Historic flip-flop? Donald Trump’s choice for Treasury boss slammed as one of ‘the biggest swamp-dwellers’
Mnuchin had long been considered a top contender for the Treasury post but his selection runs counter to the anti-establishment rhetoric of the Trump campaign
US president-elect Donald Trump’s naming of veteran Wall Street banker and hedge-fund manager Steve Mnuchin to be the next Treasury secretary quickly turned into a polarising appointment as financiers cheered the selection while watchdog groups warned that it could lead to roll-backs of crucial post-crisis regulations.
Mnuchin, who was a Goldman Sachs partner before starting Dune Capital Management and later running Pasadena lender OneWest Bank, confirmed the appointment in an early morning appearance on CNBC. He appeared alongside billionaire investor Wilbur Ross, who was named Commerce secretary.
His selection as Treasury secretary should send shivers down the spine of every American who got hit hard by the financial crisis
Mnuchin said his top priorities would be to hasten economic growth and job creation through tax cuts and a loosening of post-crisis financial regulations.
“We’re really going to be focused on economic growth and creating jobs,” said Mnuchin, 53, whose appointment must be confirmed by the Senate. “Our most important priority is sustained economic growth.”
He boldly predicted the economy could sustain an annual growth rate of as high as 4 per cent, about twice as fast as the economy has grown since 2009.
Mnuchin, who served as Trump’s campaign finance chairman, had long been considered a top contender for the Treasury post, though his selection runs counter to the anti-establishment rhetoric of the Trump campaign.