Press Releases

Waters: Mnuchin Got Rich Off Foreclosure Crisis

Washington, DC, November 30, 2016

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on reports that President-elect Trump will nominate Steven Mnuchin to serve as the next Treasury Secretary:

“Donald Trump ran a campaign on anti-Wall Street rhetoric, but appointing a former hedge fund manager, Goldman Sachs executive, and bank CEO as Treasury Secretary shows his true colors. Mr. Mnuchin is a Wall Street insider with ties to big banks that have a troubling past of putting profits ahead of consumers and taxpayers. In fact, fair housing groups have alleged that Mr. Mnuchin’s former bank, OneWest, routinely discriminated against minority homeowners during the foreclosure crisis. This is a man who got rich off of the foreclosure crisis -- not unlike Mr. Trump himself -- and will now have oversight over significant swaths of our financial regulatory system.

“What’s more, President-elect Trump has promised to dismantle Dodd-Frank, which has made our financial system safer and protected consumers from these very same abuses. As Treasury Secretary, Mr. Mnuchin will be Trump’s point person on taking apart Wall Street reform, a task that will personally benefit him and Trump. With a Wall Street insider charged with ‘dismantling’ Wall Street reform, it should be clear whose side this administration is really on.”


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