The Mnuchin cliffnotes from the US Chamber…
By David Dayen
TREASURY DEPARTMENT RECOMMENDATIONS for tax regulatory changes released Friday are almost entirely copied from a U.S. Chamber of Commerce memo on the same subject.
The five-page notice, released by the Internal Revenue Service, complies with Donald Trump’s Executive Order 13789, issued April 21. This order mandated a review of all tax regulations finalized since 2016. The interim report was to identify those regulations that imposed an “undue financial burden” on taxpayers, added “undue complexity” to the tax code, or exceeded the IRS’ regulatory authority.
The interim report was due June 20; Treasury did not release the notice publicly until 17 days later. Delays like this have become a typical feature of federal agencies’ compliance with Trump executive orders.
The tardiness of the Treasury report looks even worse considering one additional factor: in May, the Chamber of Commerce released their own report, highlighting tax regulations they believed created significant burdens and complexities. Treasury treated this report the way a kid who didn’t prepare for a test in school would treat the smart kid’s answer sheet the next desk over.
U.S. federal prosecutors subpoenaed several banks last month as part of a criminal investigation into possible manipulation of the U.S. Treasuries market, Bloomberg reported on Monday.
The banks include UBS Group AG (>> UBS Group AG), BNP Paribas SA (>> BNP Paribas) and Royal Bank of Scotland Plc (>> Royal Bank of Scotland Group plc), Bloomberg reported, citing people familiar with the matter.
A series of class action lawsuits have accused various banks and brokerages of conspiring to manipulate U.S. Treasury auctions.
The lawsuits have alleged that the banks colluded to manipulate Treasury Department auctions and the pricing of Treasury securities, as well as derivative products such as futures, whose value is pegged to the Treasury.
Sounds like Mnuchin is on Trump’s tight leash…
Steven Mnuchin’s picks for the top ranks of the U.S. Treasury are stalled due to resistance from White House aides, including one recruit whose Twitter account was scrutinized for potential criticism of Donald Trump, according to people familiar with the matter.
Bogged down are Mnuchin’s choices for his senior management team — deputy secretary, undersecretaries for domestic finance and international affairs, general counsel and several other posts, these people said. Mnuchin has complained privately to friends that President Trump’s advisers are hindering him as he tries to get the Treasury up and running.
More than a dozen people with knowledge of the debate spoke on condition of anonymity to discuss the confidential deliberations.
Despite all the bluster, attempted parliamentary maneuvering, and name-calling from the Democratic party, the Senate voted Monday evening to approve Steven Mnuchin to serve as the next Secretary of the Department of the Treasury.
As expected, the Senate approved Mnuchin in a partisan vote of 53-47, with one Democrat, Sen. Joe Manchin, D-West Virginia, splitting from his party and voting with the Republican majority.
A woman at the center of a foreclosure robo-signing scandal at OneWest Bank in 2009 – and now part of the controversial confirmation hearings for a new Treasury secretary – signed off on mortgage documents in Maine.
The scandal is attracting new attention because Steven Mnuchin, President Trump’s nominee to head the Treasury Department, denied in a Senate confirmation hearing that OneWest, the bank that he headed from 2009 to 2015, engaged in robo-signing. Critics of Mnuchin are hoping that the controversy over robo-signing, along with allegations that the nominee hasn’t revealed all his financial records, might derail his nomination.
President Donald Trump’s nominee for U.S. treasury secretary was untruthful with the Senate during the confirmation process, documents uncovered by The Dispatch show.
Steve Mnuchin, former chairman and chief executive officer of OneWest Bank, known for its aggressive foreclosure practices, flatly denied in testimony before the Senate Finance Committee that OneWest used “robo-signing” on mortgage documents.
But records show the bank utilized the questionable practice in Ohio.
“The guy is just lying. There’s no other way to say it,” said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio.
The revelation comes with the committee’s vote on whether to confirm Mnuchin’s nomination, currently scheduled for Monday night.
TREASURY SECRETARY NOMINEE Steve Mnuchin kicked off his confirmation hearing Thursday with a defiant opening statement, mostly defending his record as CEO of OneWest Bank. He cast himself as a tireless savior for homeowners after scooping up failed lender IndyMac. “It has been said that I ran a ‘foreclosure machine,’” he said. “I ran a loan modification machine.”
But in stark contrast to his fuzzy statistics about attempted loan modifications, the victims of OneWest’s foreclosure practices have been real and ubiquitous.
A TV advertising campaign that’s been running in Nevada, Arizona, and Iowafeatures Lisa Fraser, a widow who says OneWest “lied to us and took our home” of 25 years, right after her husband’s funeral.
WASHINGTON — Steven T. Mnuchin, President-elect Donald J. Trump’spick to be Treasury secretary, failed to disclose nearly $100 million of his assets on Senate Finance Committee disclosure documents and forgot to mention his role as a director of an investment fund located in a tax haven, an omission that Democrats said made him unfit to serve in one of the government’s most important positions.
The revelation came hours before Mr. Mnuchin, a former Goldman Sachs banker, began testifying on Thursday before the Senate Finance Committee, which has historically been bipartisan in its demands for transparency from nominees. Mr. Mnuchin was ready to outline his vision for the economy and defend himself against claims that he headed a bank that ran a “foreclosure machine” during the financial crisis.
While the confirmation hearings for President-elect Donald Trump’s choices for some key cabinet positions began taking place this week, one of the most important hearings is finally on the schedule.
On Friday, the Senate Committee on Finance announced that the confirmation hearing for Steve Mnuchin, the Trump administration’s choice to lead the Department of the Treasury, will take place on Thursday, Jan. 19, 2017 at 10:00 a.m. Eastern.
After tapping several Goldman Sachs Group Inc. alumni for senior economic posts, President-elect Donald Trump?s team is considering yet another for a key job at the Treasury Department.
Jim Donovan, a senior Goldman Sachs private banker, is under consideration to be the U.S. Treasury Department?s undersecretary for domestic finance, according to people familiar with the matter.
The choice isn?t yet final and could change, these people said. Attempts to reach Mr. Donovan on Friday were unsuccessful. Mr. Trump?s transition team didn?t respond to a request for comment.
Mr. Donovan?s nomination likely would inflame Democrats and liberal groups, which already have been critical of other Trump nominees with ties to the financial sector. Earlier this week, a few dozen protesters sought access to the lobby of Goldman?s lower Manhattan headquarters protesting the bank?s influence in politics.