Senate confirms Trump’s pick for Treasury

The Senate confirmed former Goldman Sachs financier Steven Mnuchin as President Donald Trump’s Treasury secretary Monday, despite objections by Democrats who charged that Mnuchin had made much of his fortune by foreclosing on struggling homeowners during the financial crisis.

Mnuchin was confirmed 53-47, with West Virginia Democrat Joe Manchin joining all 52 Republicans to vote in the affirmative.

Trump hailed Mnuchin, who was sworn in later Monday evening, as “a financial legend with an incredible track record of success.” He said Mnuchin had spent his entire career making money in the private sector and now will go to work on behalf of the American taxpayer.

As Treasury secretary, Mnuchin is expected to play a key role in Republican efforts to overhaul the nation’s tax code for the first time in three decades. Trump has promised to unveil a proposal in the coming weeks.

Mnuchin, the former finance chairman for Trump’s presidential campaign, will also be in charge of imposing economic sanctions on foreign governments and individuals, including Russia.

The president, who has known Mnuchin for years, said his longtime friend will help make the U.S. a “jobs magnet.”

“He’ll work 24 hours a day, I know him. He’ll work 28 hours a day if they give him the extra four hours,” he said.

Senate Majority Leader Mitch McConnell, R-Ky., said Mnuchin “is smart, he’s capable, and he’s got impressive private-sector experience.”

Democrats complained that Mnuchin had profited by foreclosing on families during the financial crisis.

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