims Mr Mnuchin has denied. But it was also accused of driving homeowners into foreclosure to generate earnings - claims Mnuchin has denied.
He has been described as bipartisan and politically neutral, however he has known Donald Trump for 15 years and worked as his presidential campaign's finance chairman. As treasury secretary, Mr Mnuchin would be the administration's chief economic spokesman, tasked with selling its economic programme to Congress.
Like Mr Trump, Mr Mnuchin has also criticised the Dodd Frank act - brought in by the Obama administration to stabilise the banking system - saying it prevented banks lending to smaller businesses. He has been described as bipartisan, however he has known Donald Trump for 15 years and worked as his presidential campaign's finance chairman.
Like Mr Trump, he has also criticised the Dodd Frank act - brought in by the Obama administration to stabilise the banking system - saying it prevented banks lending to smaller businesses.
He told CNBC the new administration would bring in the "the largest tax change'" since President Ronald Reagan - cutting the corporate tax rate to 15%.He told CNBC the new administration would bring in the "the largest tax change'" since President Ronald Reagan - cutting the corporate tax rate to 15%.
He also promised a big "middle-class income tax cut" and to simplify tax bands.He also promised a big "middle-class income tax cut" and to simplify tax bands.
Financier Wilbur Ross has been called the "king of bankruptcy" for buying distressed companies and turning them around. Mr Mnuchin also complimented Janet Yellen, chair of the Federal Reserve, saying she had done a good job, but declined to comment on whether she would serve out the rest of her four-year term, which ends in early 2018.
"Eventually we are going to have higher interest rates and that's something that this country is going to need to deal with," he added.
'King of bankruptcy'
Mr Mnuchin will be the third ex-Goldman Sachs banker to serve as Treasury secretary, but, with no prior government experience, some say he could struggle to navigate the world of Washington politics.
"People who come from Wall Street quickly find that they can't just make a decision and have it happen," said Stanley Collender, a communications expert who previously advised the House and Senate Budget Committees.
"It's not like being a CEO. There is a lot more compromise involved."
As head of the Commerce Department, Wilbur Ross will be responsible for managing America's trade relationships.
The 78-year-old financier has been called the "king of bankruptcy" for buying distressed companies and turning them around, and has a net worth of about $2.9bn, according to Forbes.
Mr Ross advised Mr Trump on the campaign trail, in particular helping him shape his protectionist trade policy positions.
Mr Ross has blamed the North American Free Trade Agreement with Canada and Mexico, and China's 2001 entry to the World Trade Organization, for causing huge US factory job losses.