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Mnuchin outlines why he should be Treasury Secretary Mnuchin outlines why he should be Treasury Secretary
(35 minutes later)
President-elect Donald Trump's choice for Treasury Secretary, Steven Mnuchin, is defending his record at a Senate confirmation hearing.President-elect Donald Trump's choice for Treasury Secretary, Steven Mnuchin, is defending his record at a Senate confirmation hearing.
Mr Mnuchin is outlining his experience and qualifications to hold one of the most important jobs in finance.Mr Mnuchin is outlining his experience and qualifications to hold one of the most important jobs in finance.
In an opening statement, he rejected claims his OneWest Bank was a "foreclosure machine" that ruined lives during the housing crash.In an opening statement, he rejected claims his OneWest Bank was a "foreclosure machine" that ruined lives during the housing crash.
"I have been maligned", the ex-hedge fund boss told the Finance Committee."I have been maligned", the ex-hedge fund boss told the Finance Committee.
Mr Mnuchin, 53, who spent 17 years at Goldman Sachs before leaving in 2002 to set up an investment group, is expected to face some tough questioning during the hearing.Mr Mnuchin, 53, who spent 17 years at Goldman Sachs before leaving in 2002 to set up an investment group, is expected to face some tough questioning during the hearing.
That he has been forced to to defend his record during his opening remarks underlines the hostility some people feel towards his appointment.That he has been forced to to defend his record during his opening remarks underlines the hostility some people feel towards his appointment.
Elizabeth Warren, an anti-Wall Street Democratic senator, has already set up a forum where former OneWest foreclosure victims could air their complaints.Elizabeth Warren, an anti-Wall Street Democratic senator, has already set up a forum where former OneWest foreclosure victims could air their complaints.
But Mr Mnuchin, whose wife and children are also at the hearing, told the committee: "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."But Mr Mnuchin, whose wife and children are also at the hearing, told the committee: "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."
He said he felt "enormous sympathy" for people who last their homes "because the system failed them".
The US Treasury secretary is the leading government voice on domestic and international economic policy and one of the key figures shaping US financial strategy.The US Treasury secretary is the leading government voice on domestic and international economic policy and one of the key figures shaping US financial strategy.
So, Mr Mnuchin will face questions on how he will manage Mr Trump's tax and spending plans, which could significantly increase the US deficit, fuel inflation and further boost the dollar's value.So, Mr Mnuchin will face questions on how he will manage Mr Trump's tax and spending plans, which could significantly increase the US deficit, fuel inflation and further boost the dollar's value.
Last year, when he was put forward by Mr Trump, Mr Mnuchin vowed to introduce "the most significant middle income tax cut since [Ronald] Reagan".Last year, when he was put forward by Mr Trump, Mr Mnuchin vowed to introduce "the most significant middle income tax cut since [Ronald] Reagan".
Mr Mnuchin told CNBC: "We think by cutting corporate taxes we'll create huge economic growth and we'll have huge personal income... Taxes are way too complicated and people spend way too much time worrying about ways to get them lower."Mr Mnuchin told CNBC: "We think by cutting corporate taxes we'll create huge economic growth and we'll have huge personal income... Taxes are way too complicated and people spend way too much time worrying about ways to get them lower."