Financiera

Elizabeth Warren Compares Steven Mnuchin to an Evil Forrest Gump

Elizabeth Warren Compares Steven Mnuchin to an Evil Forrest Gump

Steven Mnuchin has made a name for himself in Hollywood since leaving Goldman Sachs.

"Steve Mnuchin is the Forrest Gump of the financial crisis - he managed to participate in all the worst practices on Wall Street", said Warren in a statement according to Politico's Ben White. During his time he oversaw the mortgage lending department as it delved into such products as credit default swaps and collateralized debt obligations.

Since then, he founded his own private equity firm and the firm, Dune Capital Management, purchased distressed mortgage lender IndyMac in 2009, which was then renamed OneWest.

In 2011, protesters gathered in front of Mnuchin's home in Bel-Air - it's reported to be worth $26.5 million - to protest OneWest's foreclosure on homeowners, many of whom reportedly belonged to minority communities.

Treasury Secretary-nominee Steven Mnuchin outlined an economic agenda aimed at nearly doubling the growth rate of the current expansion, saying he will boost jobs by making tax reform his overriding priority. While some Treasury secretaries are chosen due to their stature in Congress or the business world, and have little history with the president, Mnuchin was the finance chair of Trump's campaign, and presumably has his ear. He would also lead an agency tasked with implementing worldwide economic sanctions.

Mnuchin says "sustained economic growth" is the chief priority of the incoming administration and he says "we can absolutely get to sustained 3 to 4 percent" in the gross domestic product.

"It's hard to think of a nominee who better embodies the culture of Wall Street greed than the former Goldman Sachs partner", the Communications Workers of America, a labor union, said in a statement. Many of the Treasury Secretary's powers were granted by the Dodd-Frank financial reforms of 2010, which Mnuchin has vowed to "strip back". That same year, the federal Office of Thrift Supervision hit the bank with a regulatory order saying it had failed to follow procedures when foreclosing on homeowners.

Regional banks in particular have been lobbying for relief from Dodd-Frank. But he has not spelled out what changes he would like to see.

While the pick has been expected, it might come as a surprise to some of Trump's supporters who liked the president-elect's populist messaging and attacks on Hillary Clinton's ties to Wall Street. "I think that the United States is the greatest country in the world to invest in".

Sohn and other economists, however, suggested that Mnuchin's lack of government experience could prove to be a drawback in selling the administration's economic policies to Congress.

Critics say the law went too far to hinder banks from making loans that people and businesses need to spend and hire. "There is a lot more compromise involved".

Kellyanne Conway tells The Associated Press that the president elect's three adult children already work in the corporation and "are expected to continue in those roles and in fact increase their responsibilities in those roles".