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Steven Mnuchin Life In Brief Quick Summary Current Title: Secretary of Treasury Hedge fund executive and Wall Street insider whose early investment in the Trump campaign Political Party: Republican Party earned him a spot in the President’s cabinet; focuses on deregulation and tax reform Born: December 21, 1962 Son of a partner at Goldman Sachs who Birthplace: New York, NY became a partner himself and led the bank’s powerful fixed income, currency, and Religion: Jewish commodities division; pioneer of block trading Left investment banking to become a hedge Ethnicity: White/Caucasian fund manager and Hollywood financer Marital Status: Married Invested in failing regional lender IndyMac, now OneWest, during the financial crisis Education: Long history of donating to political campaigns, Yale University (CT), BA, 1985 including many Democratic candidates, but joined Donald Trump’s campaign early-on and Family: launched campaign’s fundraising efforts with no prior experience 3 children (3 from previous marriage) Pushes for economic growth and job creation Work History: through tax cuts and rolling back Dodd-Frank Has supported Trump’s protectionist trade Secretary of the Treasury, 2017-present policy, including emphasis on bilateral deals National Finance Chair, Donald J. Trump for and imposition of steel and aluminum tariffs President, 2016 Understated personal style; avoids the spotlight Chairman/Co-Chief Executive Officer, OneWest Bank, 2009-15 Approach and Motivations CEO, SFM Capital Management LP, 2003-04 Vice Chairman, ESL Investments, 2003 Pro-growth approach informed by private sector Goldman Sachs, 1985-2002Executive Vice experience President & Chief Information Officer, 2001- At Goldman, saw firsthand how regulations can 02Partner, 1994-2002Consultant, 1985-94 inhibit lending by financial institutions, resulting Executive Vice President & Chief Information in a lack of access to capital for small Officer, 2001-02 businesses and entrepreneurs Partner, 1994-2002 Experience with the inflexibility of regulators, Consultant, 1985-94 through the purchasing and rebuilding of IndyMac, solidified belief that burdensome policies have real outcomes for everyday Americans, including home foreclosures 1 Chief liaison between Trump Administration and a firm’s capital plan when it fails the qualitative Congress on economic issues portion of CCAR Has been one of the most effective members of Trade & Foreign Policy: Has supported economic the Trump Administration negotiating across the protectionism and campaign of maximum aisle, including with Nancy Pelosi economic pressure on adversaries Described as bringing pragmatic, result-driven Favors bilateral trade agreements over regional attitude to negotiations deals; opponent of provisions to prevent competitive currency devaluation in trade deals Policy Position and Areas of Defended Trump’s steel and aluminum tariffs Focus Under his leadership, Treasury has announced sanctions against North Korea and groups Proponent of tax cuts and deregulation for Wall including the Syrian Scientific Studies and Street; aligns closely with Trump on foreign policy Research Center and Chinese Bank of initiatives, including trade and sanctions Dandong Taxes: Frames policies around effect on the middle class Core Communities Pledged that the wealthy would not benefit from Wall Street connections have been crucial to the Republican tax plan, which became dubbed success in business and in political rise the “Mnuchin rule,” but has since distanced himself from that promise, citing mathematical Investment Bankers: Long tenure at Goldman and challenges involves former colleagues in business ventures; Vocal advocate of the 2017 Tax Cuts and Jobs elevates bankers to leadership Act, praising the impact on the middle class Worked for Goldman Sachs for 17 years, rising Proponent of eliminating the estate tax as a to position of EVP and Chief Information Officer; matter of fairness served alongside CEO Henry Paulson who went on to become Treasury Secretary under George Deregulation: Rolling back and streamlining W. Bush Dodd-Frank era requirements Bought IndyMac with support of investment Wants to clarify the definition of proprietary group that included former executive J. trading under the Volcker Rule and has Christopher Flowers; founded hedge fund Dune attributed volatility in the equity market to the Capital Management with two Goldman effect of the law partners Authorized reinstatement of Primary Dealer Named former Morgan Stanley bankers Justin Credit Facility, which would provide overnight Muzinich and Craig Phillips to Deputy Treasury loans to Wall Street firms Secretary and Counselor to the Treasury Proposed revisions to the Comprehensive Hedge Funds: Deep network of elite investors Capital Analysis and Review (CCAR) framework, to limit CCAR process to once every After he left Goldman Sachs, Mnuchin worked few years and prohibit the Fed from objecting to as vice-chairman of hedge fund ESL 2 Investments, which is owned by his Yale He and group of investors sold OneWest bank roommate Edward Lampert; Lampert is former in 2015 for $3.4 billion CEO of Sears, where Mnuchin sat on the Board Upon entering office, divested stake in financial Established the company SFM Capital firm CIT group worth $105 million; also Management together with financier George eliminated shares in OneWest, Berkshire Soros; Soros also invested in IndyMac Hathaway, Microsoft, Verizon, and Goldman Has made investments alongside hedge-fund Sachs to avoid potential conflict of interest manager John Paulson; Paulson served as an Vast real estate portfolio, owning at least six economic adviser to Trump during the homes worth tens of millions of dollars campaign Expensive art collection, including $15 million oil painting by Willem de Kooning Trump Administration: Working relationships with Trump appointees Political Donations Long-standing ties to President Trump from Between 1995 and 2014, donated over investment in Trump International Hotel and $120,000 to political organizations, PACs, Tower in Honolulu and Chicago; served as his politicians, and political parties, including high- campaign Finance Chair in 2016 dollar contributions to many Democratic Worked with counterpart Lewis Eisenberg on candidates such as Hillary Clinton, John Republican National Committee during Trump Kerry, and Barack Obama campaign; he is now U.S. Ambassador to Italy Between June and September 2016, donated Comptroller of the Currency Joseph Otting over $400,000 to the Republican Party, previously served as CEO of OneWest, a bank including donations to Paul Ryan and Donald formed by Mnuchin; OneWest vice chairman Trump and chief legal officer Brian Brooks was recruited to join the Office of the Comptroller Publications, Media and Speaking Political History Speaks in cable news channels, at banking National Finance Chairman, Donald J. Trump conferences, and before foreign affairs groups on for President, Inc., 2016-2016 taxes, trade, and international affairs National Finance Chairman, Pres. Donald J. Media: Appears in national cable news outlets to Trump (R), Candidate for Executive Office of the discuss foreign policy and tax reform President, Office of the President, 2017 Favorite Subjects: U.S. foreign relations, trade, Trump tax plan, economic growth Relevant Financial Information Preferred Outlets: National cable news outlets including FOX Business and CNBC High-dollar donor to Democratic and Republican campaigns with heavy emphasis on Trump and Social Media Habits: Active on Twitter allies in recent years Speaking: Speaks with bankers’ groups and Estimated net worth of $400 million foreign policy organizations on fiscal policy and trade 3 Favorite Subjects: Taxes, tariffs, free trade Side business as movie financer agreements Founder of Dune Entertainment, which was the Preferred Audience: Banking conferences financier of a number of notable films, including Delivering Alpha and the U.S.-Gulf including the X-Men film franchise and Avatar Public Private Banking Dialogue; and foreign Wife Louise Linton is an actress policy groups including the American Swiss Foundation and Jordan Growth & Prosperity Conference Criticisms and Controversies Professional Affiliations Has come under scrutiny for involvement in IndyMac foreclosures and role in Sears Holdings member , Sears Holdings' bankruptcy; has also received ethics complaints for using government position for personal Family and Personal Background benefit Criticized by Democrats and national media over Comes from affluent family and was able to attend profiting off IndyMac foreclosures an elite university; also launched movie financing career Took over California’s IndyMac bank, which was shut down by the FDIC amid the 2008 Family background in business and investing; foreclosure crisis attended Yale During Mnuchin’s tenure, IndyMac carried out Born and raised in New York, NY over 36,000 foreclosures; progressive attack ads labeled Mnuchin the “foreclosure king” Great grandfather Aaron Mnuchin was Russian- born diamond dealer who emigrated to the U.S. Renamed the bank as OneWest Bank and after in 1916 and built glass blowing company running it for six years, sold for a profit estimated Midland Glass at $1.5 billion Father Robert Mnuchin was a partner Named as defendant in lawsuit by Sears Holdings at Goldman Sachs in charge of equity trading and a member of the management committee; After Sears went bankrupt, company that Father is also the founder of an
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