Kaine to oppose Steve Mnuchin for Treasury

U.S. Sen. Tim Kaine will oppose the nomination of Steven Mnuchin to be Secretary of the Treasury. He explained his decision in a statement released on Monday.

“I will vote against the nomination of Steven Mnuchin to be Secretary of the Treasury. After closely following his confirmation hearings, I am not confident Mr. Mnuchin will be an advocate for working families and their financial security. His complicity in the 2008 financial crisis raises serious doubts about whether he will prioritize the interests of Virginians who are trying to build personal savings while keeping their homes and being able to send their kids to college.

“The Treasury Department has arguably the most impact of any federal agency on the personal wealth of every American. Mr. Mnuchin previously led a bank that wrongly foreclosed on homeowners and is under investigation for its loan-servicing practices. His confirmation hearing and disclosures do not provide sufficient evidence or transparency into how Mr. Mnuchin would protect people’s savings and investments, and prevent foreclosures should we face another recession.

“For someone who pledged to drain the swamp and advocate for working people, President Trump’s nomination of Mr. Mnuchin to be Secretary of the Treasury amounts to another broken promise. Combined with efforts to repeal Dodd-Frank regulations that have made the economy more stable and a federal rule to improve advice given to consumers about their investments, President Trump is showing he is prioritizing the wealthy and well-connected over working families.”