openpolitics.com

Steven Mnuchin, Treasury Nominee, Failed to Disclose $100 Million in Assets

Steven T. Mnuchin, President-elect Donald J. Trump’s pick to be Treasury secretary, failed to disclose nearly $100 million of his assets on Senate Finance Committee disclosure documents and forgot to mention his role as a director of an investment fund located in a tax haven ..

.. In a hearing marked by sharp exchanges, Mr. Mnuchin struggled to answer questions about his use of tax havens as a hedge fund manager and whether he thought such loopholes should be closed.

Senator Debbie Stabenow, Democrat of Michigan, pointedly asked Mr. Mnuchin if he was using Cayman Islands corporations to avoid taxation. He responded that he was working on behalf of his clients, in accordance with the law.