Trump Picks Steve Mnuchin To Lead Treasury Department

Trump Picks Steve Mnuchin To Lead Treasury Department

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.

President-elect Donald Trump's pick for treasury secretary says he expects US interest rates to stay "relatively low for the next couple of years" - but eventually they will rise. The US expansion has averaged 2.1 per cent at an annual rate since the end of the 2007-2009 recession.

Mnuchin said he wanted to bring "a lot of cash back to the US", proposing a one-time 10 per cent repatriation tax to return corporate tax revenue held overseas.

"I think the United States is the greatest country in the world to invest in", he said.

"Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class".

One area where any Trump Treasury Secretary is likely to spend a lot of time is China.

Mnuchin says the administration will work with Congress to figure out how to pay for this effort.

Mnuchin's role in buying the bank, then called IndyMac, may hold clues to what his leadership at the Treasury department means for Fannie Mae and Freddie Mac. Some Republicans have said they should be wound down or eliminated.

As campaign finance chairman, Mnuchin might well have signed off on the ad.

Steven Mnuchin made the pledge in an interview with CNBC on Tuesday.

"We're not taking a position on whether we support that or don't support it". Mnuchin has been widely suspected to be Trump's top choice for the role, with Bloomberg reporting more than two weeks ago that Mnuchin "has been recommended by Donald Trump's transition team to serve as Treasury secretary".

Ross was previously part of the Trump campaign's economic team (as senior adviser on trade) and contributed to Trump's 100-day action plan.

Mnuchin stands to save millions in taxes should the Senate confirm his nomination.

As Treasury chief, Mnuchin will lead the Financial Stability Oversight Council, established under the Dodd-Frank Act that Trump wants to unwind.

Steven Mnuchin is expected to be named as president-elect Donald Trump's top pick for Treasury secretary, said a source familiar with the White House transition. In 2009, Mnuchin and a group of investors purchased the failed Pasadena-based IndyMac bank from the FDIC for $1.5 billion after the mortgage meltdown and renamed the bank OneWest.

This month, two housing groups filed a complaint asking the U.S. Department of Housing and Urban Development to investigate complaints that OneWest engaged in discriminatory "redlining" practices against black and Latino communities. The bank has denied these claims.

Mnuchin has been chided by conservatives for his previous donations to Democrats, including President Obama, Hillary Clinton, John Kerry and Al Gore.

"If you're going to change Republican economic policy over the past 30, 35, 40 years, you need really smart people that are going to drive that message not only to the hill, but to the American people".

Mnuchin's stint with Lampert lasted less than a year. (Trump backer Anthony Scaramucci, for one, doesn't like the "name-calling" and has invited Warren to lunch to discuss their common goals, presumably at his Midtown steakhouse where people can get their shoes shined while eating.) Picking up where Warren left off, the Democratic National Committee commented that "nominating Steve Mnuchin to be Treasury a slap in the face to voters who hoped [Trump] would shake up Washington". "That's the priority of this administration".