Statement on Senate Confirmation of “Foreclosure King” Steven Mnuchin for Treasury Secretary

Senate Confirms Treasury Nominee Who Admits He Was Not Truthful During Confirmation Process


 

WASHINGTON, D.C. – Tonight following the Senate’s confirmation of Steven Mnuchin, the former Goldman Sachs banker known as the “Foreclosure King,” to be President Trump’s Secretary of Treasury, Allied Progress released the following statement from its executive director, Karl Frisch:

Steven Mnuchin’s confirmation is further proof that Donald Trump never intended to keep his campaign promise to drain the swamp. Instead he has filled his cabinet with unqualified Beltway insiders and Wall Street billionaires. Mnuchin is called the ‘Foreclosure King’ for a reason. He made hundreds of millions of dollars from his foreclosure machine of a bank that was accused of ‘widespread misconduct’ by government investigators. This is not the type of man who should be allowed anywhere near the economic policy of our nation.”

Mnuchin was dishonest with the Senate from the outset of his hearing. He failed to disclose nearly $100 million in assets and his interest in a corporation parked overseas in a tax shelter. He lied about the robo-signing practices used by his bank to expedite foreclosures and push hard-working American families out of their homes. His dishonesty should not have been rewarded with confirmation to such an important post. We will closely monitor the actions he takes as Treasury Secretary and hold him to account for policies that betray the best interests of American workers.”

In December, 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 vetting profile on Steven Mnuchin here. Allied Progress has been among those leading the charge against Mnuchin:

  • Responded to Nomination with Scathing Statement (November 29): Allied Progress 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): Allied Progress launched online action calling on people to contact their senators and tell them to oppose Mnuchin’s confirmation. Thousands of Americans contacted their senators. [More]
  • Research Dossier (December 19): Allied Progress published an extensive research dossier on Mnuchin and his disastrous record leading his foreclosure machine of a bank, OneWest. [More]
  • Launched TV Ad Calling on Senators to Reject Mnuchin (January 4): Allied Progress 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): Allied Progress sent mailers to more than 60,000 families in 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): Allied Progress 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]
  • Called for Senate Finance Committee to Delay Confirmation Vote (January 30): Allied Progress called for the Senate Finance Committee to delay its vote recommending confirmation of Steven Mnuchin after The Columbus (OH) Dispatch showed how Mnuchin misled senators about the foreclosure practices of his bank. [More]
  • Praised Senate Finance Committee Democrats for Boycotting Markup (January 31): Allied Progress applauded Senate Finance Committee Democrats for boycotting the confirmation markup of Steven Mnuchin insisting that no vote take place until the Treasury nominee was honest about the foreclosure practices of his bank. [More]
  • Criticized Senate Finance Committee Republicans for Bypassing Rules to Advance Mnuchin Even After He Lied to Them (February 1): Allied Progress criticized Sen. Orrin Hatch (R-UT) and Finance Committee Republicans for suspending committee rules to advance Mnuchin’s nomination even after CNN reported that Trump’s Treasury nominee admitted to committee staff that he had not been entirely truthful. [More]
  • Released Special Report Showing Mnuchin Misled Senate About His Bank’s Use of Robo-Signing (February 6): Allied Progress unearthed evidence that Mnuchin’s bank used the unethical practice of robo-signing, despite his denials, in at least five more states than previously known. [More]

To speak with Karl Frisch about Mnuchin’s confirmation, please contact Mike Czin at 202-286-7654 or mczin@skdknick.com.

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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).

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