Trump taps ex-Goldman banker Mnuchin for Treasury post

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President-elect Donald Trump has tapped Steven Mnuchin, a former Goldman Sachs banker who profited from the housing meltdown, as his Treasury secretary, according to an official briefed on the decision.

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Mnuchin’s career has been full of contradictions. He started as a Wall Street insider working for old-line firms before running a series of eclectic businesses — including his own hedge fund and a West Coast consumer bank. In recent years, he has been a Hollywood movie producer.

He served as finance chairman of Trump’s presidential campaign and has been one of Trump’s closest economic advisers. His nomination will be announced as soon as Wednesday, the official said.

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Democrats immediately signaled their strong opposition to the expected nomination, which would require Senate confirmation. In a statement, the Democratic National Committee quipped “So much for draining the swamp.” The DNC added that “nominating Steve Mnuchin to be Treasury Secretary… is a slap in the face to voters who hoped he would shake up Washington.”

As Treasury secretary, the 53-year-old Mnuchin would be the face of the American economy around the world. The Treasury Department has expansive responsibility over business and oversees banking regulations, financial markets and the IRS. It has about 100,000 employees, an estimated 91,000 of them at the IRS.

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Steven Mnuchin was born on December 21, 1962, to a Jewish family.Steven Mnuchin graduated from Yale University.He is the son of Elaine Terner Cooper, of New York, and Robert E. Mnuchin, of Washington, Connecticut.His father was a banker, a partner at Goldman Sachs, in charge of equity trading and a member of the management committee, and the founder of the Mnuchin Gallery at 45 East 78th Street, New York.
Later, Steven Mnuchin became a banker, film producer and political fundraiser. He is a former partner for Goldman Sachs for 17 years where he accrued a net worth estimated at about $40 million. He then founded the hedge fund RatPac-Dune Entertainment. In 2016, after serving as finance chair in the successful Donald J. Trump presidential campaign, Mnuchin was named the U.S. Treasury Secretary-designate by the President-elect.

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