Main Street business owners brace for the impact of President-Elect Trump’s latest cabinet nominee, Steven Mnuchin.
Mnuchin, a Wall Street insider whose success has been built at the expense of small business owners and their communities, was one of the architects of the financial crisis. He and his companies engaged in extractive business tactics that crippled the economy and forced countless small businesses to close their doors.
After amassing a small fortune during his tenure with Goldman Sachs, Mnuchin led OneWest Financial, a predatory financial institution that had no significant branch presence in communities of color, rarely lent to small businesses, and has been accused of discriminatory lending practices. Given the very real challenges small business owners of color face in accessing and securing loans, it is profoundly disheartening that someone with Mnuchin’s track record would be offered this appointment.
Mnuchin even managed to pocket more than $3 million from the Madoff-led Ponzi scheme that cost investors more than $65 billion.
Having promised to “drain the swamp,” Mr. Trump continues to fill his cabinet with the very Washington insiders and Wall Street hedge fund managers he rallied against on the campaign trail. Mnuchin, who accumulated a massive wealth at the expense of small business owners and hardworking Americans, should not be trusted to steward the U.S. economy and promote prosperity and financial security for small business owners, our customers, or our families.