Steven Mnuchin facts for kids

Quick facts for kids Steven Mnuchin
Official portrait, 2018
77th United States Secretary of the Treasury
In office February 13, 2017 – January 20, 2021
President	Donald Trump
Deputy	Sigal Mandelker (acting) Justin Muzinich
Preceded by	Jack Lew
Succeeded by	Janet Yellen
Personal details
Born	Steven Terner Mnuchin (1962-12-21) December 21, 1962 (age 62) New York City, U.S.
Political party	Republican
Spouses	Kathryn Leigh McCarver ​ ​ (m. 1992; div. 1999)​ Heather deForest Crosby ​ ​ (m. 1999; div. 2014)​ Louise Linton ​ (m. 2017)​
Children	4
Parent	Robert Mnuchin (father)
Education	Yale University (BA)

Steven Terner Mnuchin (born December 21, 1962) is an American investment banker and film producer. He served as the 77th Secretary of the Treasury for the United States. He was part of Donald Trump's first cabinet from 2017 to 2021. Mnuchin was one of the few top officials who stayed in Trump's cabinet for almost the entire presidential term.

Mnuchin was born in New York City. After graduating from Yale University in 1985, he joined the investment bank Goldman Sachs. His father, Robert Mnuchin, also worked there. Steven Mnuchin worked at Goldman Sachs for 17 years. He eventually became its chief information officer. After leaving Goldman Sachs in 2002, he worked for and started several hedge funds. He also launched Dune Entertainment, a company that helped finance movies for 20th Century Fox. He later served on the boards of Kmart and Sears Holdings. During the 2008 financial crisis, he bought a bank called Indymac. He renamed it OneWest Bank and later sold it.

Mnuchin joined Trump's presidential campaign in 2016. He was named the National Finance Chairman for the campaign. On February 13, 2017, the U.S. Senate confirmed Mnuchin as Secretary of the Treasury. The vote was 53–47. As Secretary of the Treasury, Mnuchin supported the Trump tax cuts and tax reform of 2017. He also wanted to lower personal and corporate tax rates.

Early Life and Education

Steven Mnuchin was born on December 21, 1962, in New York City. He is the second-youngest son in his family. His family is Jewish. His parents are Robert E. Mnuchin and Elaine Terner Cooper. Robert Mnuchin was a partner at Goldman Sachs. He also founded an art gallery in New York City. Steven Mnuchin's great-grandfather, Aaron Mnuchin, came to the U.S. in 1916. He was a diamond dealer from Russia.

Mnuchin attended Riverdale Country School in New York City. He graduated from Yale University in 1985. He earned a bachelor's degree in economics. At Yale, Mnuchin was the publisher of the Yale Daily News. He was also part of Skull and Bones in 1985. While at Yale, Mnuchin drove a Porsche. His first job was as a trainee at Salomon Brothers in the early 1980s.

Career in Finance and Banking

Working at Goldman Sachs

Mnuchin started working at Goldman Sachs in 1985. His father had worked there since 1957. Mnuchin began in the mortgage department. He became a partner at Goldman in 1994. He held several important roles before leaving in 2002. These included leading the Mortgage Securities Department. He also oversaw various financial areas. Later, he became Executive Vice President and co-chief information officer. He then became the chief information officer.

Mnuchin left Goldman Sachs in 2002. He had worked there for 17 years. He had an estimated $46 million in company stock. He also received $12.6 million in pay before he left.

Managing Hedge Funds

After leaving Goldman Sachs, Mnuchin worked briefly at ESL Investments. This was a hedge fund owned by his Yale roommate, Edward Lampert. From 2003 to 2004, he was CEO of SFM Capital Management. This fund was supported by George Soros. In 2004, Mnuchin started his own hedge fund. It was called Dune Capital Management. He named it after a place near his home in The Hamptons. Mnuchin served as the CEO of Dune Capital. The company invested in some Donald Trump projects. These included the Trump International Hotel and Tower in Honolulu. It also invested in the one in Chicago.

Mnuchin became a director of Kmart after it left bankruptcy. This happened through an investment by ESL. When Kmart merged with Sears in 2005, he stayed on the board. He remained on the board of the new company, Sears Holdings, until 2016.

Mnuchin has been criticized for using offshore companies for investments. This is a common practice in the hedge fund industry. Mnuchin stated that he did not use them to avoid U.S. taxes.

Leading OneWest Bank

Buying IndyMac and Other Loans

In 2009, a group led by Mnuchin bought IndyMac. This was a California-based bank. The FDIC had taken it over. IndyMac had $23.5 billion in loans and securities. Mnuchin's group bought it at a discount. His investment group included George Soros and Michael Dell. The FDIC agreed to keep some of the bank's difficult assets. They also signed a loss-sharing agreement.

After buying IndyMac, Mnuchin renamed it OneWest Bank. He became its CEO and chairman. OneWest then bought other banks that had failed. These included First Federal Bank of California in 2009. It also bought La Jolla Bank in 2010. OneWest also bought a portfolio from Citi Holdings. OneWest became profitable within a year. It grew to be the largest bank in Southern California. Its assets were worth $27 billion.

Selling OneWest Bank

In 2015, Mnuchin sold OneWest to CIT Group for $3.4 billion. After the sale, Mnuchin remained at OneWest. He also joined CIT Group's board of directors. By August 2016, Mnuchin owned $97 million in CIT Group stock. He received most of this in exchange for his share in OneWest. On December 2, 2016, Mnuchin left CIT's board. This was because he was chosen to be Secretary of the Treasury.

Bank Practices

OneWest faced criticism for how it handled home foreclosures. In the five years after Mnuchin bought OneWest, the bank foreclosed on many homes in California. This led some local groups to call Mnuchin "the foreclosure king." The bank's high foreclosure rate might have been due to its agreement with the FDIC. This agreement meant the FDIC would pay OneWest for losses. OneWest was involved in lawsuits about its foreclosure practices. It settled several cases for large sums of money.

In November 2016, after OneWest was sold, a group asked for information. They wanted to know more about CIT's reverse mortgage company, Financial Freedom. Records showed Financial Freedom foreclosed on many federally insured reverse mortgages. This was from April 2009 to April 2016.

In 2017, an internal memo from the California attorney general's office was made public. It said the office found many violations of foreclosure law by OneWest. These happened during Mnuchin's time there.

Liberty Strategic Capital

After Donald Trump left office in 2021, Mnuchin started an investment fund. It is called Liberty Strategic Capital. The fund received money from wealth funds in Saudi Arabia, the UAE, and Qatar. Some have questioned if Mnuchin used his government role to benefit himself.

In March 2024, Liberty led a group of investors. They invested over $1 billion in NYCB. The bank was facing heavy losses. Mnuchin became a board member of the bank.

In March 2024, Mnuchin also announced plans to buy TikTok. He said a U.S. company should own it. He noted that China would not let a U.S. company own a similar app there.

Film Production Career

In 2004, Mnuchin started Dune Entertainment. This was a side business. It helped fund many big movies. Most were for 20th Century Fox. These included the X-Men film series and Avatar. In 2012, Dune's deal with 20th Century Fox ended. Mnuchin then worked with filmmaker Brett Ratner and businessman James Packer. They merged Dune Entertainment with Ratner and Packer's new company, RatPac Entertainment. This created RatPac-Dune Entertainment. It then made a financing deal with Warner Bros.

From 2013 to 2018, RatPac-Dune helped fund many films for Warner Bros. These included American Sniper and Mad Max: Fury Road. Mnuchin was a co-chairman of Relativity Media. He left seven months before it went bankrupt. He and other investors reportedly lost $80 million.

Filmography Highlights

Mnuchin served as an executive producer or producer on many films. Here are some notable ones:

• 2014: The Lego Movie, Edge of Tomorrow, American Sniper
• 2015: Mad Max: Fury Road, San Andreas, The Man from U.N.C.L.E.
• 2016: Batman v Superman: Dawn of Justice, Suicide Squad, Sully
• 2017: The Lego Batman Movie, Wonder Woman

Political Involvement

Campaign Donations

Before joining Donald Trump's presidential campaign in 2016, Mnuchin mainly donated money to political campaigns. Between 1995 and 2014, he gave over $120,000 to various political groups and politicians. He donated to both Republicans and Democrats. He later said many of these donations were favors for friends.

Between June and September 2016, Mnuchin donated over $400,000 to the Republican Party. This included donations to Paul Ryan and Donald Trump. Earlier in 2016, he also donated to Democrats Kamala Harris and Michael Wildes.

Role in Trump's 2016 Campaign

Mnuchin supported Trump early on. He attended Trump's victory party after the New York Republican primary in April 2016. The next day, Trump called him and asked him to be the national finance chairman for his campaign. Mnuchin accepted the offer. He said he had known Trump for over 15 years. Trump stated that Mnuchin was a "professional at the highest level" with "unprecedented experience."

Mnuchin worked with Republican National Committee's Lewis Eisenberg. They set up a joint fundraising effort. Before Mnuchin, Trump's campaign did not have a large fundraising operation. The New York Times described Mnuchin's role as "relatively behind the scenes." He did not seem to seek the spotlight. After Trump won the election, Mnuchin joined the transition team on November 11.

Political Views and Goals

In a November 2016 interview, Mnuchin said the Trump administration's goal was to ensure "the average American has wage increases and good jobs." He aimed for a steady GDP growth of 3% or 4%. He stated that "tax reform" was the top priority to achieve this. Mnuchin wanted to reduce corporate taxes to 15%. He also aimed to cut taxes for the middle class and simplify the tax system.

Regarding trade, he preferred trade deals with individual countries. He believed President Trump would communicate openly with business leaders. This would help keep jobs in the U.S. Mnuchin also wanted to simplify parts of the Dodd–Frank Act. He argued it was too complex and stopped banks from lending. He called this "the number-one priority on the regulatory side."

Secretary of the Treasury (2017–2021)

Nomination and Confirmation Process

Mnuchin being sworn in at the Oval Office

On November 30, 2016, Donald Trump announced his plan to nominate Mnuchin. He would be the United States Secretary of the Treasury. Trump called Mnuchin a "world-class financier, banker, and businessman." He said Mnuchin helped develop his plan for a strong economy. Mnuchin said he was "honored" to serve. He called Trump's economic plan "bold."

On February 1, 2017, the Senate Finance Committee approved his nomination. The vote was 11–0. All Democrats boycotted the vote. The nomination then went to the Senate floor.

After his nomination, Mnuchin resigned from the board of trustees of the Museum of Contemporary Art, Los Angeles. He had donated to the museum. He was also on the boards of UCLA Health System, NewYork–Presbyterian Hospital, and the Los Angeles Police Foundation.

The New York Times noted that Mnuchin's selection seemed unusual. This was because Trump's campaign had criticized the financial industry. For example, a Trump ad said Goldman Sachs' CEO had "robbed [the] working class." Mnuchin was the third former Goldman-Sachs executive to hold the Treasury job.

During his Senate confirmation hearing on January 19, 2017, Democrats criticized OneWest's foreclosure practices. Mnuchin said he was wrongly accused of profiting from others' difficulties. He stated, "Nothing could be further from the truth."

On February 13, 2017, Mnuchin was confirmed as Secretary of the Treasury. The vote was 53–47. He received full support from Senate Republicans. Only one Senate Democrat, Joe Manchin, voted for him.

Key Actions as Secretary

Mnuchin's first official secretary portrait

A close-up of a United States twenty-dollar bill, featuring the signature of Mnuchin.

Views on Artificial Intelligence

When asked if AI would take away jobs, Mnuchin said he was "not at all" worried. He thought it was "50 or 100 years" away. Former treasury secretary Lawrence Summers criticized this view. He compared it to climate denial.

Dealing with China

Mnuchin often disagreed with trade advisor Peter Navarro. Navarro had a tougher stance on trade with China. In May 2018, during trade talks in China, Mnuchin and Navarro had a heated argument. This happened because Navarro felt left out of some meetings.

In August 2020, Mnuchin and Navarro argued in the Oval Office about TikTok. Mnuchin wanted TikTok to be sold to a U.S. company. Navarro wanted the app banned completely.

Environmental Comments

In January 2020, Mnuchin commented on environmental activist Greta Thunberg. He said she should go to college and study economics before talking about policy. Others pointed out that many economists supported taxing carbon emissions.

Federal Budget and Benefits

In June 2017, Mnuchin said Congress should consider changing the timing of the debt limit. This would make it match the budget process. He also stated that international financial institutions needed to work more efficiently.

In July 2017, Mnuchin discussed Social Security and Medicaid. He said that strengthening the economy would help these programs last longer.

Tax Policies

Mnuchin was part of the "Big Six." This group of politicians worked on a tax reform plan. It included ideas from the House, Senate, and White House.

After the 2016 election, Mnuchin said tax cuts for high-income earners would be balanced. This would happen by reducing deductions. So, there would be "no absolute tax cut for the upper class." Senator Ron Wyden called this "The Mnuchin Rule."

In May 2017, Mnuchin said the White House and House Republicans agreed on tax cuts. He stated the goal was a "middle-income tax cut." However, he later clarified that his earlier statement was "never a promise." Under the proposed tax reform, the top tax rate would decrease. This would likely increase the budget deficit.

Mnuchin supported the Tax Cuts and Jobs Act of 2017. This bill was expected to add $1.5 trillion to the deficit. Mnuchin claimed the bill would pay for itself through economic growth. He said the Treasury was working on an analysis to show this. However, in November 2017, sources said no such analysis was ordered. In December 2017, the Treasury released a report. It admitted the plan would not pay for itself through growth alone.

International Relations

Mnuchin led the U.S. delegation to Israel in May 2017 for the inauguration of the newly relocated U.S. embassy in Jerusalem.

Mnuchin, Secretary Pompeo Secretary Nielsen and Advisor Kushner with Mexican president-elect López Obrador, July 13, 2018

In March 2017, at a G-20 meeting, Mnuchin supported Trump's trade policy. This policy focused on protecting the economy.

In April 2017, Mnuchin announced sanctions against the Syrian Scientific Studies and Research Center. He said these sanctions aimed to hold the Bashar al-Assad government accountable. This was for violating U.N. resolutions and chemical weapons agreements.

In June 2017, Mnuchin announced sanctions on the Bank of Dandong, a Chinese bank. He accused the bank of helping North Korea access financial systems.

Mnuchin and Saudi Arabian Director of PIF and Chairman of Saudi Aramco, Yasir Al-Rumayyan, discuss energy opportunities and investments in the United States, October 31, 2019

In March 2018, Mnuchin announced sanctions against Russian groups and individuals. These were the first under the CAATSA.

In July 2018, Mnuchin met with Berat Albayrak, Turkey's economy minister, at the G20 meeting in Argentina. They discussed economic cooperation between their countries.

Starting in November 2019, Mnuchin helped with talks between Egypt, Ethiopia, and Sudan. These talks were about the Grand Ethiopian Renaissance Dam. Egypt worried the dam would reduce its water from the Nile. In February 2020, Mnuchin said the dam should not be filled without an agreement.

Support for President Trump

In April 2017, Mnuchin stated that President Trump had "no intention" to release his tax returns. He said Trump had already released enough information.

After the August 2017 Unite the Right rally in Charlottesville, Virginia, Mnuchin's Yale classmates urged him to resign. This was after Trump said there was "blame on both sides" for the violence. Mnuchin responded that he found it hard to believe he had to defend himself. He said the president did not believe hate groups were equal to peaceful demonstrators.

In September 2017, Mnuchin defended Trump's comments about professional athletes protesting. Mnuchin said it was not about race or free speech. He stated it was about respect for the military and first responders.

Comments on The Lego Batman Movie

In March 2017, Mnuchin caused ethics concerns. He urged parents to "send all your kids to LEGO Batman" in an interview. He was an executive producer of The Lego Batman Movie. Earlier, he had said he was "not allowed to promote anything that I'm involved in." Mnuchin later wrote a letter to the Office of Government Ethics. He said he "should not have made that statement" and did not intend to endorse the product.

Selling Off Previous Businesses

In May 2017, it was reported that Mnuchin's fiancée, Louise Linton, became the interim CEO of RatPac-Dune Entertainment. This happened in February 2017. Mnuchin had stepped down to avoid conflicts of interest. Senator Ron Wyden questioned if Mnuchin had fully separated from the company. The Treasury Department said Linton was not paid for the role. Linton resigned as interim CEO later in May.

Use of Government Aircraft

Gulfstream Aerospace C-37A (Gulfstream V), photographed in 2005

Mnuchin faced criticism for using a United States Air Force jet for a trip to Kentucky. This trip involved viewing the solar eclipse. The Treasury Department's Office of the Inspector General (OIG) investigated his use of government aircraft. A watchdog group, CREW, sued for documents about his travel. Mnuchin denied the trip was for the eclipse. He said he had no interest in watching it as a New Yorker. Mnuchin's wife, Louise Linton, joined him. He reimbursed the government for her travel, which was $595. The total cost of the trip was $26,900.

During the OIG's investigation, it was found that Mnuchin had asked for a military jet for his honeymoon to Europe in June 2017. He said he needed secure communications as a member of the United States National Security Council. He withdrew the request when another option was found. Mnuchin stated he was "very sensitive to the use of government funds." He said he never asked the government to pay for personal travel. The OIG report concluded there was "no violation of law" in his requests. However, it noted concerns about the proof provided for these requests.

The OIG reviewed nine travel requests by Mnuchin for military air transport. Seven were approved and taken. The total cost of these seven trips was $811,800. Two flights to Europe cost over $300,000 each. On one flight to Ottawa, Mnuchin was with his fiancée Linton. The trip cost $16,350, and he reimbursed $744 for Linton's travel.

Student Heckling Incident

Mnuchin spoke at the University of California, Los Angeles on February 26, 2018. He was heckled by students. He initially blocked the video of the event from being released. The university later stated that Mnuchin gave consent for the video to be published.

Discussion of the Twenty-fifth Amendment

Mnuchin was among cabinet officials who discussed using the Twenty-fifth Amendment. This would have removed Donald Trump from office. This discussion followed the Capitol riot on January 6, 2021. Mnuchin confirmed he was aware of these discussions. He said it was reasonable to assume people were calling him about it.

Personal Life

Mnuchin's mother was an investor with Bernie Madoff. After she passed away in 2005, Mnuchin and his brother sold her investments. They made $3.2 million. A Madoff trustee tried to get the money back. However, a court ruled that money could only be recovered from those who cashed out less than two years before Madoff's company collapsed.

Marriages and Family

From 1992 to 1999, Mnuchin was married to Kathryn Leigh McCarver.

In 1999, Mnuchin married Heather deForest Crosby. They had three children together. Heather Mnuchin was involved in charity work and yoga. After buying IndyMac, Mnuchin moved to a large house in Bel Air, Los Angeles. They divorced in 2014.

Mnuchin married actress Louise Linton on June 24, 2017. Vice President Mike Pence led the ceremony. A 2017 photo of Mnuchin and Linton holding new $1 bills became widely mocked online. In 2023, Linton and Mnuchin had a daughter.

Non-profit Work

Mnuchin served on the development board of Yale University. He was also a board member of the Riverdale Country School. He was a national board member and senior member of Junior Achievement. This is a non-profit youth organization he had donated to. He also served on the board of the Hirshhorn Museum and Sculpture Garden.

See also

In Spanish: Steven Mnuchin para niños

• List of Jewish United States Cabinet members