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Mnuchin outlines why he should be US treasury secretary Mnuchin outlines why he should be US treasury secretary
(35 minutes later)
President-elect Donald Trump's choice for treasury secretary, Steven Mnuchin, has faced strong criticism during a Senate confirmation hearing.President-elect Donald Trump's choice for treasury secretary, Steven Mnuchin, has faced strong criticism during a Senate confirmation hearing.
Mr Mnuchin is outlining his experience and qualifications to hold one of the most important jobs in finance. Mr Mnuchin was outlining his experience and qualifications to hold one of the most important jobs in finance.
It was claimed that his former bank, OneWest, sold for a big profit, ruined lives during the US property crash by foreclosing on 36,000 loans. But it was overshadowed by claims that his former bank, OneWest, ruined lives during the US property crash by foreclosing on 36,000 loans.
"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 spent 17 years at Goldman Sachs before leaving in 2002 to set up an investment group and fund Hollywood movies.Mr Mnuchin spent 17 years at Goldman Sachs before leaving in 2002 to set up an investment group and fund Hollywood movies.
He also led a buyout of IndyMac, whose collapse in 2008 was the second biggest bank failure of the financial crisis. He led a buyout of IndyMac, whose collapse in 2008 was the second biggest bank failure of the financial crisis.
It was renamed OneWest, turned around, and then sold in 2014. But Mr Mnuchin was accused of turning OneWest into a "foreclosure machine" in order to boost profits. It was renamed OneWest, turned around, and then sold in 2014 for a big profit. But Mr Mnuchin was accused of turning the California bank into a "foreclosure machine" in order to boost profits.
Ahead of the hearing, Elizabeth Warren, an anti-Wall Street Democratic senator, set up a forum where former OneWest foreclosure victims could air their complaints.Ahead of the hearing, Elizabeth Warren, an anti-Wall Street Democratic senator, set up a forum where former OneWest foreclosure victims could air their complaints.
However, Mr Mnuchin, whose fiancée and children are 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." Mr Mnuchin, whose fiancée and children sat behind him, 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". He said he felt "enormous sympathy" for people who lost their homes "because the system failed them".
However, Senator Ron Wyden, the Finance Committee's top Democrat, criticised Mr Mnuchin's OneWest for its automated "robo-signing" of foreclosure documents. However, Senator Ron Wyden, the Finance Committee's top Democrat, criticised OneWest for its automated "robo-signing" of foreclosure documents.
'Offshore web''Offshore web'
He also criticised Mr Mnuchin's use of tax havens such as Anguilla and the Cayman Islands to shelter hedge fund profits, questioning his qualifications to oversee a major revamp of tax laws to make them fairer to working Americans. He also attacked Mr Mnuchin's use of tax havens such as Anguilla and the Cayman Islands to shelter hedge fund profits, questioning his qualifications to oversee a major revamp of tax laws to make them fairer to working Americans.
"In Mr. Mnuchin's case, millions of dollars in profits from Hollywood exports like the movie 'Avatar' were funnelled to an offshore web of entities and investors," Mr Wyden said in his opening remarks. "In M. Mnuchin's case, millions of dollars in profits from Hollywood exports like the movie 'Avatar' were funnelled to an offshore web of entities and investors," Mr Wyden said.
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. Despite the hearing being dominated by OneWest and Mr Mnuchin track record, he faced questions on the strength of the US economy and how he would manage Mr Trump's tax and spending plans.
In one of the early exchanges, Mr Mnuchin said that the Trump administration would follow trade policies to ensure a strong US dollar. In one exchange, Mr Mnuchin said that the Trump administration would follow trade policies to ensure a strong US dollar.
"I will enforce trade policies that keep our currency strong on the global exchanges and create and protect American jobs," he said."I will enforce trade policies that keep our currency strong on the global exchanges and create and protect American jobs," he said.
During questioning Mr Mnuchin said:During questioning Mr Mnuchin said:
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". Analysis: John Mervin, BBC News, New York:
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." Anyone hoping to pick up more detail about the Trump administration's economic plans from Mr Mnuchin's hearing may be disappointed. Although matters of policy have been discussed, they were overshadowed by the attempts of Democrats on the committee to shape Mr Mnuchin's image in the public eye.
Many of their questions focussed on the ways in Mr Mnuchin benefited from America's housing market collapse which cost so many families their homes, and from the tax loopholes which allow wealthy investors to avoid US tax. That Mr Mnuchin took over a failed bank and also ran a hedge fund is hardly news.
But Democratic senators seem determined to make sure that anyone following his confirmation understands that far from being part of a populist movement, to reform and remake US economy, Mr Mnuchin has so far been at the heart of financial system, which enriches the elite and hurts the common people.