At Thursday’s hearing before the Senate Finance Committee, U.S. Treasury secretary nominee Steven Mnuchin was forced to defend his offshore holdings and his record at the bank dubbed a “foreclosure machine.”
Mnuchin faced occasionally tough questioning from Democrats on the Finance Committee, including Sens. Ron Wyden (Ore.), Bob Casey (Pa.), Sherrod Brown (Ohio), and Claire McCaskill (Mo.), who drilled into his time running OneWest Bank, his offshore business ventures, and the conflicts of interest posed by President-elect Donald Trump’s foreign debts.
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Watch Wyden take on the tax havens:
Sen. Bob Menendez (D-N.J.) also delved into the matter:
Meanwhile, McCaskill reminded Mnuchin that as head of the Treasury Department he would oversee the Committee on Foreign Investment in the United States (CFIUS)—”which investigates foreign investments into U.S. businesses for possible national security conflicts,” as Business Insider explains—and in turn be tasked with evaluating the debt from President-elect Donald Trump’s businesses held by foreign entities:
And both Brown and Casey dug into Mnuchin’s record with OneWest, which foreclosed on tens of thousands of families after Mnuchin and his investors bought it.
Democrats not on the committee, including Sen. Elizabeth Warren (D-Mass.) weighed in as well.
But journalist and author David Dayen, writing Thursday afternoon at The Nation, said Democrats missed their opportunity to truly “expose Mnuchin as a predator.”
“Democratic committee members pummeled him over the tax haven,” Dayen wrote, referring to newly uncovered revelations that Mnuchin was director of investment funds incorporated in offshore havens like the Cayman Islands and Anguilla. But, Dayen continued, that line of questioning “got bogged down into an arcane discussion of hedge fund rules and tax law, when there were literally thousands of human stories, of people who lost everything they had at the hands of Steve Mnuchin’s bank, waiting to be discussed.”
One particularly impactful exchange was between Mnuchin and a Republican senator, Dean Heller of Nevada. Mnuchin opponents have targeted Heller’s district with ads in recent weeks, recognizing him as a possible swing vote on this confirmation. Dayen reports:
Watch here: