Trump celebrates Mnuchin at swearing inBy Byron Manning Feb 15, 2017
The Senate is expected to vote on Treasury secretary nominee Steve Mnuchin Monday, despite objections from many Democrats.
"I am extremely disappointed in Senate Republicans for clearing the way for yet another Wall Street insider to take a critical leadership position in the administration", representative Maxine Waters, of California, told USA Today.
At the Senate vote for Mnuchin's confirmation earlier in the day, Republican Senator Orrin Hatch of Utah, who heads the Senate's finance committee, hailed the businessman's experience "managing large and complicated private-sector enterprises and in negotiating hard compromises and making tough decisions - and being accountable for those decisions".
During the ceremony at the White House, President Donald Trump called Mnuchin "a financial legend with an incredible track record of success" who would now work for the American taxpayer. Sheldon Whitehouse, R-RI, said on the Senate floor Monday afternoon. Joe Manchin the lone Democrat voting yes.
Republicans and Trump supporters shrugged off Mnuchin's ties to big business and said that his experience as a businessman will be beneficial to running America's economy.
Following that decision, the Senate confirmed David Shulkin to lead the Department of Veterans Affairs in a unanimous vote.
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However, Democrats decried Mnuchin's business strategies while in private sector.
Treasury and White House representatives did not respond to requests for comment late on Sunday on a Bloomberg report that Trump would soon nominate David Malpass, a former economist at failed Wall Street bank Bear Stearns, as Treasury undersecretary for worldwide affairs. Debbie Stabenow (D) of Michigan: "Mr. Mnuchin has made his career profiting from the misfortunes of working people".
Mnuchin's role buying and rehabilitating the failed IndyMac Bank, later rebranded OneWest Bank, became a key focus of his confirmation battle.
Trump added Mnuchin would "help ensure that Wall Street plays by the rules", pledging his latest Cabinet member would enact middle-class tax reductions and financial reforms while creating new jobs.
Mnuchin left Goldman Sachs in 2002, but his next venture - purchasing a failed bank, renaming it OneWest and then foreclosing on some 35,000 homes during the financial crisis - has drawn even more criticism from Democrats opposed to his nomination. During his confirmation hearings, he vowed that the department would not be privatized under his watch.
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