Wednesday, November 30, 2016

Trump taps Wall Street executive and Hollywood producer Steven Mnuchin for Treasury secretary

At LATIMES by

President-elect Donald Trump has chosen Steven Mnuchin, a wealthy Wall Street executive and Hollywood movie producer who served as his campaign finance chairman, to be the next Treasury secretary, according to a person familiar with the decision.
Mnuchin’s deep roots on Wall Street fit the mold of past Treasury secretaries but contrast with the populist stance that Trump took during his campaign.

Mnuchin would be the second billionaire member of Trump’s Cabinet, after Betsy DeVos, who is Trump’s pick for Education secretary, and the third would be financier Wilbur Ross, who has been selected as  Commerce secretary.

Mnuchin’s selection — which was first reported Tuesday by the New York Times —  drew ire from Democratic and liberal groups, which have accused him of profiting from the financial crisis after buying the failed IndyMac Bank in 2009.

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