Former Goldman Sachs Group Inc. partner Steven Mnuchin is Donald Trump’s choice to be the next US Treasury secretary. Trump also plans to nominate billionaire investor Wilbur Ross as Commerce secretary, according to two people familiar with the plans who spoke on condition of anonymity to discuss personnel deliberations.
As Treasury chief, Mnuchin would be a crucial player in carrying out Trump’s campaign pledges to quickly tackle some of the nation’s most contentious political and economic issues.
Those include overhauling the tax code, reconsidering a deal that lifted some sanctions on Iran, renegotiating trade agreements to help American manufacturers and designating China a currency manipulator.
While traditionally a Treasury secretary with Wall Street experience has been associated with dollar strength, Mnuchin inherits a list of campaign promises filled with trade policy rhetoric that could collide with currency policy, said Alan Ruskin, head of currency research at Deutsche Bank Securities Inc.
As Treasury chief, Mnuchin will lead the Financial Stability Oversight Council, established under the Dodd-Frank Act that Trump wants to unwind. The 2010 law aimed to prevent future crises similar to those of 2008-09 with an overhaul of U.S. financial regulation. He’ll also chair the Committee on Foreign Investment in the U.S., through which he could raise protective barriers by rejecting Chinese investments.