U.S. Senator Tammy Baldwin Announces Opposition to Mnuchin Nomination for Treasury Secretary

“Wisconsin families struggling to get ahead do not want foxes guarding the hen house.”

Baldwin introduced legislation to end golden parachutes and slow revolving door between Wall Street and Washington

WASHINGTON, D.C. – U.S. Senator Tammy Baldwin today announced she will oppose President Trump’s nomination of hedge fund manager and former Goldman Sachs executive Steven Mnuchin for Secretary of the Treasury.

“Wisconsin families struggling to get ahead do not want foxes guarding the hen house. They do not want a wealthy Wall Street insider writing the rules and making Washington work for hedge funds and big banks. Serious questions have been raised about whether this nominee deliberately misled Congress during his confirmation hearing about foreign investments, including one based offshore in the Cayman Islands. These questions deserve answers. For these reasons, I will not support the confirmation of Steven Mnuchin, a powerful Wall Street insider, to be our next Secretary of the Treasury. The people of Wisconsin deserve a Treasury Secretary who will work to build an economy that works for everyone, not just those at the top.”

On Tuesday, Senator Baldwin and House Committee on Oversight and Government Reform Ranking Member Elijah Cummings (D-MD) reintroduced the Financial Services Conflict of Interest Act. The legislation would slow the revolving door between Wall Street and Washington, prohibit “golden parachute” bonus payouts, and combat conflicts of interest by requiring senior financial service regulators to recuse themselves from any official actions that directly or substantially benefit the former employers or clients for whom they worked in the previous two years before joining federal service.