Treasury Secretary Pick Steve Mnuchin Grilled Over Record
Donald Trump's Treasury secretary pick Steve Mnuchin defended his ties to offshore investments and his banking past during his confirmation hearing. At moments, Mnuchin's hearing Thursday with the Senate Finance Committee got testy.
The Washington Post reports Mnuchin told the committee his connection to businesses in the Cayman Islands and Anguilla were not used for his personal benefit, but rather served nonprofits and pensions.
According to The Washington Post, members of the Democratic committee found Mnuchin kept the offshore businesses and more than $100 million in personal assets from his nomination paperwork.
Politico reports during the hearing, Mnuchin said he was concerned about IRS staffing levels and said he may be open to a new version of the Glass-Steagall Act, which is a law that separated commercial and investment banking activity.