After Much Scrutiny, Senate Confirms Trump’s Treasury Pick, Steven Mnuchin

The Senate finally confirmed President Donald Trump’s pick for Treasury secretary, Steven Mnuchin, in a 53-47 vote Monday evening.

Mnuchin, who served as the president’s campaign finance chairman last year, is expected to take the lead on Trump’s plans to push back financial regulations and cut U.S. taxes. Though the Goldman Sachs veteran has been confirmed, there is still a lot of opposition to his appointment, particularly because of his company's actions during the housing crisis.

A heavy talking point for Democrats during Mnuchin's confirmation hearing was the role he played in (and how he profited from) pushing thousands of homeowners’ mortgages to foreclosure through the now-failed IndyMac Bank (rebranded OneWest Bank), which he took over from the federal government.

The delay in filling Trump’s Treasury post was the longest in the nation’s history, the Wall Street Journal reports, and the lack of bipartisan support for this particular position was also rare. Following his nomination, Mnuchin announced that removing mortgage behemoths Fannie Mae and Freddie Mac from government control was a top priority for the administration. The country will have to wait and see how the 54-year-old will work with both parties to push forward these agendas.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Why Hines Is Restarting Its Development Engine

How Integrated Infrastructure Can Help AI Data Centers Deploy Faster, Build Smarter

Nvidia Buys Stake In Data Center Power Company

Invesco Cuts Fees, Adds Incentives To Quell Fund Redemption Requests

Investors Anchor Big Capital Into Marinas, Betting On Shallow Supply

Nike Closes 15 Stores Amid Tumultuous Year

Large Commercial Real Estate Sales Up 30% Despite Economic Headwinds

Evergrande Founder Sentenced To Life, 56 Others Sent To Prison In China

Loud And Clear: Why Aiphone Thinks Intercom Ownership Is Best For Multitenant Buildings

The Fast-Food Exec Taking Her Real Estate Talents To The Looksmaxxing Era

Republicans, Democrats Backing Away From Data Centers Amid Rising Backlash

TJ Maxx Parent Plans To Accelerate Store Openings In 2027