Image Credits: TIMOTHY A. CLARY/AFP/Getty Images
On Wednesday, November 30th, Donald Trump named Steven Mnuchin, the man who served as his campaign’s national finance position, to the role of Treasury Secretary. Yes, Treasury Secretary, the role once held by Alexander Hamilton. His appointment might come as a shock to some who were excited about Trump’s harsh comments towards Wall Street bankers. It looks like his loyalty as campaign finance chair has been rewarded. Like Trump, he has also previously donated to Democrat candidates before joining the Republican party.
In a statement announcing the appointment, Trump said, “Steve Mnuchin is a world-class financier, banker, and businessman and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs.” Trump added, “His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury. He purchased IndyMac Bank for $1.6 billion and ran it very professionally, selling it for $3.4 billion plus a return of capital. That’s the kind of people I want in my administration representing our country.”
Mnuchin, in a separate statement, said that he was grateful for the position and stressed his commitment to “creating jobs and protecting workers.” Back in August, Mnuchin told CNBC on behalf of the Trump team, “We are very focused on lowering business taxes, making sure that U.S. corporations are competitive around the world, bringing back cash from all around the world that’s sitting offshore and I think the American public is focused on that.”
Mnuchin has promised tax cuts, saying in an interview on “Squawk Box,” “Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class.”