Steven Mnuchin facts for kids
Quick facts for kids
Steven Mnuchin
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Official portrait, 2018
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| 77th United States Secretary of the Treasury | |
| In office February 13, 2017 – January 20, 2021 |
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| President | Donald Trump |
| Deputy | Sigal Mandelker (acting) Justin Muzinich |
| Preceded by | Jack Lew |
| Succeeded by | Janet Yellen |
| Personal details | |
| Born |
Steven Terner Mnuchin
December 21, 1962 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 | 3 |
| Parent |
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| Education | Yale University (BA) |
Steven Terner Mnuchin (/məˈnuːʃɪn/ mə-NOO-shin; 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 team from 2017 to 2021. Mnuchin was one of the few top officials who stayed in Trump's team for almost the entire time.
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 became its chief information officer, a top technology role.
After leaving Goldman Sachs in 2002, he worked for and started several hedge funds. These are special investment funds. He also started Dune Entertainment, a company that helped make movies for 20th Century Fox. Later, he was on the boards of companies like Kmart and Sears Holdings. During the financial crisis of 2007–2008, he bought a struggling bank called Indymac. He changed its name to OneWest Bank and later sold it.
Mnuchin joined Trump's presidential campaign in 2016. He became the main person in charge of raising money for the campaign. On February 13, 2017, the U.S. Senate approved him as Secretary of the Treasury. As Secretary, Mnuchin supported Trump tax cuts and changes to tax laws in 2017. He wanted to lower taxes for individuals and businesses.
Contents
Early Life and Education
Steven Mnuchin was born on December 21, 1962, in New York City. He is from a Jewish family. His parents are Robert E. Mnuchin and Elaine Terner Cooper. His father, Robert Mnuchin, was a partner at Goldman Sachs. He also started an art gallery in New York City. Steven's great-grandfather, Aaron Mnuchin, came to the U.S. in 1916 from Russia. He was a diamond dealer.
Mnuchin went to Riverdale Country School in New York City. He then graduated from Yale University in 1985. He earned a bachelor's degree in economics. At Yale, Mnuchin was in charge of the Yale Daily News. He also joined a secret society called Skull and Bones. While at Yale, he drove a Porsche car.
Finance and Banking Career
Working at Goldman Sachs
After graduating from Yale in 1985, Mnuchin started working at Goldman Sachs. 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 and being co-chief information officer.
Mnuchin left Goldman Sachs in 2002. He had worked there for 17 years. He left with a lot of company stock and money.
Hedge Funds and Investments
After Goldman Sachs, Mnuchin worked for different investment funds. In 2004, he started his own hedge fund called Dune Capital Management. It was named after a place near his home. This company invested in some of Donald Trump's building projects.
Mnuchin also became a director at Kmart. When Kmart merged with Sears in 2005, he stayed on the board of the new company, Sears Holdings. He remained there until 2016.
OneWest Bank
In 2009, a group led by Mnuchin bought a California bank called IndyMac. The bank was in trouble. Mnuchin's group included other famous investors like George Soros. They renamed the bank OneWest Bank. OneWest then bought other struggling banks. OneWest became very successful and was the largest bank in Southern California.
In 2015, Mnuchin sold OneWest to CIT Group for $3.4 billion. He then joined CIT Group's board of directors.
OneWest faced criticism for how it handled home repossessions (foreclosures). The bank repossessed many homes in California. This led some people to call Mnuchin "the foreclosure king." Protesters gathered outside his home in 2011. Some groups also said OneWest did not lend money fairly to certain groups of people.
Film Production Career
In 2004, Mnuchin started Dune Entertainment as a side business. This company helped pay for many big movies. Most of these were for 20th Century Fox. Famous movies like the X-Men films and Avatar were among them.
In 2012, Mnuchin joined with filmmaker Brett Ratner and businessman James Packer. They formed RatPac-Dune Entertainment. This new company made a deal to finance movies for Warner Bros. Between 2013 and 2018, RatPac-Dune helped pay for movies like American Sniper and Mad Max: Fury Road.
Politics and Treasury Secretary Role
Political Donations
Before working for Donald Trump's campaign, Mnuchin mostly gave money to political campaigns. Between 1995 and 2014, he donated over $120,000. He gave money to both Republicans and Democrats. He later said many of these donations were favors for friends.
In 2016, he donated a lot more money to the Republican Party and Donald Trump.
Working for Donald Trump's Campaign
Mnuchin was an early supporter of Donald Trump. Trump asked him to be the national finance chairman for his presidential campaign. Mnuchin accepted the job. He said he had known Trump for over 15 years. Trump praised Mnuchin's financial background.
Mnuchin's job was to raise money for the campaign. The New York Times said he worked "behind the scenes." After Trump won the election, Mnuchin joined the team that helped Trump prepare to become president.
Becoming Secretary of the Treasury
On November 30, 2016, Donald Trump announced he would choose Mnuchin as United States Secretary of the Treasury. Trump called Mnuchin a "world-class financier, banker, and businessman." Mnuchin said he was "honored" to serve the country.
The Senate Finance Committee approved his nomination. On February 13, 2017, the Senate voted 53–47 to confirm him. He received support from all Republicans and one Democrat.
Key Actions as Secretary
As Secretary of the Treasury, Mnuchin focused on several areas:
- Taxes: He was part of a group called the "Big Six" that worked on a tax reform plan. He supported the Tax Cuts and Jobs Act of 2017. This law lowered taxes for many people and businesses. He believed it would help the economy grow.
- International Relations: He supported Trump's trade policies. He also announced sanctions against certain groups and countries. For example, he put sanctions on a Chinese bank for helping North Korea. He also worked on talks about a large dam project in Africa.
- Support for President Trump: Mnuchin defended President Trump on various issues. When asked about Trump's tax returns, Mnuchin said Trump had no plans to release them. After a protest in Charlottesville, Virginia, Mnuchin said the president did not believe hate groups were equal to peaceful protesters.
Use of Government Aircraft
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Mnuchin faced questions about using government planes for travel. For example, he took a trip to Kentucky that included viewing a solar eclipse. The Treasury Department looked into his use of these planes. Mnuchin said he needed access to secure communications for his job. He also said he never asked the government to pay for his personal travel. An investigation found no law violations but raised concerns about how travel requests were approved.
Personal Life
Steven Mnuchin has been married three times. From 1992 to 1999, he was married to Kathryn Leigh McCarver.
In 1999, he married Heather deForest Crosby. They had three children together. They divorced in 2014.
Mnuchin married actress Louise Linton on June 24, 2017. Vice President Mike Pence was at their wedding. A photo of Mnuchin and Linton holding new $1 bills became very popular online.
Mnuchin has also been involved in non-profit work. He served on boards for Yale University, Riverdale Country School, and Junior Achievement.
See also
In Spanish: Steven Mnuchin para niños
- List of people and organizations named in the Paradise Papers
- List of Jewish United States Cabinet members
