Treasury Set for Wall Street Takeover as Mnuchin Poised for Confirmation

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Treasury Set for Wall Street Takeover as Mnuchin Poised for Confirmation

With no Republicans indicating opposition, Senate likely to confirm 'foreclosure king' as Treasury Secretary

Steven Mnuchin's nomination has been seen as one of many signals that the Trump administration is breaking its promise to rid the White House of corporate power. (Photo: Reuters)

Treasury Secretary nominee Steven Mnuchin, who is expected to be confirmed by the U.S. Senate on Monday, is reportedly looking to fill cabinet positions with Wall Street executives and Republican establishment figures.

Politico reports:

Senior Goldman Sachs banker Jim Donovan is under strong consideration for deputy Treasury secretary and could serve as Mnuchin's No. 2 if confirmed by the Senate, people familiar with the matter said. Justin Muzinich, a former Morgan Stanley banker now at Muzinich, is likely to take a senior position possibly as undersecretary for domestic finance or counselor, the people said. The counselor position would not require Senate confirmation.

Economist David Malpass, a veteran of the Ronald Reagan and George H.W. Bush administrations, is expected to be nominated by President Donald Trump to serve as undersecretary for international affairs.

Although none of the decisions are final, all three men are "well-known on Wall Street and in Washington," Politico writes.


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Mnuchin's nomination has been seen as one of many signals that the Trump administration is breaking its promise to rid the White House of corporate power.

He passed out of the Senate Finance Committee earlier this month amid a Democratic boycott of nominees after Republicans flouted rules requiring at least one member of each party present on the panel to hold a vote.

Democrats have vowed to vote against the former Goldman Sachs banker they've nicknamed the "foreclosure king," but no Republican has indicated opposition, setting the stage for a 52-48 confirmation along party lines, Reuters notes.

The Senate vote is scheduled to take place as late as 7:00pm Monday.

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