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Congressional Progressive Caucus: Mnuchin is a Danger to Our Economy

WASHINGTON, D.C.– Congressional Progressive Caucus Co-Chairs Rep. Raúl Grijalva (D-AZ) and Rep. Keith Ellison (D-MN), and First Vice Chair Rep. Mark Pocan (D-WI) issued the following statement following the Senate confirmation of Steve Mnuchin as Secretary of the U.S. Department of the Treasury. 

“By confirming Steve Mnuchin for Treasury Secretary yesterday, Senate Republicans are telling the American people they care more about Wall Street than they do about homeowners, investors, and working families.

“Mnuchin benefited from the suffering of families facing foreclosure during the financial crisis, prioritizing his own profits over the livelihoods of working class Americans. His bank foreclosed on more than 60,000 homes in California, many of them under fraudulent circumstances. He repeatedly praised the risky tactics used by Wall Street bankers that caused the economic collapse. And he has continually targeted vulnerable populations and discriminated against minority groups in his drive to make a profit, including recently facing federal complaints over unfair lending practices. Now, Republicans have charged him with protecting families from being exploited.

“The American people understand Mnuchin is not on their side. He is far removed from the average working family – he’s a former hedge fund manager, Goldman Sachs executive, and OneWest Bank CEO. After the 2008 Financial Crisis, a crisis that Steve Mnuchin and his bank are partly responsible for, Democrats implemented new rules to make sure that Wall Street would be kept in check. Mr. Mnuchin wants this job for one reason: to roll back those rules, so that he and his friends can once again get rich off the backs of working families.

“The CPC will oppose any attempt by Steve Mnuchin to leave the American people on the hook for Wall Street’s excesses and recklessness once again. Mr. Mnuchin is dangerous for our economy – we intend to hold him accountable for every move he makes.”

 The Congressional Progressive Caucus (CPC) is the largest caucus within the House Democratic Caucus, with over 70 members standing up for progressive ideals in Washington and throughout the country. Since 1991, the CPC has advocated for progressive policies that prioritize working Americans over corporate interests, fight economic and social inequality, and promote civil liberties. The CPC champions progressive policy solutions like comprehensive immigration reform, a $15 national minimum wage, fair trade, gun violence reform, debt-free college, and making the federal government a Model Employer.

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