Remember during the presidential campaign when president-elect Donald Trump promised to “drain the swamp” that is Washington, D.C.?
I do, but what I don’t remember is when on the campaign trail he promised to put the foxes in charge of guarding the henhouse, but that’s exactly what he seems poised to do, as multiple reports have Trump naming former Goldman Sachs executive Steven Mnuchin as Treasury secretary.
President-elect Donald Trump is expected to name investor and former Goldman Sachs executive Steven Mnuchin as Treasury secretary, opting for an industry insider with no government experience to helm the agency that serves as the backbone of the nation’s financial system, according to people familiar with the matter.
Mnuchin joined Trump’s whirlwind campaign in May as finance chairman, despite the fact that he has never worked in politics and that he donated to Democrats in the past. He quickly earned Trump’s trust as he worked closely with the Republican National Committee to raise substantial amounts of money in a short period of time.
Mnuchin is the latest member of Trump’s top advisers to secure a high-level and influential post in the nascent administration, highlighting the importance the president-elect places on loyalty as he builds out his White House team. Last week, officials confirmed that industrialist billionaire Wilbur Ross would be nominated for Treasury secretary.
Mnuchin’s close ties to Wall Street could undermine Trump’s campaign promise to “drain the swamp” of special interests. Trump frequently lambasted big banks while on the stump – and Goldman Sachs in particular – and advocated the reinstatement of Glass-Steagall legislation that once separated retail and investment banks. In addition, Mnuchin’s involvement in the purchase in 2009 of a failed bank at the heart of the housing bust could create conflicts of interest down the road.
I hope all those folks who voted for “change” when they voted for Donald Trump are happy, because instead of a change agent they got a man who first and foremost will look out for folks like himself – the rich and entitled.