Donald Trump's Alleged Hire for Treasury Secretary Draws Criticism

November 29th 2016

Lucy Tiven

President-elect Donald Trump allegedly plans to tap Wall Street veteran Steven Mnuchin as Treasury Secretary, sources close to the transition team told the New York Times on Tuesday.

Mnuchin briefly served as chief information officer at Goldman Sachs at the end of his 17 year tenure working at the firm, Business Insider reports. Trump appointed him as his campaign national finance chairman in May.

Trump railed against his political opponents' ties to Wall Street — specifically Goldman Sachs — throughout his campaign.

Trump has drawn criticism for appointing political and financial insiders, as he campaigned on pledging to "drain the swamp."

The DNC responded to the reports in a statement. From the Hollywood Reporter:

"The DNC responded to the news with the following statement: 'So much for draining the swamp. Nominating Steve Mnuchin to be Treasury Secretary – a billionaire hedge fund manager and Goldman Sachs alumnus who preyed on homeowners struggling during the recession – is a slap in the face to voters who hoped he would shake up Washington. Trump is already heading into office as the most corrupt, conflicted, and unpopular president-elect in history, and now he’s breaking his signature promise to the voters who elected him.'"

The Times points out that multiple treasury secretaries have come from the financial sector, including those that served under former Presidents Bill Clinton and George W. Bush. Trump's chief strategist Steve Bannon is also a former Goldman Sachs banker.