Senate Confirms Mnuchin as Treasury Secretary

The Senate last night confirmed Steven Mnuchin as Treasury Secretary.

The 53-47 vote ran largely along party lines, with Sen. Joe Manchin, D-W.Va., joining all 52 Republicans in approving Mnuchin. Democrats expressed concerns that Mnuchin, a long-time Goldman Sachs executive, was too cozy with Wall Street and were critical of his alleged role with One West, a subprime lender embroiled in the foreclosure crisis. Mnuchin denied the allegations.

The Mortgage Bankers Association issued a statement in support of the vote. “His experience and deep knowledge of the financial markets will serve him well in this position,” said MBA President and CEO David Stevens. “Specifically, we are encouraged by Secretary Mnuchin’s willingness to focus on GSE reform, tax reform and rebalancing the mortgage market regulatory framework. MBA looks forward to working with the Secretary, his team and other members of the Administration to address these and other issues facing the real-estate finance industry and the American economy.”

Mnuchin, 54, served as finance chairman of the Trump campaign. During his career he served as a co-founder and co-CEO and Chairman of Duane Capital Management LP. He co-founded OneWest Bank Group LLC in 2004 and served as its chairman and CEO. He also served as a partner with Goldman Sachs for 17 years.