Sen. Warner on confirmation of Mnuchin for Treasury
Feb 15 2017
During his confirmation hearing, Democrats forced Mnuchin to defend his record running OneWest Bank, a mortgage lender accused of shoddy foreclosure practices during the financial crisis and which he later sold for a profit. Democrats boycotted the vote in the Senate Finance Committee that sent Mnuchin to the full Senate, forcing Republicans to change committee rules to push his nomination forward.
"I am extremely disappointed in Senate Republicans for clearing the way for yet another Wall Street insider to take a critical leadership position in the administration", representative Maxine Waters, of California, told USA Today.
Trump and Republicans in Congress are counting on his 17 years of experience at Goldman Sachs and six years as a regional banker to unlock economic growth. Mnuchin would be just the 10th Trump Cabinet nominee confirmed in more than three weeks.
Mnuchin's focus will shift from defending his foreclosure record in the aftermath of the financial crisis to tackling major issues such as tax reform, financial services deregulation and worldwide economic diplomacy as major trading partners fret over President Donald Trump's "America First" strategy.
A Senate committee vote on Treasury Secretary nominee Steven Mnuchin has been pushed to Tuesday morning.
Though Mnuchin hasn't garnered the same public opposition that Betsy Devos and Jeff Sessions received, Democrats within the Senate have demonstrated firm resistance to his confirmation.
Democratic Sen. Joe Manchin of West Virginia voted for Mnuchin.
Also on Monday evening, the Senate confirmed Shulkin unanimously. That vote was unanimous.
During a long debate over Mnuchin's credentials, Democrats argued that Mnuchin's experience on Wall Street exemplified corporate malpractice that led to the 2008 financial crisis.
Senator Sheldon Whitehouse of Rhode Island said: "I simply can not forgive somebody who took a look at that banking crisis and took a look at the pain that Wall Street had sent in a wave across all of America, and thought, 'Ah, there's a great new way to make money, foreclosing on people'".
Democrats also complained that Mnuchin failed to disclose almost $100 million in assets on forms he filed with the Senate Finance Committee. "Here's a great new way to make money foreclosing on people, '" Sen. Shulkin, VA undersecretary of health during the Obama administration, is the first VA secretary never to have served in the military.