(USA TODAY/Ray Locker) — Steven Mnuchin, a hedge fund manager and former Goldman Sachs executive, is President-elect Donald Trump's choice for Treasury secretary, a source close to Trump's transition team told USA TODAY Tuesday.
The official announcement of Mnuchin's election could come as earlier as Wednesday, said the transition source, who spoke on condition of anonymity because officials were not authorized to speak publicly about selections.
Meanwhile, CBS and NBC News also reported that billionaire investor Wilbur Ross is Trump's pick to be Commerce secretary. Ross, too, could be announced as early as Wednesday, the source said.
Mnuchin, 53, was Trump's national campaign finance chairman and had been mentioned as a possible pick for Treasury during the general election campaign against Democrat Hillary Clinton. Mnuchin's selection was first reported by the New York Times.
A graduate of Yale University, Mnuchin worked for 17 years at Goldman Sachs, the powerful Wall Street investment bank targeted by Trump during the campaign. He left in 2002 to start Dune Capital Management, a hedge fund. He has also invested in the entertainment industry and housing.
At Treasury, Mnuchin would oversee Trump's economic policies, including proposed tax cuts, a giant infrastructure spending plan and sanctions against nations around the world, including Cuba and Iran, which Trump has targeted for criticism in recent days.
Mnuchin has no government experience. He would be the third Treasury secretary from Goldman Sachs. Robert Rubin was President Bill Clinton's Treasury secretary, while Henry Paulson ran the department for President George W. Bush.
Earlier this month, a California bank linked to Mnuchin was hit with a new federal complaint of alleged redlining and other discrimination against minorities.
CIT Bank, its parent company, CIT Group (CIT), and its OneWest Bank predecessor discriminated in mortgage lending, decisions on branch locations and closings, and other financial actions, according to the complaint filed with the U.S. Department of Housing and Urban Development by groups that advocate for fair housing and equal access to credit.
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