U.S. Senator Tammy Baldwin Releases Statement on Nomination of Wealthy Insider with Deep Roots on Wall Street for Treasury Secretary

WASHINGTON, D.C. – U.S. Senator Tammy Baldwin released the following statement on President-elect Trump’s nomination of hedge fund manager Steven Mnuchin for United States Secretary of the Treasury:

“The Republican establishment now owns Washington and this is more proof that Wall Street, big banks, hedge funds and billionaires will be writing the rules to make a rigged system work for them. This is another broken promise from Donald Trump to ‘drain the swamp’ in Washington and not the change hardworking people in Wisconsin voted for.

“Wisconsin families struggling to get ahead do not want foxes guarding the hen house. They do not want a wealthy Wall Street insider making Washington work for hedge funds and big banks. I have never been afraid to stand up to these powerful interests in Washington and I will continue my fight for the people of Wisconsin to build an economy that works for everyone, not just those at the top.”

Background

On October 22, 2016, as a candidate, Donald Trump said, “I've seen the system up-close-and-personal for many years. I've been a major part of it. I know how the game works in Washington and on Wall Street and I know how they've rigged the rules of the game against everyday Americans. The rules are rigged.”

On November 17, 2016, Senator Baldwin sent a letter to President-elect Trump, calling on him to keep his promise to make Washington work for Wisconsin by closing the revolving door between Wall Street and Washington and not appointing “foxes to guard the hen house.”

Senator Baldwin has introduced legislation, the Financial Services Conflict of Interest Act, which would help close the revolving door between Wall Street and Washington and crack down on conflicts of interest in government. 

On August 20, 2015, as a candidate, Donald Trump said, "I have hedge fund guys that are making a lot of money that aren't paying anything. I would change it. They're paying nothing. And it's ridiculous.”

Senator Baldwin has introduced legislation, the Carried Interest Fairness Act, to close the carried interest tax loophole for wealthy hedge fund managers and require the managers of investment partnerships to pay the same tax rates on their income that most American workers pay.