Statement on Confirmation Hearing of Trump Treasury Nominee Steven “The Foreclosure King” Mnuchin
“Today, Steven Mnuchin Demonstrated Why He Is Unfit to Serve as Treasury Secretary.” – Karl Frisch, Allied Progress
WASHINGTON, D.C. – Today Allied Progress released the following statement concerning the Senate Finance Committee’s confirmation hearing for President-elect Donald Trump’s Treasury Secretary nominee, Steven Mnuchin:
“Today Steven Mnuchin demonstrated why he is unfit to serve as Treasury Secretary. Rather than taking responsibility for failing to disclose $100 million in assets stashed in overseas tax havens, he was all smiles when he blamed difficult paperwork. I wonder if he’s bothered to ask any of the tens of thousands of families his bank foreclosed on about their difficulties with paperwork from his old bank. He says he will divest from all potential conflicts of interest but given his track record on disclosure and the fact that he has yet to make public the holdings of his many complicated investment funds, how can we know for sure?” asked Allied Progress Executive Director Karl Frisch.
He continued, “From the hearing today we learned that Steven Mnuchin’s primary concern is protecting the rigged economic system that has made him a very wealthy man and cost tens of thousands of Americans their family homes. He vowed to cripple the Consumer Financial Protection Bureau by meddling with its independent funding structure. He wouldn’t commit to protecting Medicare’s solvency or the at-risk pension of millions of Americans. He wouldn’t admit that he parked many of his investment funds overseas to avoid paying taxes. At times, it was clear he was out of his depth and not certain of the actual responsibilities for the job he is seeking. American can’t afford a Treasury Secretary who needs on-the-job training.”
Last month, Allied Progress launched Trump Transparency Project, an initiative aimed at holding the incoming administration accountable for its economic appointments and policies that will hurt America’s middle class. You can read the project’s profile on Steven Mnuchin here. The Project has spent considerable time holding Mnuchin accountable:
- Responded to Nomination with Scathing Statement (November 29): Released statement lambasting President-elect Trump for abandoning commitment to “drain the swamp” with his nomination of Mnuchin noting the former Goldman Sachs banker’s background as a financial predator. [More]
- Launched OpposeMnuchin.org (December 2): Launched online action calling on people to contact their senators and tell them to oppose Mnuchin’s confirmation. [More]
- Research Dossier (December 19): Published extensive research dossier on Mnuchin and his disastrous record leading the foreclosure mill of a bank, OneWest. [More]
- Launched TV Ad Calling on Senators to Reject Mnuchin (January 4): Launched six-figure television ad buys in Arizona and Nevada calling on senators to reject Mnuchin’s nomination. The ads highlighted how Mnuchin made millions from the foreclosures of thousands of family homes — including in Arizona and Nevada where the foreclosure crisis was particularly horrific. [More / View]
- Sent Direct Mailer Targeting Mnuchin Victims (January 18): Sent mailing to communities hit hardest during the foreclosure crisis detailing the extent of damage caused by Mnuchin’s bank in Arizona and Nevada. [More]
- Launched TV Ad Featuring Mnuchin Victim (January 18): Launched television ad buy with allies in Arizona, Nevada, Iowa, and D.C. featuring the story of Lisa Fraser, a widow whose home was foreclosed on by Mnuchin’s bank, OneWest. [More / View]
More About Mnuchin
Mnuchin is a longtime Wall Street insider, formerly a second-generation executive at Goldman Sachs. At the height of the Great Recession, Mnuchin purchased IndyMac, later renamed OneWest Bank. Under his leadership OneWest foreclosed on tens of thousands of homeowners with the federal government absorbing the losses while the bank made billions in profits for Mnuchin and his colleagues.
The foreclosure practices of Mnuchin’s bank were disputed and came under intense fire, with one judge finding that OneWest committed “harsh, repugnant, shocking and repulsive” acts, characterizing the bank’s conduct as “inequitable, unconscionable, vexatious and opprobrious.” In another case, OneWest attempted to foreclose on a 90-year-old woman over a payment that was short by 27 cents.
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Allied Progress is a nationwide, progressive advocacy organization that uses hard-hitting research and creative campaigns to hold Wall Street and powerful special interests accountable. Since launching in 2015, the organization has led high-profile campaigns on several issues including reforming the payday lending industry and exposing the those working to cripple the Consumer Financial Protection Bureau (CFPB).
To speak with Allied Progress about this release, please contact Mike Czin, 202-286-7654.