New Initiative of Allied Progress Will Provide Research and Rapid Response on Economic Appointees Ahead of Confirmation Hearings
Initial Focus on Wall Street Insider Steven Mnuchin, “Bankruptcy King” Wilbur Ross, and TD Ameritrade Heir Todd Ricketts, with More to Come
WASHINGTON, D.C. – Today, Allied Progress, a national progressive advocacy organization, announced the launch of Trump Transparency Project, a new initiative that seeks to hold the incoming administration accountable on economic appointments and policies that will hurt America’s middle class. The campaign begins with the unveiling of a new hub website, TrumpTransparency.org, and is accompanied by extensive research and rapid response activities on three individuals: Steven Mnuchin (nominated for Treasury Secretary), Wilbur Ross (nominated for Commerce Secretary), and Todd Ricketts (nominated for Deputy Commerce Secretary). These men, if confirmed, would advance policies that betray hard-working Americans by prioritizing the needs of Wall Street and other powerful special interests.
“President-elect Trump followed up on his campaign promise to ‘drain the swamp’ by nominating a former Wall Street insider who made millions off foreclosures to oversee economic policy, a self-professed ‘bankruptcy king’ to help American businesses, and someone born with a silver spoon in his mouth to be his deputy. Steven Mnuchin, Wilbur Ross, and Todd Ricketts represent the Wall Street insiders and billionaire class that Candidate Trump attacked relentlessly throughout the campaign. Ahead of their confirmation hearings, Allied Progress will work to make sure the press and public know who these individuals are and the damage they would do to our economy if confirmed,” said Allied Progress Executive Director Karl Frisch.
As confirmation hearings begin for Trump administration nominees in the new year, Allied Progress will provide research and communications support to members of Congress, media, and other advocacy organizations. These efforts will be buttressed by an extensive digital, rapid response, and paid media operation designed to make sure the constituents of key senators know the truth about Trump’s appointees.
- STEVEN MNUCHIN, President-elect Trump’s nominee for Treasury Secretary, is a longtime Wall Street insider, formerly a second-generation executive at Goldman Sachs. At the height of the Great Recession, Mnuchin purchased IndyMac (Independent National Mortgage Corporation), later renamed OneWest Bank. Under Mnuchin’s leadership, OneWest foreclosed on thousands of homeowners, forcing the Federal Deposit Insurance Corporation (FDIC) to absorb the losses while making billions in profits for Mnuchin and his colleagues. The bank’s foreclosure practices 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 foreclosed on a 90-year-old woman over a payment that was short by 27 cents.
- WILBUR ROSS, known in finance circles as the “Bankruptcy King,” was nominated by President-elect Trump for Commerce Secretary, a position that requires one to promote and attract American businesses abroad and at home. Ross has made a career profiting from company bankruptcies, often padding his own pockets while mid-level workers lost hard-earned benefits or were laid off. Additionally, as president of a secret society of elite financial industry insiders, Ross was caught making homophobic and sexist jokes at an event that included skits and songs mocking poor people.
- TODD RICKETTS, nominated by President-elect Trump to be Deputy Commerce Secretary, is one of the heirs to the TD Ameritrade fortune. As Deputy Commerce Secretary, Ricketts would be responsible for managing the day-to-day operation of the U.S. Department of Commerce. However, Ricketts has had minimal managerial experience, let alone a serious job not linked to his family’s wealth. Ricketts was appointed by his father to his position on the TD Ameritrade board of directors. The Ricketts family purchased the Chicago Cubs in 2009, but day-to-day control resides with Todd’s brother, Tom. His only true work experience outside his family’s fortune came when he bought the Higher Gear bicycle shop, which sells $8000 bicycles.
About Allied Progress
Allied Progress is a nationwide, progressive, advocacy organization that uses hard-hitting research and creative campaigns to hold Wall Street and other 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 special interests working to cripple the Consumer Financial Protection Bureau (CFPB).
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Allied Progress uses hard-hitting research and creative campaigns to hold powerful special interests accountable and empower hardworking Americans.