Today’s confirmation of Steven Mnuchin as Treasury Secretary could mark a return to the failed policies that devastated small businesses and destroyed the economy.
Main Street small business owners, still struggling in the aftermath of the 2008 financial crisis, express concerns about the confirmation of Steven Mnuchin as Secretary of the Treasury. An architect of the Great Recession, Mnuchin has a track record of irresponsible economic decisions and can’t be trusted at the helm of the US economy.
As the economic drivers of our economy, small business owners need financial stability and access to capital to thrive and create jobs. Mnuchin’s practices on Wall Street resulted in small business owners losing capital, having to downsize, and on many occasions, shut their doors completely. At the height of the recession, the job loss rate for businesses with fewer than 50 employees doubled that of businesses with 500 or more employees, and between 2007 and 2012, sixty percent of the total net job losses were in the small business sector.
Trump has repeatedly reneged on his campaign promise to “drain the swamp” through appointing Wall Street executives to senior White House positions and executive actions to weaken critical financial protections, like the Dodd-Frank Act. Mnuchin’s confirmation is the latest example of the Trump administration’s failure to act in the best interest of small business owners.