Steven Mnuchin

Secretary of the Treasury

  • 2008 Places a bid for a portfolio of residential mortgage-backed CDOs during the financial crisis that Merrill Lynch was selling. (Bloomberg)
  • 2009 His group purchases California-based house lender IndyMac from FDIC, renames it OneWest Bank and Mnuchin takes on the role of CEO and chairman (Bloomberg)
    • OneWest Bank purchases other failed banks. (Bloomberg)
    • Does not adjust mortgages and engages in questionable foreclosures leading to a string of lawsuits settled out of court for millions of dollars. (Bloomberg)(NYT)
    • 2011 Occupy Los Angeles protesters gather outside his home to protest predatory bank practices and are driven away by police. (Bloomberg)
    • Two California fair-housing groups file complaints alleging the bank discriminates against blacks, Hispanic and Asians. (LATimes)(NYTimes)
  • 2015 Sells OneWest Bank to CIT Group for $3.4 billion. (Bloomberg)(NYT)
  • 5/5/16 Reported that Mnuchin's family invested in Bernie Madoff's ponzi scheme and were able to pull out $3.2 million before being liable for suit. (Bloomberg)
  • Nov 2016 Announces that his top priority is to eliminate the Dodd-Frank financial regulation law, passed in the wake of the 2008 financial crisis, because “it’s way too complicated and it cuts back lending.” (Politico)
  • 1/19/17 Fails to disclose over $100 million in personal assets and interests in a Cayman Islands tax haven in forms submitted to the Senate committee reviewing his fitness to run the Treasury Department. (WaPo)
  • 1/29/17 Lies under oath at Senate confirmation hearing about his company OneWest Bank using robo-signers on mortgage documents, flatly denying the practice while evidence shows that it was a common practice at OneWest. (Dispatch)

 

As Secretary of the Treasury

  • 3/24/17 Says at an event: “I’m not allowed to promote anything I’m involved in. So I just want to have the legal disclosure; you’ve asked me the question, and I am not promoting any product. But you should send all your kids to ‘Lego Batman.’” Mnuchin is credited as an executive producer for the movie, which was produced by a company he founded, Ratpac-Dune Entertainment. He has not divested his interests in the company since becoming Treasury Secretary. (Politico)
  • 8/19/17 Defends Trump in the midst of a scandal involving Trump defending neo-Nazis at a rally in Charlottesville that left three people dead and at least nineteen injured. (Politico)
  • 8/21/17 Wife Louise Linton replies to an Instagram user Jenni Miller, a mother of three from Portland, Oregon who wrote that she was upset Linton and her husband Mnuchin were enjoying a vacation on taxpayer money, stating: "Aw!!! Did you think this was a personal trip?! Adorable! Do you think the US govt paid for our honeymoon or personal travel?! Lololol. Have you given more to the economy than me and my husband? Either as an individual earner in taxes OR in self sacrifice to your country?... I’m pretty sure we paid more taxes toward our day ‘trip’ than you did. Pretty sure the amount we sacrifice per year is a lot more than you’d be willing to sacrifice if the choice was yours. Maybe a nice message, on e filled with wisdom and hunanity [sic] would get more traction. Have a pleasant evening. Go chill  out and watch the new game of thrones. It's fab!" (NYT)
  • 9/13/17 Is reported that Mnuchin requested the use of a U.S. Air Force jet that costs $25,000/hr for his honeymoon in the summer of 2017, and his request was denied. (ABCNews)
  • 9/15/17 In defense of his trip to view the solar eclipse using a government plane, says: "People in Kentucky took this stuff very seriously. Being a New Yorker, I don’t have any interest in watching the eclipse." (WaPo)
  • 9/24/17 Defends Trump's attack on NFL players who take a knee during the National Anthem, saying players "have the right to the First Amendment off the field." (ABC)
  • 10/2/17 The Treasury Department silently removes a paper that shows that 82% of corporate taxes are borne by capital owners and not labor, a finding contradictory to Mnuchin's recent claims which support Trump's tax overhaul. (WaPo)
  • 10/5/17 A report from the Office of the Inspector General reveals that Mnuchin has racked up $800,000 in military aircraft flights since March over nine flights. (Hill)
  • 10/6/17 An internal watchdog at the U.S. Treasury investigates allegations the department illegally looked at financial records of U.S. citizens and that U.S. citizens’ banking and financial data has been illegally searched and stored. (Reuters)
  • 10/29/17 Analysis of the proposed tax overhaul bill shows that it would cut taxes by an average of $700,000 for the nation's 175,000 richest families while raising taxes for the middle class. (NYT)
    • 10/28/17 Top aide Justin Muzinich is identified as a key drafter of the latest tax reform bill. Muzinich is a former investment banker and hedge fund manager. (NYT)
  • 11/30/17 The Treasury Department's inspector general investigates whether political considerations interfered with Mnuchin's promised analysis of the current Republican tax proposal, an analysis that has yet to be delivered even though a vote in the Senate is imminent. (Bloomberg)
  • 12/6/17 Senior officials at the Treasury Department announce plans to slash the staff and budget at the U.S. Office of Financial Research, which was created after the 2008 Financial Crisis. (WSJ)
  • 12/11/17 Massachusetts senator Elizabeth Warren says publicly that the Treasury Department "made up the numbers" for its analysis of the GOP tax plan in order to make it appear that it would pay for itself. (Hill)
  • 12/24/17 Receives a gift-wrapped package at his Bel-Air home addressed "from the American people," and calls the LAPD bomb squad to open it. It is filled with horse manure. (LATimes)
  • 1/11/18 The IRS suggests to taxpayers in a new guideline that they double-check their paycheck numbers with an online calculator. (WaPo)
  • 2/26/18 Revokes his permission to allow the publication of a video of an interview and Q&A at UCLA after he is heckled and booed during the event. NPR still publishes the audio of the event. (NPR w/audio)
  • 3/25/18 Urges Congress to "pass a rule" that gives Trump line-item veto power, and when reminded that such a power was unconstitutional and would require a constitutional amendment, insists that there doesn't need to be a debate about it and "there's different ways of doing this." (WaPo)
  • 4/11/18 The Treasury Department releases documents that reveal that Mnuchin has spent about $1.2 millioni on travel in fiscal 2017, and $781,000 so far in fiscal 2018, which ends September 30. (treasury.gov)(Hill)
  • 7/30/18 Announces that the administration is considering bypassing Congress to grant a $100 billion tax cut for the wealthy, cutting capital gains taxation. (NYT)
  • 12/24/18 Meets with the heads of America's six largest banks in order to confirm that they have enough liquidity to operate during the recent stock market downturn, a meeting that is normally conducted by the Chairman of the Federal Reserve. The move causes a tumble in the markets. (Forbes)
  • 1/11/19 A lobbyist for the mortgage industry named Robert Broeksmit calls the IRS and requests that their employees be exempted from the partial government shutdown, and receive an answer the following day that grants his request. (WaPo)
  • 1/27/19 The Treasury Department lifts sanctions against the business empire of Oleg Deripaska, one of Russia’s most influential oligarchs. (NYT)
  • 1/29/19 Is revealed that Mnuchin is connected to a billionaire Republican donor, Len Blavatnik, who stands to benefit substantially from the lifting of sanctions against Russian oligarch Oleg V. Deripaska. (NYT)
  • 4/13/19 Denies turning over Trump's tax returns despite requests from Congress, as well as an excoriating letter which called his rationale without merit, stating “I feel a responsibility that we get this right and that the I.R.S. doesn’t become weaponized like it was under the Nixon administration.” (NYT)
  • 5/6/19 Refuses to release Trump's tax documents to Congress, writing to Representative Richard E. Neal, Democrat of Massachusetts and the chairman of the House Ways and Means Committee, that the request for the tax returns “lacks a legitimate legislative purpose” and that he was not authorized to disclose them. (NYT)
  • 5/22/19 Delays the planned 2020 release of the new $20 bill, which will feature Harriet Tubman instead of Andrew Jackson, until at least 2026, citing concern that Trump might get angry and cancel the change entirely. (NYTimes)