With a new president comes a changing of the guard. Donald Trump has already announced most of his cabinet, but one glaring omission has been Secretary of Treasury. While the top choice for Trump was JP Morgan Chase CEO Jamie Dimon, who turned down the role, the next name on the list, Steve Mnuchin, is a great fit. Why is Mnuchin such a solid choice?
Trump Has His Eyes On Steve Mnuchin As Secretary Of Treasury. But Why?
When Donald Trump visited President Obama following his momentous victory as the first person to win the presidency without ever holding political office, he was reportedly surprised at learning he had to replace the entire west wing staff. His advisors had no transition plan since The Donald didn’t want to “jinx the election” by planning a transition before even winning. Now, his team is scrambling to get ready with some big roles to fill. Fortunately, their next Secretary of the Treasury has been right under their noses, and he’s ready to hit the ground running.
Steven Mnuchin is a safe choice for Trump. He’s a trusted advisor who served as the national finance chairman for Trump’s presidential campaign. Under his direction, the campaign raised tens of millions of dollar in voter donations.The only hiccup seems to be a clash of messages, as Trump has bashed Wall Street during his campaign and may now be bringing on a former Goldman Sachs executive to run the country’s finances.
Yet, even with that, Mnuchin is the top candidate recommended by Trump’s transition team. He’s loyal to the president-elect, experienced in fiscal policy and investing, and shares Trump’s vision of America.
The next Treasury Secretary faces a widening budget deficit requiring increased debt issuance, have to deal with income inequality, and navigate international partners who are hesitant (at best) to work with President Trump. This all falls in Mnuchin’s wheelhouse. He will end up running the country’s finances much like he did Trump’s campaign; as a CFO. Mnuchin finds inefficiencies and fixes them. He’s a systems guy, and that’s what the country needs right now.
But he’s also a voice of reason.
When Trump promised tax breaks to the top marginal group he effectively promised tax cuts to the rich from 39.6 percent tax, making almost half the benefit of Trump tax cuts go to the top 1 percent of income earners in the country. Mnuchin stopped the cut at 33 percent when others recommended significantly lower numbers.
Watch this video report from Business Insider to get to know Steve Mnuchin more:
While they share the same vision, Mnuchin could be a level head to review Trump’s policies and help guide the country to the economic growth it needs. Expect a formal announcement any day, as Steven Mnuchin is the logical choice for Secretary of Treasury.
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