We, the undersigned, are writing to urge you to oppose the nomination of Steven Mnuchin as Secretary of the Treasury.
The holder of this office will be a pivotal player in shaping the nation’s economic policies. The Treasury Secretary has direct responsibilities in crucial areas such as tax policy (including control of the Internal Revenue Service), the enforcement of laws against financial crimes, and oversight of Wall Street as the chair of the Financial Stability Oversight Committee. The Secretary also serves as a key advisor to the President on a wide range of fiscal, regulatory, consumer, housing, and other key economic issues.
Appointing a former Goldman Sachs executive and hedge fund manager such as Mr. Mnuchin as Treasury Secretary would result in numerous conflicts of interest.
Mr. Mnuchin’s specific record as a banker and financier raises especially serious concerns. As the chief executive of OneWest bank, Mr. Mnuchin executed tens of thousands of foreclosures, which were particularly concentrated in minority communities. He received special government support to purchase OneWest based on agreeing that his bank would make its “best efforts” to restructure loans and avoid throwing families out of their homes. Mnuchin’s bank falsified documents in order to rush through foreclosures on the elderly, on families, and in black, Latino, and working class communities.
Mnuchin's record is enough to show his absolute inadequacy for this position. The Treasury Secretary is supposed to act in the interests of all Americans, not serve as an inside-the-government representative of the wealthiest special interests in our society.
Again, we urge you to act on behalf of your constituents and oppose the nomination of Steven Mnuchin as Secretary of the Treasury.