Mnuchin confirmed to lead treasury
Ex-banker gets nod despite Democrats’ strong objections.
WASHINGTON — A bitterly divided Senate on Monday confirmed Steven Mnuchin as treasury secretary despite strong objections by Democrats that the former banker ran a “foreclosure machine” when he headed OneWest Bank.
R e p u b l i c a n s s a i d Mnuchin’s long tenure in finance makes him qualified to run the department, which will play a major role in developing economic policy under President Donald Trump.
“He has experience managing large and complicated private-sector enterprises and in negotiating difficult c o mpro mi s e s a n d making tough decisions — and being accountable for those decisions,” said Sen. Orrin Hatch, R-Utah, chairman of the Finance Committee.
Votes on President Donald Trump’s Cabinet picks have exposed deep partisan d i v i s i o n s i n t h e Re p u b - l i c a n- c ontrol l e d S e nate, with many of the nominees approved by mostly party-line votes.
The vote on Mnuchin followed the same pattern. He was confirmed by a mostly party-line vote of 53-47. Democratic Sen. Joe Manchin of West Virginia joined the Republicans.
The Senate also headed toward a vote on a less divisive nominee, physic ian David Shulkin, to be secretary of the Department of Veterans Affairs.
Like others in Trump’s C a b i n e t , M n u c h i n i s a wealthy businessman. He is a former top executive at Goldman Sachs and served a s f i nance c hai r man f or Trump’s presidential campaign.
As Treasury sec ret ar y, Mnuchi n i s exp e c t e d t o play a key role in Republican efforts to overhaul the nation’s tax code for the first time in three decades. Tr u mp ha s pro mi s e d to unveil a proposal i n t he coming weeks.
Mnuchin will also be in charge of imposing economic sanctions on foreign governments and individuals, including Russia.
Senate Majority Leader Mitch McConnell, R-Ky., said Mnuchin “i s smart , he’s capable, and he’s got impressive private-sector experience.”
Democrats complained that Mnuchin made much of his fortune by foreclosing on families during the financial crisis.
In 2009, Mnuchin assembled a group of investors to buy the failed IndyMac bank, whose collapse the year before was the second biggest bank failure of the financial crisis. He renamed it OneWest and turned it around, selling it for a profit in 2014.
“Mr. Mnuchin has made his c areer profiting from the misfortunes of working people,” said Sen. Debbie Stabenow, D-Mich. “OneWest was notorious for taking an especially aggressive role in foreclosing on struggling homeowners.”