Mnuchin will sell investments, quit boards, if confirmed for Treasury
Steven Mnuchin plans to sell millions of dollars in investments and resign from an array of company boards if the U.S. Senate confirms him as Treasury secretary in President-elect Trump's new administration.
Outlining the divestitures in a Tuesday letter to the Department of the Treasury, the multi-millionaire former hedge fund manager, movie producer, bank investor and Goldman Sachs executive said he would "not participate personally and substantially" in any matter in which he has a financial interest without obtaining a written ethics waiver.
Mnuchin, who served as national finance chairman of Trump's successful presidential campaign, is one of many wealthy supporters the billionaire New York businessman and former reality TV star has nominated for key posts in his White House administration. If confirmed, he would become one of the nation's top economic officials, with broad responsibility covering U.S. banking and the broader economy.
Mnuchin, 54, listed what The Wall Street Journal estimated as $150 million-plus in holdings in a 42-page public financial disclosure report filed with the U.S. Office of Government Ethics on Tuesday. The investments include a Caribbean partnership for U.S. tax purposes with a principal office in New York, an interest in the rights to 52 existing and 23 future movies by Warner Brothers, and stocks in many major U.S. businesses.
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He wrote that he would divest his interests in 43 companies, including billionaire investor Warren Buffett's Berkshire Hathaway, AT&T, Citigroup, Microsoft, and Verizon, "within 90 days of my confirmation."
Mnuchin also pledged to divest his interests in Ratpac-Dune Entertainment Holdings, LLC, a Hollywood movie production company he helps run with filmmaker Brett Ratner, "within 120 days of my confirmation."
Additionally, Mnuchin wrote that he would resign from positions in 42 businesses, including Cedars-Sinai Medical Center in Los Angeles and New York Presbyterian Hospital in Manhattan, "upon confirmation."
Mnuchin disclosed that he previously stepped down from positions with several companies, including roles as vice chairman and director of CIT Group, a banking investment entity that has drawn criticism.
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CIT Group and related entities were targeted in a November federal complaint that alleged they engaged in redlining and other discrimination against minorities. Two groups that advocate for fair housing and equal access to credit filed the complaint with the U.S. Department of Housing and Urban Development.
Democrats have complained that OneWest Bank, a former incarnation of the banking entity, pressed many mortgage foreclosures during the real estate crash that was part of the U.S. financial crisis. Mnuchin and the banks have denied any wrongdoing.
While selling other holdings, Mnuchin wrote that he would remain as the unpaid president of the company he uses to manage some of his investments.
Prior to or upon confirmation, Mnuchin wrote that he would "fully disclose" all assets of his fiancée, Scottish actress Louise Linton, "that would have been reportable" under federal disclosure requirements "if we were married."
The Senate Committee on Finance has not yet set a date for Mnuchin's confirmation hearing.
Follow USA TODAY reporter Kevin McCoy on Twitter: @kmccoynyc