Chuck Schumer on Mnuchin as Treasury Secretary: ‘A Broken Promise’ by Trump to ‘Drain the Swamp’

On Monday, February 13, the senate confirmed former Goldman Sachs executive Steve Mnuchin as Treasury Secretary. The 53-47 vote was largely on party lines.

Mnuchin, a billionaire, came under criticism from democrats for his purchase of the failing California bank IndyMac from the FDIC in 2008. Mnuchin, who changed the name of the bank to One West, came under fire for the volume of foreclosures which One West initiated while he was at the helm.

Morevoer, the One West deal was criticized because the FDIC agreed to a loss-sharing arrangement whereby they risked assuming 80% of the bank’s losses. Ultimately, the FDIC lost $12.4 billion on the arrangement, whereas Mnuchin’s group of investors later made $2.3 billion on One West when they sold their stake in 2015, a 148% return on investment.

take our poll - story continues below

Who should replace Nikki Haley as our ambassador to the U.N.?

  • Who should replace Nikki Haley as our ambassador to the U.N.?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Eagle Rising updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

And while there was nothing illegal about how Mnuchin structured the deal with the FDIC, the significant profits for Mnuchin and his investors raised eyebrows during Mnuchin’s confirmation hearings. House Minority Leader Chuck Schumer (D-NY) described President Donald Trump’s selection of Mnuchin as “a broken promise” with regard to the President’s campaign slogan of “draining the swamp.”

Utah Republican Orrin Hatch defended Mnuchin’s qualifications and experience. “He [Mnuchin] has experience managing large and complicated private-sector enterprises and in negotiating difficult compromises and making tough decisions — and being accountable for those decisions. Mr. Mnuchin is clearly qualified to serve as secretary of the United States Treasury.”

Immediately following the Mnuchin vote, the Senate unanimously confirmed Dr. David Shulkin 100-0 to serve as Secretary of Veterans Affairs. Shulkin, an independent, who most recently served as the Undersecretary of Health during the Obama Administration, will now lead the second largest government agency which serves close to 9 million veterans a year.

Moments before the Shulkin vote, Senator Johnny Isakson (R-GA), the chairman of the Senate Veterans Affairs Committee appealed to his senate colleagues to put politics aside and support Shulkin, saying “Let’s find out if there’s one thing we can agree on.”

We have just experienced a rare moment of consensus in what has become a highly contentious and deeply polarized presidential cabinet confirmation process.

The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by

About the author

Leonora Cravotta

About Leonora Cravotta: Leonora Cravotta is the Program & Talent Director for Red State Talk Radio, the Co-Host for the Scott Adams Show, a political radio talk show, and a syndicated writer for conservative publications. Her professional background includes over fifteen years in corporate and nonprofit marketing. She holds a B.A. in English and French from Denison University, an M.A. in English from University of Kentucky and an M.B.A. from Fordham University. The Scott Adams show is available on, iTunes, Tune-In, Spreaker, Stitcher and Soundcloud.

Join the conversation!

We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.

Send this to a friend