WASHINGTON, United States (Reuters) — President Donald Trump swore in former Goldman Sachs banker and Hollywood financier Steven Mnuchin as Treasury secretary on Monday (February 13), putting him to work on tax reform, financial de-regulation and economic diplomacy efforts.
The U.S. Senate voted to confirm Mnuchin 53-47, with all but one Democrat opposing him over his handling of thousands of foreclosures as head of OneWest Bank after the 2007-2009 housing collapse.
At a White House swearing-in ceremony, Trump said Mnuchin would be a “great champion” for U.S. citizens.
“Steven knows the system and he will help ensure that Wall Street plays by the rules. He will use his insights to get the best possible result, most importantly, for the American worker. They’ve been treated very unfairly for a long time, not anymore. He will put his skills to work for America’s working families and he will help make America the greatest jobs magnet on the face of the earth. It will truly be for our country, for the first time in a long time, a rising tide that lifts all boats and that lifts all ships,” Trump said.
Lawmakers, lobbyists and business groups have been nervously waiting for Mnuchin to take office and fill in the many blanks on how he will pursue tax reform and handle delicate economic cooperation efforts with China, Mexico and other trading partners worried that Trump’s “America First” strategy will upend decades-old trade rules and currency practices.
Mnuchin, 54, provided no details of his plans as he was sworn in.
“I am committed to using the full powers of this office to create more jobs, to combat terrorist activities and financing, and to make America great again,” Mnuchin said.
Trump has pledged to roll back the stricter financial regulation under the Dodd-Frank reform law enacted after the financial crisis, pursue tougher trade policies on China and Mexico to reduce U.S. trade deficits, and reduce business tax rates.