Steven Turner Mnuchin is an American entrepreneur, a former employee of the bank Goldman Sachs, a representative of the Republican Party of the United States, from February 13, 2017 to January 20, 2021, he served as the US Secretary of the Treasury.
Steven Mnuchin was born into a Jewish family. In total, the family had two children and he was the youngest.His father's name was Robert E. Mnuchin, originally from Washington, Connecticut, and his mother was Elaine Turner Cooper from New York.His father was a bright and versatile person. Robert Mnuchin was a Goldman Sachs equity trading partner and a member of the management committee.From an early age, his father developed a love of art in Stevin, because his father himself was the founder of an art gallery in New York, the Mnuchin Gallery, and his mother served as vice president of the board of directors of the Solomon Guggenheim Museum (Museum of Modern Art in New York, USA) and director of the Byrd Hoffman Foundation, which supports art.Great-grandfather was originally from Russia and emigrated to the United States in 1916.Mnuchin attended the ordinary rural school of Riverdale in New York, but showed his inclinations in economics and mathematics. After high school, Steven Mnuchin entered Yale University and graduated in 1985 with a bachelor's degree in economics.During his studies, he lived in a dormitory with the future president and major shareholder of Sears, Edward Lampert. At Yale, Mnuchin was the publisher of the Yale Daily News , and was also initiated into Skull and Bones in 198-the oldest secret society of Yale University students.
Yale University in our days
Immediately after graduating from Yale University, Stephen's father took him to Goldman Sachs. In this company, Stephen achieved great success and held a huge number of positions in different years:
- November 1994-December 1998: head of the mortgage securities department
- December 1998-November 1999: Supervision of mortgages, US governments, money markets and municipalities in the Department of Fixed Income, Currency and Commodities
- December 1999-February 2001: Member of the Executive Committee and Co-head of the Technology Committee
- February 2001-December 2001: Executive Vice President and one of the heads of the Information Department
- December 2001-2002: Executive Vice President, Member of the Management Board and Chief Information Officer. In 2002, Stephen left the company,he was paid compensation in the amount of $ 12.6 million
Steven Mnuchin at one of the meetings
In 2002, Mnuchin worked for a while as deputy chairman of the hedge fund ESL Investments. In 2003, together with financier George Soros, the hedge fund SFM Capital Management was founded. George was a major sponsor of this fund, he invested $ 1 billion in it. In 2004, Mnuchin, along with two former Goldman partners(Chip Zil and Daniel Nothing), founded Dune Capital Management and engaged in financing film production. After its foundation, Mnuchin served as the company's CEO. The firm actively supported the policies of Donald Trump and invested in two of his big projects: the Trump International Hotel and Tower in Honolulu and the eponymous facility in Chicago.Mnuchin has been criticized for using offshore companies for investment purposes as a hedge fund manager, which is a common practice in the industry. Mnuchin stated: "I did not use offshore companies in any way to avoid paying taxes in the United States."
"I did not use offshore companies in any way to avoid paying taxes in the United States."
In 2009, a group was organized, headed by Mnuchin, the group included George Soros, John Paulson, J. Christopher Flowers and Mayo Dell. Mnuchin's most grandiose and famous deal was made. The group bought California-based housing lender IndyMac, which was managed by the FDIC, for $ 1.6 billion. The FDIC agreed to retain some of the bank's most distressed assets and signed a loss-sharing agreement. After the purchase of IndyMac, it was renamed OneWest Bank. OneWest then bought several other failed banks, including First Federal Bank of California in 2009 and La Jolla Bank in 2010. In addition, OneWest acquired a portfolio owned by Citi Holdings for $ 1.4 billion. In 2010, OneWest became the largest bank in Southern California with assets worth $ 27 billion.
One west bank sign
In August 2015, Mnuchin and his colleagues decided to sell OneWest for $ 3.4 billion.The buyer was CIT Group.Mnuchin did not leave the bank, in addition, he later became a member of the board of directors of CIT Group, but due to his election to the post of Finance Minister, he was forced to resign.
After the sale of Steven Mnuchin, it was suspected that part of OneWest's revenue flowed to the accounts of Dune Capital, and part of it personally into the hands of Steven Mnuchin. Steven Mnuchin actively rejected these provocations. In 2014, Mnuchin began investing in Relativity Media (a company working with films, music and digital technologies), but unfortunately the company quickly went bankrupt.
Work in film production
In 2004, Stiven became a co-founder for Dune Entertainment, which financed a number of famous Hollywood films, mainly for 20th Century Fox, such as X-Men and Avatar.He was mainly a producer for such genres as action, comedy, drama.
Steven Mnuchin is the executive producer of such famous films as Suicide Squad, The Intern, Wonder Woman, The Curse 2, etc. In May 2017, Mnuchin's fiancee, Louise Linton, took over the post of CEO of Dune Entertainment. He made this decision because he needed to prepare for the appointment of the US Treasury Secretary. Later, Louise Linton left this post
The film "The Intern" starring Anne Hathaway and Robert de Niro.
Mnuchin was actively involved in donations to various campaigns, for example , the campaigns of Al Gore , Hillary Clinton , John Kerry, Barack Obama and Mitt Romney . In 2016, Steven Mnuchin joined the election campaign of Donald Trump. Mnuchin donated about $ 400,000 to the Republican party.
The relationship between Steven Mnuchin and Donald Trump was very strong and trusting. Mnuchin was one of the first people to support Trump's policies. Trump personally called Steven Mnuchin and invited him to head his campaign company and deal with issues related to finance. Mnuchin agreed, to which Trump spoke about him: "Steven is a professional of the highest level with an extensive and very successful financial past." Steven Mnuchin himself respected Trump and said in an interview: "It is a great honor for me to work with Mr. Trump to create a world-class financial organization to support the campaign in the general election."
Steven Mnuchin and Donald Trump at one of the meetings
"Steven is a professional of the highest level with an extensive and very successful financial past."
Steven Mnuchin belongs to the US Republican Party and defined the main tasks as:
- Stable GDP growth by 3-4 %
- Simplification of the tax system and reduction of corporate taxes.
- Improving the standard of living of the US population.
- Reduction of unemployment.
- Establishing trade relations with certain countries
Minister of Finance
According to Trump, it is thanks to Steven Mnuchin that the US economy has reached a new level, to fulfill the plan of building a dynamic and developing economy. Donald Trump appointed Mnuchin to the post of US Treasury Secretary after he won the US presidential election. For Mnuchin, this was a real success and victory. He said: "it is a great honor to have the opportunity to serve our great country in this important role." Democrats criticized and did not support Stephen, they boycotted the vote and sent the candidate to the Senate floor. The Finance Committee approved the candidacy of Steven Mnuchin for the post of Secretary of the Treasury(11-0)Mnuchin decided to leave the Board of Trustees of the Museum of Art. However, he remained a board member of the UCLA Health System , New York Presbyterian Hospital and the Los Angeles Police Foundation.The Democrats mentioned the practice of compulsory law together with OneWest, discussed Mnuchin's past related to Wall Street. Mnuchin secretly had $ 95 million in real estate. Mnuchin himself calmly reacted to the criticism of the Democrats, saying:"Since I was first appointed Secretary of the Treasury, I have been slandered for taking advantage of other people's difficulties to earn money. Nothing could be further from the truth."
Steven Mnuchin takes over as US Treasury Secretary
On February 13, 2017, Mnuchin was confirmed by the Secretary of the Treasury by a 53-47 vote. He received unanimous support from Senate Republicans, but only from one Senate Democrat, Joe Manchin of West Virginia. Steven Mnuchin and Donald Trump denied the fact that artificial intelligence will be able to replace human labor in the next 50-100 years. In January 2020, Mnuchin fired environmentalist Greta Thunberg due to the fact that she does not have sufficient knowledge in the field of economics, so she does not have the right to evaluate politics
"Since I was first appointed Secretary of the Treasury, I have been slandered for taking advantage of other people's difficulties to earn money. Nothing could be further from the truth."
Taxes and tax reform
Mnuchin actively spoke about tax reform together with other members of the "big six" : Orrin Hatch, Mitch McConnell, Kevin Brady, Paul Ryan, Gary Cohn. Mnuchin proposed cutting taxes for the middle class, but not for the upper class. In April 2017, Trump made a proposal to distribute most of the tax benefits to the rich. Mnuchin and the White House director of Legislative Affairs, Mark Short, spoke in July 2017 and promised to present tax reform to Congress. Such a concept as the "Mnuchin rule" was introduced, which meant absolutely no tax cuts for the upper class, thus the tax rate will be reduced and the budget deficit will be increased.On May 1, during a speech at a Global conference, Mnuchin announced that both the White House and the Republicans support the idea of tax cuts. There were no plans to increase the tax rate for the upper class.
Steven Mnuchin at a speech at the White House
In May 2018, Mnuchin instructed his employees to accept a considerable tax. - A revenue tract in Story County, Nevada, as an opportunity zone shortly after attending a Milken Institute event in Beverly Hills with Michael Milken .
Relations with other countries
On March 18, 2017, at a meeting of G-20 finance ministers, Mnuchin supported the Trump administration's trade policy based on economic protectionism.Mnuchin, like the Trump administration, supported the policy of economic protectionism. April 24, 2017 At a briefing at the White House, Mnuchin announced the sanctions of the Ministry of Finance against the Syrian research Center . On June 29, 2017, sanctions were imposed against the Chinese bank. Mnuchin accused the bank, saying that it negatively affects the US economy: "as a gateway for North Korea to access the American and international financial system." On March 15, 2018, Mnuchin put forward a number of sanctions against certain legal entities and individuals in relation to Russia. In November 2019, the United States and six Gulf countries agreed to jointly impose sanctions on 25 corporations, banks and individuals associated with providing support to armed groups, including Hezbollah.
From 1992 to 1999, Mnuchin was married to Catherine Lee McCarver. In 1999, Mnuchin married Heather DeForest Crosby. Heather has reached the position of vice president of corporate communications at Launch Media, an Internet company dealing with music, music information and news. She was engaged in charity work and yoga. Together with Stephen, they had three children in their marriage.Stephen gave her very expensive gifts : jewelry, cars, houses.They divorced in 2014. Since 2017, Mnuchin has been married to the famous actress Louise Linton
Steven Mnuchin , his ex-wife Heather DeForest Crosby and their children.