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User:ElijahPepe/Steven Mnuchin

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ElijahPepe/Steven Mnuchin
Portrait of Steven Mnuchin, Secretary of the Treasury
Official portrait, 2018
77th United States Secretary of the Treasury
In office
February 13, 2017 – January 20, 2021
Nominated byDonald Trump
DeputySigal Mandelker (acting)
Justin Muzinich
Preceded byJack Lew
Succeeded byJanet Yellen
Personal details
Born
Steven Terner Mnuchin

(1962-12-21) December 21, 1962 (age 61)
New York City, U.S.
Political partyRepublican
Spouse(s)
Kathryn Leigh McCarver
​
​
(m. 1992; div. 1999)​

Heather deForest Crosby
​
​
(m. 1999; div. 2014)​

​
(m. 2017)​
Children3
Parent
EducationYale University (BA)
Signature
Steven Mnuchin's voice
Mnuchin testifies before the Senate Banking Committee on housing finance reform
Recorded September 10, 2019

Steven Terner Mnuchin (/məˈnuːʃɪn/ mə-NOO-shin; born December 21, 1962) is an American financier, investment banker, and film producer who served as United States Secretary of the Treasury from 2017 to 2021 under president Donald Trump. A Trump loyalist,[a] Mnuchin served for the entirety of his presidential term, one of several high-profile officeholders in the Trump administration who was not dismissed nor resigned. He served as the chief information officer of Goldman Sachs from 2001 to 2002 and founded Dune Entertainment in 2004, financing films for 20th Century Fox. Mnuchin founded OneWest Bank, a consumer lender restructured from IndyMac, during the 2007–2008 financial crisis.

Mnuchin was born in New York City to Robert Mnuchin, a gallerist and a Goldman Sachs partner. Upon graduating from Yale University in 1985 with a degree in economics, he began working at Goldman Sachs, leading the company's mortgage securities department in 1994. He left the company in 2002, working in hedge funds. Through ESL Investments, of which he was appointed vice chairman, he served as a director of Kmart after the company's bankruptcy. He served on the board of directors of Sears Holdings and as the chief executive of Dune Entertainment until his nomination as secretary of the Treasury in 2016. A group led by Mnuchin acquired IndyMac in 2009 to form OneWest Bank. During Trump's 2016 presidential campaign, Mnuchin became his national finance chairman; he was involved in Trump's presidential transition. Trump appointed him as secretary of the Treasury in January 2017.

In his tenure as secretary of the Treasury, Mnuchin expressed sentiments supportive of protectionism, advancing Trump's economic policies characterized by personal and corporate taxation reductions and deregulation. He advocated for the privatization of Fannie Mae and Freddie Mac and opposed the breadth of the Dodd–Frank Wall Street Reform and Consumer Protection Act.

Following Trump's loss in the 2020 presidential election, Mnuchin established Liberty Strategic Capital, a private equity fund financed by Middle Eastern sovereign wealth funds. Liberty Strategic Capital has invested US$1 billion in New York Community Bank. In March 2024, Mnuchin wagered an attempt to acquire TikTok after the House of Representatives passed a bill intended to divest the app from its Chinese parent company ByteDance.

Early life and education

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Early finance and banking career (1985–2016)

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Dune Capital

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In 2004,[4] Mnuchin founded Dune Entertainment as a subsidiary of Dune Capital.[5] The company, with Soros Strategic Partners, acquired DreamWorks Pictures's filmography from Viacom in 2006, in a deal valued at US$900 million.[6] Viacom reacquired the library in 2010 for US$400 million.[7] Through a deal Mnuchin and his associate, Chip Seelig, signed investing US$325 million into 20th Century Fox's productions,[8] Dune Entertainment and Ingenious Media financed a majority of the budget for Avatar,[9] the highest-grossing film by theatrical revenue.[10] In September 2013, Dune Entertainment partnered with RatPac Entertainment to form RatPac-Dune Entertainment, and signed a deal with Warner Bros.[11]

Trump campaign (2016–2017)

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On May 5, 2016, presidential candidate Donald Trump announced that Mnuchin would serve as his national finance chairman.[12] Mnuchin attended a party Trump held during the New York Republican presidential primary on April 19; Trump called Mnuchin the following morning to offer him the position,[13] despite The Trump Organization's lawsuit against Dune Capital Management in 2008 over a loan to construct the Trump International Hotel and Tower in Chicago, Trump's claims that Goldman Sachs has "total control" over senator Ted Cruz through his wife Heidi, and Trump's opposition to a tax avoidance strategy involving carried interest Mnuchin has benefited from.[14] Trump advisor Roger Stone endorsed Mnuchin despite his juxtaposition against right-wing populism, claiming he "won't change his views on immigration, trade or NATO or his commitment to make hedge fund managers pay their fair share of taxes."[13] The decision to appoint Mnuchin correlated with attempts from the Republican Party to raise money for the Republican National Committee using Trump campaign funds;[15] an agreement was made in May.[16]

Secretary of the Treasury (2017–2021)

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Nomination

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Mnuchin is sworn in as secretary of the Treasury

Tenure

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Investment career (2021–present)

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In February 2021, following Trump's loss in the 2020 presidential election, Mnuchin established the private equity firm Liberty Strategic Capital with the intent of garnering support from sovereign wealth funds in the Persian Gulf.[17]

According to The Wall Street Journal, Trump's candidate list for secretary of the Treasury does not include Mnuchin.[18]

New York Community Bank

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In March 2024, Liberty Street Capital and several other investors, including the hedge fund Citadel, secured US$1 billion in equity for New York Community Bank, a bank holding company that experienced losses after engaging in the commercial real estate market and potentially inaccurate financial disclosures. Joseph Otting, who served as the chief executive of OneWest Bank until its acquisition by CIT Group in 2015, became the chief executive of New York Community Bank.[19]

TikTok acquisition

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Further information: Restrictions on TikTok in the United States
See also: Donald Trump–TikTok controversy

In March 2024, Mnuchin stated on CNBC that he would form a consortium to acquire TikTok from its Chinese parent company ByteDance after the House of Representatives passed a bill requiring ByteDance divest the app.[20] Mnuchin oversaw the Committee on Foreign Investment in the United States during its investigation into TikTok over the app's merger with Musical.ly and served a prominent role according to The Washington Post;[21] in an argument with trade advisor Peter Navarro in August 2020, he argued against a ban on TikTok.[22] Mnuchin has indicated he intends to purchase TikTok without the app's algorithm, drawing skepticism from investors who note unsuccessful attempts to recreate TikTok's algorithm in the United States, such as Instagram Reels and YouTube Shorts.[23]

Political and economic views

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In an interview with The New York Times's Andrew Ross Sorkin in May 2016, Mnuchin stated that he believes in "supporting the best candidate at the time".[14]

Mnuchin advocates for the privatization of Fannie Mae and Freddie Mac[24] and a reduction in the scale of the Dodd–Frank Wall Street Reform and Consumer Protection Act.[25]

Personal life

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Filmography

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Executive producer

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Producer

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Notes

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  1. ^ Attributed to multiple references: [1][2][3]

References

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  1. ^ Mohsin, Saleha; Strohm, Chris (August 21, 2017). "Mnuchin Keeps the Economic Agenda Ticking as He Defends Trump". Bloomberg News. Retrieved March 30, 2024.
  2. ^ Jagoda, Naomi; Lane, Sylvan (April 5, 2019). "Tax-return fight tests Mnuchin's loyalty to Trump". The Hill. Retrieved March 30, 2024.
  3. ^ Wagner, John; Sullivan, Sean (December 3, 2016). "Trump's emerging Cabinet is looking less Trumpian than expected". The Washington Post. Retrieved March 30, 2024.
  4. ^ Kilday, Gregg (March 24, 2017). "Risking Ethics Violation, Treasure Secretary Steven Mnuchin Promotes 'Lego Batman Movie'". The Hollywood Reporter. Retrieved March 30, 2024.
  5. ^ Finke, Nikki (July 15, 2008). "Fox's Film Financing: Troubled Or Not?". Deadline Hollywood. Retrieved March 30, 2024.
  6. ^ "Viacom to Sell DreamWorks Film Library". The New York Times. Associated Press. March 18, 2006. Retrieved March 30, 2024.
  7. ^ James, Meg (February 11, 2010). "Improved profitability at Paramount drives Viacom earnings". Los Angeles Times. Retrieved March 30, 2024.
  8. ^ Thomas Jr., Landon; Stevenson, Alexandra (November 30, 2016). "Trump's Economic Cabinet Picks Signal Embrace of Wall St. Elite". The New York Times. Retrieved March 30, 2024.
  9. ^ Cieply, Michael (November 8, 2009). "A Movie's Budget Pops From the Screen". The New York Times. Retrieved March 30, 2024.
  10. ^ "All Time Worldwide Box Office Grosses". Box Office Mojo. Retrieved March 30, 2024.
  11. ^ Cieply, Michael (October 1, 2013). "Warner Bros. Agrees to Deal for Financial Backing". The New York Times. Retrieved March 30, 2024.
  12. ^ Parker, Ashley; Haberman, Maggie (May 5, 2016). "Donald Trump Reaches Out, Quietly, to Republican Establishment". The New York Times. Retrieved March 30, 2024.
  13. ^ a b Haberman, Maggie; Parker, Ashley (May 5, 2016). "With Nomination in Hand, Donald J. Trump Now Seeking a Hand". The New York Times. Retrieved March 30, 2024.
  14. ^ a b Sorkin, Andrew. "Donald Trump's Pick for Fund-Raiser Is Rife With Contradictions". The New York Times. Retrieved March 30, 2024.
  15. ^ Haberman, Maggie; Parker, Ashley; Corasaniti, Nick (May 9, 2016). "Donald Trump, in Switch, Turns to Republican Party for Fund-Raising Help". The New York Times. Retrieved March 30, 2024.
  16. ^ Haberman, Maggie (May 18, 2016). "Donald Trump and Republican Party Reach Fund-Raising Agreement". The New York Times. Retrieved March 30, 2024.
  17. ^ Stein, Jeff; Torbati, Yeganeh (February 23, 2021). "Trump's former treasury secretary expected to launch investment fund, seeking backing of Persian Gulf state funds". The Washington Post. Retrieved March 31, 2024.
  18. ^ Leary, Alex; Restuccia, Andrew; Lombardo, Cara (April 1, 2024). "Trump Eyes High-Profile Wall Street, D.C. Veterans for Treasury Secretary". The New York Times. Retrieved April 7, 2024.
  19. ^ Copeland, Rob (March 6, 2024). "Steven Mnuchin Backs New York Community Bank in $1 Billion Deal". The New York Times. Retrieved March 31, 2024.
  20. ^ Ensign, Rachel; Vipers, Gareth (March 14, 2024). "Steven Mnuchin Says He Is Putting Together a Group to Buy TikTok". The Wall Street Journal. Retrieved March 31, 2024.
  21. ^ Romm, Tony (March 27, 2024). "Mnuchin tried to force a sale of TikTok. Now he's a possible bidder". The Washington Post. Retrieved March 31, 2024.
  22. ^ Nakashima, Ellen; Dwoskin, Elizabeth; Stein, Jeff; Greene, Jay (August 10, 2020). "TikTok's fate was shaped by a 'knockdown, drag-out' Oval Office brawl". The Washington Post. Retrieved March 31, 2024.
  23. ^ Dwoskin, Elizabeth; Harwell, Drew (March 30, 2024). "Mnuchin's plan to buy TikTok has some insiders bewildered". The Washington Post. Retrieved March 31, 2024.
  24. ^ Orton, Kathy (November 30, 2016). "Fannie Mae, Freddie Mac should be privatized, treasury secretary nominee says". The Washington Post. Retrieved March 31, 2024.
  25. ^ Schlesinger, Jacob (November 30, 2016). "Trump Treasury Choice Steven Mnuchin Vows to 'Strip Back' Dodd-Frank". The Wall Street Journal. Retrieved March 31, 2024.
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