Steven Terner Mnuchin ( mə-NOO-shin; born December 21, 1962) is an American politician and investment banker who is serving as the 77th United States secretary of the treasury as part of the Cabinet of Donald Trump. Previously, Mnuchin had been a hedge fund manager and investor.
After he graduated from Yale University in 1985, Mnuchin worked for investment bank Goldman Sachs for 17 years, eventually becoming its chief information officer. After he left Goldman Sachs in 2002, he worked for and founded several hedge funds. Mnuchin was a member of Sears Holdings’s board of directors from 2005 until December 2016, and before that was on Kmart's board of directors. After Sears went bankrupt, the company that formerly owned it sued Mnuchin and ex-CEO Edward Lampert for "asset stripping" during their tenure. During the financial crisis of 2007–2008, Mnuchin bought failed residential lender IndyMac. He changed the name to OneWest Bank and rebuilt the bank, then sold it to CIT Group in 2015.
Mnuchin joined Trump's presidential campaign in 2016, and was named national finance chairman for the campaign. On February 13, 2017, Mnuchin was confirmed to be President Donald Trump's secretary of the treasury by a 53–47 vote in the U.S. Senate. As Secretary of the Treasury, Mnuchin supported the tax reform of 2017 and advocated reducing corporate tax rates. In regards to regulatory policy, Mnuchin supports a partial repeal of Dodd-Frank, citing the complexity of the legislation. Mnuchin's use of government aircraft for personal usage has come under scrutiny from watchdog groups.