On the recordFebruary 13, 2017
today we consider the nomination of Steve Mnuchin, a multimillionaire former Goldman Sachs executive, hedge fund manager, and investor, to be Secretary of the Treasury. In our Nation's history, the Treasury Secretary was the first Cabinet official to be confirmed by the Senate, when Alexander Hamilton took his post in 1789. The first Congress valued the Treasury Department highly, giving it more resources than all other government agencies combined. Today the mission of the Treasury Department is to: ``Maintain a strong economy and create economic and job opportunities by promoting the conditions that enable economic growth and stability at home and abroad, strengthen national security by combating threats and protecting the integrity of the financial system, and manage the U.S. Government's finances and resources effectively.'' While the Department always serves a critical function, it has been particularly vital in times of financial crisis. In 2008, in the wake of lax regulation and excessive speculation, a financial crash shook our Nation's economy. The Treasury Department was a key player to pull us back from the brink and keep the toxic contagion on Wall Street from spilling over to Main Street. We had to fight to ensure that the colossal failures of irresponsible corporate executives would not wipe out small businesses and citizens' savings.…
