Donald Trump's Treasury Secretary nominee Steven Mnuchin defends his banking recording at his Senate confirmation hearing. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) President-elect Donald Trump's choice for Treasury secretary, Steven Mnuchin, defended his banking record in the aftermath of the financial crisis on Thursday and sell senators on why he should be given stewardship of the U.S. financial system. Mnuchin, a former Goldman Sachs executive, hedge fund manager and Hollywood film financier, would be the first Wall Street veteran to head the Treasury Department in eight years. In prepared testimony for his confirmation hearing before the Senate Finance Committee, Mnuchin said accusations that his OneWest Bank was a "foreclosure machine" after the housing bubble burst were untrue and politically motivated. "Since I was first nominated to serve as Treasury Secretary, I have been maligned as taking advantage of others' hardships in order to earn a buck. Nothing could be further from the truth," Mnuchin said. Democrats see an easy target in the more than 36,000 foreclosures that OneWest pursued after Mnuchin struck a lucrative deal with the Federal Deposit Insurance Corp to absorb most of the losses from such actions.