Trump Treasury Pick Steven Mnuchin Hammered on SoCal Foreclosures During Confirmation Hearing
Steven Mnuchin, the Wall Street executive tapped by President-elect Donald Trump to be the next Treasury secretary, faced some of the most blistering personal attacks of any Cabinet pick so far as Democrats accused him of foreclosing on the homes of thousands of struggling Americans while head of a Pasadena bank, even as he helped rich hedge fund clients shelter their wealth offshore.
Mnuchin was on the defensive during a more than five-hour confirmation hearing Thursday at which it was also revealed he initially had failed to disclose $95 million in real estate holdings and his position as director of a corporation in the Cayman Islands, a well-known tax haven.
Democrats questioned how Mnuchin could be expected to crack down on tax-avoidance schemes he helped clients use in the past. They also pressed him to ensure that Trump’s foreign investments didn’t compromise U.S. national security. Mnuchin said he would look into Trump’s foreign debt.
The 54-year-old hedge fund manager and former Hollywood movie producer had barely settled into his seat at the Senate Finance Committee when the panel’s top Democrat, Sen. Ron Wyden of Oregon, launched a nearly 15-minute fusillade of criticism.
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