Donald Trump picks former banker Mnuchin as Treasury Secretary

"Steve Mnuchin is a world-class financier, banker and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs," Trump said.

By: PTI | Washington | Published:November 30, 2016 10:02 pm
Donald trump, trump, US, United states, nikki hailey, President-elect Donald Trump, Trump cabinet, trump cabinet formation, Donald trump administration, Donald Trump victory, US elections, US elections results, US news, world news, indian express news President-elect Donald Trump waves as he arrives at the Trump National Golf Club Bedminster clubhouse in Bedminster, N.J. (AP Photo/Carolyn Kaster, File)

US president-elect Donald Trump on Wednesday picked former banker and trusted campaign ally Steven Mnuchin as his Treasury Secretary. Trump also selected Wilbur Ross Jr as his Commerce Secretary and Todd Ricketts as Deputy Secretary of Commerce. They will be instrumental in implementing Trump’s ‘America First’ economic plan that will create more than 25 million jobs over the next decade, the presidential transition team said. Leading the team would be Mnuchin who has decades of financial management experience including serving as Chief Information Officer at Goldman Sachs as well as finance director for President-elect Trump’s presidential campaign.

“Steve Mnuchin is a world-class financier, banker and businessman, and has played a key role in developing our plan
to build a dynamic, booming economy that will create millions of jobs,” Trump said. “His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury. He purchased IndyMac Bank for USD 1.6 billion and ran it very professionally, selling it for USD 3.4 billion plus a return of capital. That’s the kind of people I want in my administration representing our country,” Trump said.

Mnuchin said he understands what needs to be done to fix the economy. “I look forward to helping President-elect Trump implement a bold economic agenda that creates good-paying jobs and defends the American worker,” he said. Mnuchin is founder, Co-Chief Executive Officer and Chairman of Dune Capital Management, one of the country’s premier investment firms, specialising in public equity markets, real estate and the entertainment industry.

He also founded OneWest Bank Group LLC in 2009 and served as its Chairman and Chief Executive Officer. Prior to that, he worked for 17 years at Goldman Sachs, where he oversaw trading in government securities, mortgages,
money markets, and municipal bonds and rose to become the company’s Chief Information Officer.