Who is Steven Mnuchin, the richest US treasury secretary in history?

Treasury Secretary Steven Mnuchin speaks to the media during the daily briefing in the Brady Press Briefing Room of the White House in Washington, Tuesday, Feb. 14, 2017. (AP)

Steven Mnuchin, a Wall Street banker and a Hollywood film financier, has always stirred controversy, not only since he came into limelight for being Donal Trump’s top campaign fund-raiser.

Mnuchin was sworn in Monday night in the Oval Office as new US Treasury Secretary following a bitterly divided Senate vote.

On his appointment, President Donald Trump said Americans should know that "our nation's financial system is truly in great hands."

With a net worth of as much as $500 million, Munchin is said to be the richest Treasury Secretary in the history of the United States.

Republicans said Mnuchin's long tenure in finance makes him qualified to run the department, which will play a major role in developing economic policy under Trump.

As Treasury secretary, Mnuchin is expected to play a key role in Republican efforts to overhaul the nation's tax code for the first time in three decades. Trump has promised to unveil a proposal in the coming weeks.

Mnuchin will also be in charge of imposing economic sanctions on foreign governments and individuals, including Russia.

He was described in a report by The New York Times that he has “a more moderate tone than Mr. Trump on issues such as trade and dealing with China.”

(with the Associated Press)

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Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50
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