Steven Mnuchin, millionaire and former Goldman Sachs exec, confirmed as Trump's treasury secretary

Treasury Secretary-designate Steven Mnuchin testifies on Capitol Hill in Washington, Thursday, Jan. 19, 2017, at his confirmation hearing before the Senate Finance Committee. Mnuchin built his reputation and his fortune as a savvy Wall Street investor but
Source: J. Scott Applewhite/AP
Treasury Secretary-designate Steven Mnuchin testifies on Capitol Hill in Washington, Thursday, Jan. 19, 2017, at his confirmation hearing before the Senate Finance Committee. Mnuchin built his reputation and his fortune as a savvy Wall Street investor but
Source: J. Scott Applewhite/AP

The U.S. Senate voted 53-47 on Monday evening to confirm former Goldman Sachs executive, hedge fund manager and controversial Wall Street insider Steve Mnuchin as President Donald Trump's secretary of the treasury.

Mnuchin, one of the first Wall Street titans to endorse Trump's run for the presidency, will be tasked with a wide variety of financial and economic functions, including managing the nation's finances, printing currency, tax collection, Wall Street oversight and advising on policy.

He's yet another one of the ultra-wealthy figures to populate Trump's administration, and may boast a net worth of up to $500 million, according to Fortune.

As Mic's James Dennin reported, Mnuchin faced a hostile response from Senate Democrats, particularly in regard to his management of OneWest Bank — which foreclosed on as many as 36,000 homes during the financial crisis under his tenure and has a troubling record of possible discrimination against minority borrowers.

Mnuchin pocketed as much as $200 million during the crisis while tens of thousands of people lost their homes.

According to the Intercept, while Mnuchin was at the helm of OneWest, the bank "didn’t merely act callously, but did so with blatant disregard for the law" on foreclosures. As the Nation reported, Mnuchin eventually flipped OneWest to a financial holding company named the CIT Group for $3.4 billion in a widely protested merger.

The extent of Mnuchin's wealth also became an issue during the confirmation process when Senate Democrats accused him of failing to disclose hundreds of millions in assets.

"Mnuchin's failure to initially disclose his relationship with the funds, along with his minimizing the scope of foreign investment in them during the hearing, has Democrats questioning whether it was part of a deliberate effort to steer them away," CNN reported.

Just one Democrat, former West Virginia governor and current Sen. Joe Manchin, voted to confirm Mnuchin, replicating his earlier lonesome support for Trump's U.S. attorney general, Alabama Sen. Jeff Sessions.

How likely are you to make Mic your go-to news source?

Tom McKay

Tom is a staff writer at Mic, covering national politics, media, policing and the war on drugs. He is based in New York and can be reached at tmckay@mic.com.

MORE FROM

Watchdogs urge White House to stop hiding behind "cowardly" bully pulpit and televise briefings

The nonpartisan group Common Cause says the administration shows contempt for the First Amendment.

Senate Republicans postpone health care vote amid growing opposition

The Senate will no longer vote on the Republican health care plan before the July 4 holiday.

Trump urges people to get tested for HIV as GOP gears up to cut funding to Medicaid, family planning

The Senate health care bill would put people living with HIV/AIDS in the United States at risk, experts say.

This is why the Republican Senate health care bill may not get a vote.

Things are looking grim for the Republican health care proposal in the Senate.

Senate Republicans' Obamacare repeal bill may be flatlining

Republican leadership is scrambling to convert skeptical senators to let the bill move forward to a final vote.

One of Trump's warmest meetings with a world leader yet was Narendra Modi, an accused fascist

Modi hugged Trump during a White House visit on Monday — a far cry from 2002, when he was accused of massacring Muslims in Gujarat.

Watchdogs urge White House to stop hiding behind "cowardly" bully pulpit and televise briefings

The nonpartisan group Common Cause says the administration shows contempt for the First Amendment.

Senate Republicans postpone health care vote amid growing opposition

The Senate will no longer vote on the Republican health care plan before the July 4 holiday.

Trump urges people to get tested for HIV as GOP gears up to cut funding to Medicaid, family planning

The Senate health care bill would put people living with HIV/AIDS in the United States at risk, experts say.

This is why the Republican Senate health care bill may not get a vote.

Things are looking grim for the Republican health care proposal in the Senate.

Senate Republicans' Obamacare repeal bill may be flatlining

Republican leadership is scrambling to convert skeptical senators to let the bill move forward to a final vote.

One of Trump's warmest meetings with a world leader yet was Narendra Modi, an accused fascist

Modi hugged Trump during a White House visit on Monday — a far cry from 2002, when he was accused of massacring Muslims in Gujarat.