American investment banker, movie producer, and public official who is serving as the 77th United States Secretary of the Treasury.
Steven Terner Mnuchin is an American investment banker, movie producer, and public official who is serving as the 77th United States Secretary of the Treasury as part of the Cabinet of Donald Trump. Previously, Mnuchin had been a hedge fund manager and investor.
After he graduated from Yale University in 1985, Mnuchin worked for investment bank Goldman Sachs for 17 years, eventually becoming its chief information officer. After he left Goldman Sachs in 2002, he worked for and founded several hedge funds. Mnuchin was a member of Sears Holdings’s board of directors from 2005 until December 2016, and before that was on Kmart’s board of directors. After Sears went bankrupt, the company that formerly owned it sued Mnuchin and ex-CEO Edward Lampert for “asset stripping” during their tenure. During the financial crisis of 2007–2008, Mnuchin bought failed residential lender IndyMac. He changed the name to OneWest Bank and rebuilt the bank, then sold it to CIT Group in 2015. During his time as OneWest CEO and chairman, the bank became embroiled in several lawsuits over questionable foreclosures.
Mnuchin joined Trump’s presidential campaign in 2016, and was named national finance chairman for the campaign. On February 13, 2017, Mnuchin was confirmed to be President Donald Trump’s secretary of the treasury by a 53–47 vote in the US Senate. As Secretary of the Treasury, Mnuchin supported the tax reform of 2017 and advocated reducing corporate tax rates. In regard to regulatory policy, Mnuchin supports a partial repeal of Dodd-Frank, citing the complexity of the legislation. Mnuchin’s use of government aircraft for personal usage has come under scrutiny from the US Treasury’s Office of Inspector General and a watchdog group.
United States Department of the Treasury
Dec 21st, 1962
American
Washington, D.C., United States
Riverdale Country School
Yale University, Bachelor's degree in economics
United States Department of the Treasury - Secretary of the Treasury
Goldman Sachs - 1985-2002
Sears Holding - Board of Directors Member - 2005-2016
OneWest - CEO & Chairman
FinCEN’s recently proposed crypto wallet regulations has been the subject of major criticism from major players in the crypto industry as many experts believe it would be technically almost impossible for many crypto projects to comply.
On Wednesday, President Trump’s Working Group on Financial Markets published a report regarding stablecoins retail payments perception amongst the public.
The relief package incorporates, among others, increased jobless benefits, small business loans, education funding, the $600 stimulus checks and funding to aid the supply and distribution of Covid-19 vaccines.
The G7 officials discussed the need to regulate crypto assets and prevent its use for any malicious or illicit activities. There’s strong support across the top economies to regulate digital assets.
JPMorgan chief US economist expects an around $1 trillion stimulus package early next year. However, Goldman Sachs analysts expect a $1 trillion stimulus package before the end of the year.