Steven Mnuchin was born on 21 December, 1962.
Mnuchin worked for investment bank Goldman Sachs for 17 years, following graduation from Yale University in 1985. During his time in Goldman Sachs he rose to the position of Chief Information Officer – it is reported that he left with $46 million of company stock and $12.6 million in compensation.
After leaving Goldman Sachs in 2002, Mnuchin worked for and founded several hedge funds, including ESl, SFM Capital Management and Dune Capital Management amongst others. Dune invested in two Donald Trump projects, the Trump International Hotel and Tower in Honolou and the Trump International Hotel and Tower in Chicago.
During the financial crisis of 2007-2008, Mnuchin bought IndyMac, which he renamed OneWest Bank and eventually sold it to CIT Group in 2015. After the aquisition by CIT, Mnuchin became a member of CIT Group’s board of directors. As of August 206, Mnuchin owned $97 million in CIT Group stock. Mnuchin was nicknamed the “Foreclosure King.”
Mnuchin was named national finance chairman for the Trump presidential campaign in 2016.
On 13 February 2017, Mnuchin was confirmed as 77th Secretary of the Treasury by the US Senate by a 53-47 vote.
Mnuchin supports tax reform, reduction fo corporate tax rates and partial repeal of Dodd-Frank.
Use of Government Aircraft
Steven Mnuchin was heavily criticized for his use of government aircraft during 2017. The inspector general found no evidence of wrongdoing on Mnuchin’s 8 trips; seven that Mnuchin completed, and one which he withdrew. The total cost of the planes was approximately $810,000
- Trip to London, Uk and Berlin, Germany (March 15-18, 2017) – Cost $301,167 – Mnuchin travelled to the G20 conference of fincance ministers.
- Trip to Bari, Italy (May 11-14, 2017) – Cost $314,442 – Mnuchin travelled to the G7 summit of finance ministers.
- Trip to Ottawa, Canada (June 9, 2017) – Cost $16,350 – Mnuchin travelled to Canada to meet Canada’s finance minister, Bill Morneau with his wife, Louise Linton. Mnuchin paid for the cost of Linton’s travel – a total of $744.36.
- Trip to Miami, USA (June 15, 2017) – Cost $43,725 – Mnuchin travelled to Miami to meet Mexico’s Secretary of Finance and Public Credit, Jose Antonio Meade Kuribrena.
- Trip to New York, USA (August 15, 2017) – Cost $15,112 – Mnuchin visited Trump Tower at the request of the Donald Trump.
- Honeymoon Trip (August 3-12, 2017) – Cost unknown – Mnuchin withdrew request for government plane for his trip to Great Britain, France and Italy. Mnuchin had previously claimed he required the government plane to allow him to “monitor many sensitive issues,” however he withdrew the request following a meeting with the White House deputy chief of staff.
- Trip to Louisville and Fort Knox, Kentucky (August 21, 2017) – Cost $26,900 – Mnuchin travelled to Kentucky to appear with Senate Majority Leader Mitch McConnell to answer questions on tax reform legislation. Louise Linton, Mnuchin’s wife also travelled on the plane. Mnuchin paid for the cost of Linton’s travel – a total of $595.90.
- Trip to Pakersburg, West Virginia and Las Vegas, Nevada (August 28-29, 2017) – Cost $94,100 – Mnuchin travelled for official events with Senators Shelley Moore Capito and Joe Manchin in West Virginia and Dean Heller in Nevada.