President-elect Donald Trump just announced his appointment of Steven Mnuchin as the new Secretary of the Treasury. A former 17-year Goldman Sachs partner, Mnuchin will be tasked with implementing Trump’s economic policies.
This appointment comes as a surprise because Trump repeatedly excoriated Goldman Sachs and other Wall Street firms during his campaign. He pledged to “drain the swamp” of political insiders after becoming president.
Mnuchin isn’t the only former Goldman Sachs employee who Trump has tapped for a role in his administration. Earlier this month, Trump appointed Stephen Bannon, former M&A lawyer and CEO of Breitbart news as his Chief Strategist.
Other Goldman Sachs Appointments
He also appointed Anthony Scaramucci as one of his transition advisors. Scaramucci also has ties to Goldman Sachs. He is also being considered for another high-level position after the transition.
The President-elect is also considering Goldman Sachs President Gary Cohn for Director of the Office of Management and Budget. This move would be even more significant than the other appointments because Gary Cohn is currently working with Goldman Sachs. Scaramucci, Mnuchin, and Bannon left the company years ago.
Trump garnered many votes from blue-collar working class people who hope Trump will represent their interests. These recent appointments may cast doubt on his commitment to ensure that his administration will not be influenced by Wall Street.
Goldman Sachs has been largely ostracized from political power for the past decade. They, along with other high-profile banks have been blamed by many for the real estate market crash in 2008.
Are Trump’s Appointments A Departure From His Campaign Promises?
President-elect Trump’s latest appointments could signify a departure from his campaign rhetoric. However, both Stephen Bannon and Anthony Mnuchin were early Trump supporters who agreed with the President-elect’s statements on Goldman Sachs. It’s possible that the administration could be harder on Wall Street in order to further portray themselves as an organization that is not beholden to any corporate interests.
It’s still too early to tell.
These appointments are yet another example of the unpredictability of the new administration. The President-elect is still in the process of making his cabinet appointments. The most anticipated position is Secretary of State. Currently, former Governor Mitt Romney and former Mayor Rudy Giuliani are the frontrunners for this role.