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Politics

Wall St. insider Mnuchin lined up for Treasury post

Opening sequence

Opening sequence

Politics

Wall St. insider Mnuchin lined up for Treasury post

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17:34
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COMING UP:Wall St. insider Mnuchin lined up for Treasury post

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Transcript

00:00:02
>> President Elect Donald Trump looking to someone with a background spanning from Wall Street to Hollywood as the nations next Treasury Secretary. Steven Mnuchin, who worked as Trump's presidential campaign finance chairman, will fill the post chosen over the likes of JP Morgan Chase CEO Jamie Diamond. Mnuchin spent 17 years at Goldman Sachs rising to partner before leaving in 2002.
00:00:25
Reuters correspondent Jeff Mason.>> It shows that Trump is prizing a loyalist. It also shows that he's interested in having someone with Wall Street ties in the top treasury department job. It's basically handing over a lot of control, in terms of economic policy, to somebody who is very tightly connected to Wall Street.
00:00:47
Some of his supporters might be disappointed by this choice because Donald Trump, in his very populous message running for President, was critical of Wall Street and specifically of Goldman Sachs. So putting somebody who has this Goldman Sachs background into that top job could be seen by some as very contradictory.
00:01:06
>> But while he might be a one-time Wall Street insider, Mnuchin left Goldman almost 15 years ago, then launching a firm that invested in movies like Avatar, Mad Max Fury Road and Suicide Squad. He can clearly spot a blockbuster but he has no government experience even as he'll likely be involved in major initiatives like rolling out new tax cuts and rolling back President Obama's Iran nuclear deal.