Steven Mnuchin

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Steven Mnuchin
BornSteven Terner Mnuchin
21 12, 1962
BirthplaceNew York City, New York, U.S.
NationalityAmerican
OccupationInvestment banker, film producer, government official
Known for77th United States Secretary of the Treasury
EducationYale University (BA, 1985)
Children4

Steven Terner Mnuchin (Template:IPAc-en; born December 21, 1962) is an American investment banker, film producer, and former government official who served as the 77th United States Secretary of the Treasury from February 2017 to January 2021, under President Donald Trump. Born in New York City into a family with deep ties to Wall Street — his father, Robert Mnuchin, was a longtime general partner at Goldman Sachs — the younger Mnuchin followed a similar path, spending 17 years at Goldman Sachs and rising to the position of chief information officer before departing in 2002 to pursue ventures in hedge funds, real estate, and entertainment finance.[1] He founded Dune Entertainment, a film production company that financed several major releases through 20th Century Fox, and later acquired the failed mortgage lender IndyMac during the 2008 financial crisis, reorganizing it as OneWest Bank. Mnuchin served as finance chairman for Trump's 2016 presidential campaign before being nominated and confirmed as Treasury Secretary, where he played a central role in the passage of the Tax Cuts and Jobs Act of 2017. He was one of the few senior members of Trump's original cabinet who served for nearly the entirety of the president's first term.[2] Since leaving government, Mnuchin has remained active in finance and media, and in January 2026 was appointed to the board of directors of Lionsgate Studios.[3]

Early Life

Steven Terner Mnuchin was born on December 21, 1962, in New York City. He grew up in a prominent family with longstanding connections to the American financial industry. His father, Robert E. Mnuchin, spent decades at Goldman Sachs, where he became a general partner and was known as a senior figure on the firm's equity trading desk.[4] Robert Mnuchin later became an art dealer in New York. The family's association with Goldman Sachs would prove formative for Steven, who followed his father into the firm shortly after completing his undergraduate education.

Details about Mnuchin's childhood and adolescence in New York City are limited in public accounts. His upbringing in one of New York's financial families placed him within a milieu of wealth and institutional connections that would shape his subsequent career trajectory. As a young man, Mnuchin attended school in the New York area before enrolling at Yale University.[1]

Education

Mnuchin attended Yale University, where he earned a Bachelor of Arts degree in 1985.[1] At Yale, he was a member of Skull and Bones, the secretive senior society that has counted numerous American political and business leaders among its alumni.[2] His education at Yale placed him among a cohort of future leaders in finance, politics, and media. Upon graduation, Mnuchin moved directly into the financial industry, joining Goldman Sachs — the same firm where his father had built a distinguished career.[4]

Career

Goldman Sachs (1985–2002)

After graduating from Yale in 1985, Mnuchin joined Goldman Sachs, the global investment banking firm where his father, Robert Mnuchin, had served as a general partner.[4] Steven Mnuchin spent 17 years at the firm, working his way through a series of increasingly senior positions. He held roles in mortgage-backed securities and information technology, and eventually rose to become a partner and the firm's chief information officer (CIO).[1][5]

During his tenure, Goldman Sachs was one of the most influential investment banks on Wall Street, and Mnuchin's career there provided him with extensive experience in financial markets, corporate management, and risk assessment. A 2002 archived listing of Goldman Sachs directors and officers confirmed Mnuchin's senior position at the firm.[6] His work in mortgage-backed securities during the 1990s and early 2000s would later prove relevant to his post-Goldman Sachs ventures in the mortgage industry.

Mnuchin left Goldman Sachs in 2002, joining a growing cohort of former Goldman partners who went on to prominent roles in finance, government, and business.[7]

Hedge Funds and Private Equity

Following his departure from Goldman Sachs, Mnuchin worked for and founded several hedge funds and investment vehicles. He became involved in a range of financial activities, including real estate investment and private equity.[2] His post-Goldman career was marked by a diversification of interests across the financial and entertainment sectors.

One of Mnuchin's notable ventures was as a co-founder of Dune Capital Management, a hedge fund through which he pursued investments in real estate and other asset classes. The fund's activities spanned a period of significant growth and volatility in American financial markets, culminating in the 2008 financial crisis.[8]

IndyMac and OneWest Bank

Perhaps the most consequential — and controversial — chapter of Mnuchin's private-sector career involved his acquisition and restructuring of IndyMac, a major residential mortgage lender that failed during the 2008 financial crisis. IndyMac had been one of the largest savings and loan associations in the United States before its collapse, which was precipitated by heavy exposure to subprime mortgages and a bank run in July 2008.

In 2009, Mnuchin led a group of investors, including funds associated with George Soros, John Paulson, and Michael Dell, in acquiring IndyMac from the Federal Deposit Insurance Corporation (FDIC).[9] The acquisition was facilitated by a loss-sharing agreement with the FDIC, under which the federal agency agreed to absorb a significant portion of losses on IndyMac's troubled loan portfolio. Mnuchin's group renamed the institution OneWest Bank and Mnuchin served as its chairman and CEO.[10]

Under Mnuchin's leadership, OneWest Bank engaged in foreclosure proceedings on thousands of borrowers, drawing scrutiny and criticism from housing advocates and elected officials. The California Reinvestment Coalition published analysis of the FDIC loss-sharing arrangement, raising questions about the terms of the deal and the extent to which taxpayers subsidized the investors' profits.[11] Concerns were also raised about practices in the reverse mortgage division of OneWest and its subsidiary, Financial Freedom.[12]

In 2015, OneWest Bank was sold to CIT Group for approximately $3.4 billion, yielding substantial returns for Mnuchin and his co-investors. The transaction marked the culmination of a strategy that turned a failed institution acquired during a crisis into a profitable enterprise, though it remained a lightning rod for criticism during Mnuchin's later confirmation hearings for Treasury Secretary.[9]

Dune Entertainment and Hollywood

Mnuchin's career extended into the entertainment industry through Dune Entertainment, a film production company he co-founded. Dune Entertainment entered into co-financing arrangements with 20th Century Fox, providing capital for the production of a number of major motion pictures. Through these arrangements, Mnuchin received executive producer credits on several high-profile films, including entries in the X-Men franchise and other commercially successful releases.[13][1]

Dune Entertainment's model was typical of a wave of private equity and hedge fund-backed film finance vehicles that emerged in Hollywood during the mid-2000s. By providing outside capital to studios, these entities shared in both the risks and profits of major releases. Mnuchin's dual presence in finance and entertainment positioned him as an unusual figure who bridged Wall Street and Hollywood — a background that attracted attention when he entered government service.[14]

Board Memberships

In addition to his roles in banking and entertainment, Mnuchin served on the boards of several major corporations, including Kmart and Sears Holdings.[15] He was also involved with various philanthropic and cultural organizations in New York. The Museum of Contemporary Art, Los Angeles (MOCA) listed Mnuchin among its supporters.[16] Mnuchin was additionally associated with Junior Achievement, a nonprofit focused on youth financial literacy and entrepreneurship education.[17]

2016 Presidential Campaign

Mnuchin became involved in national politics in 2016 when he joined Donald Trump's presidential campaign. He was named National Finance Chairman of the campaign, taking on the role of leading the fundraising operation for Trump's general election bid.[1][2] This was Mnuchin's first major foray into political life. His ability to leverage connections in the financial and business communities made him a key figure in the campaign's efforts to raise funds for the general election. Despite Trump's unconventional approach to campaigning and his populist rhetoric directed at Wall Street, Mnuchin's appointment signaled the campaign's reliance on established financial networks for fundraising.[8]

Secretary of the Treasury (2017–2021)

On November 30, 2016, President-elect Trump announced his intention to nominate Mnuchin as United States Secretary of the Treasury.[18][19] The nomination drew immediate attention given Mnuchin's background at Goldman Sachs and his involvement with IndyMac and OneWest Bank.

Mnuchin's Senate confirmation hearings, held before the Senate Finance Committee, were contentious. Senators questioned Mnuchin about his role in the foreclosure practices at OneWest Bank and the terms of the FDIC loss-sharing agreement. Democratic senators raised concerns about the impact of those foreclosures on homeowners, including elderly borrowers with reverse mortgages.[20] Despite the opposition, Mnuchin was confirmed by the U.S. Senate on February 13, 2017, by a vote of 53–47, largely along party lines.[20]

Tax Cuts and Jobs Act

As Treasury Secretary, Mnuchin played a central role in the development and passage of the Tax Cuts and Jobs Act of 2017 (TCJA), the most significant overhaul of the U.S. tax code in decades. Mnuchin advocated for reductions in both personal and corporate income tax rates, arguing that lower rates would spur economic growth, increase investment, and generate additional federal revenue over time.[1] The TCJA lowered the corporate tax rate from 35 percent to 21 percent and reduced individual income tax rates across several brackets, among other provisions. The legislation was signed into law by President Trump in December 2017.

Mnuchin's Treasury Department published analyses supporting the administration's contention that the tax cuts would generate sufficient economic growth to offset their cost to the federal budget. Critics questioned these projections, noting that similar claims had not been borne out by prior tax-reduction measures.

Financial Regulation

Mnuchin also played a role in the Trump administration's approach to financial regulation. He supported the president's efforts to partially repeal or roll back provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act, enacted in 2010 in response to the 2008 financial crisis. Mnuchin cited the complexity of the legislation and its perceived burden on smaller financial institutions as reasons for reform.[2] Under Mnuchin's guidance, the Treasury Department issued reports recommending changes to banking regulations, capital markets oversight, and the structure of the Consumer Financial Protection Bureau.

COVID-19 Economic Response

In 2020, the outbreak of the COVID-19 pandemic presented Mnuchin and the Treasury Department with an unprecedented economic crisis. Mnuchin was a key figure in negotiations with Congress over the CARES Act, a $2.2 trillion economic relief package signed into law in March 2020. The legislation included direct stimulus payments to individuals, enhanced unemployment benefits, the Paycheck Protection Program (PPP) for small businesses, and loans to major industries. Mnuchin worked closely with congressional leaders from both parties during the negotiations, serving as one of the administration's primary interlocutors on Capitol Hill.

Tenure and Departure

Mnuchin served as Secretary of the Treasury for nearly the entirety of Trump's first term, from February 13, 2017, to January 20, 2021. He was succeeded by Janet Yellen, who was nominated by President Joe Biden. Mnuchin was notable as one of the few original members of Trump's cabinet who was not dismissed or who did not resign amid controversy during the president's first term.[1]

Post-Government Career

After leaving the Treasury Department, Mnuchin returned to the private sector. He founded Liberty Strategic Capital, an investment fund focused on technology, financial services, and other sectors. He remained a public commentator on economic and fiscal policy, appearing at events and in media to discuss issues including federal deficits, tariff policy, and economic growth.

In August 2025, Mnuchin appeared on CNBC to discuss trade and fiscal policy, advocating for the use of tariff revenue toward deficit reduction.[21] In October 2025, he participated in a public conversation on America's fiscal challenges at Georgetown University's Institute of Politics and Public Service, alongside his predecessor as Treasury Secretary, Jack Lew.[22]

In January 2026, Lionsgate Studios announced the appointment of Mnuchin to its board of directors, effective immediately.[3][23][24] The appointment reflected Mnuchin's continued involvement in both the entertainment industry and corporate governance.[25]

Personal Life

Mnuchin has been married three times. He has four children.[1] His father, Robert Mnuchin, is a former Goldman Sachs partner who became a prominent art dealer in New York City, operating a gallery on the Upper East Side.[4]

Mnuchin has been involved in philanthropic activities, including support for cultural institutions. The Museum of Contemporary Art, Los Angeles has listed him among its supporters.[16] He has also been associated with Junior Achievement, a nonprofit organization focused on financial literacy and entrepreneurship for young people.[17]

Mnuchin is a member of the Republican Party.[7]

Recognition

Mnuchin's career has generated both recognition and controversy. His service as the 77th United States Secretary of the Treasury placed him among a select group of individuals to have held one of the highest-ranking positions in the federal government. His role in shaping the Tax Cuts and Jobs Act of 2017 was widely covered in national and international media, and his involvement in COVID-19 economic relief negotiations further raised his public profile.

At the same time, his business career — particularly the acquisition and management of IndyMac/OneWest Bank — drew sustained criticism from housing advocates, consumer groups, and Democratic lawmakers. The California Reinvestment Coalition and other organizations published critiques of the foreclosure practices and the FDIC loss-sharing arrangement that underpinned the OneWest acquisition.[11][12]

In the entertainment sector, Mnuchin received executive producer credits on numerous films through Dune Entertainment's co-financing arrangements with 20th Century Fox.[13] His appointment to the Lionsgate Studios board of directors in 2026 extended his involvement in the entertainment industry well beyond his government service.[3]

Legacy

Steven Mnuchin's legacy spans the worlds of finance, government, and entertainment. As Treasury Secretary, he was instrumental in enacting the largest federal tax overhaul in over three decades and in negotiating emergency economic relief during the COVID-19 pandemic. His supporters credited the Tax Cuts and Jobs Act with stimulating economic growth and increasing corporate investment during 2018 and 2019, while his critics argued that the legislation disproportionately benefited corporations and high-income earners while increasing the federal deficit.

His pre-government career, particularly the IndyMac/OneWest episode, remained a defining element of his public image. The acquisition of a failed bank during a financial crisis and its subsequent profitable resale illustrated both the opportunities and controversies inherent in distressed-asset investing. The foreclosure practices carried out under his leadership continued to be cited by critics as an example of the human costs of financial opportunism during economic downturns.

Mnuchin's career also reflected the increasingly porous boundaries between Wall Street, Hollywood, and Washington. His trajectory — from Goldman Sachs partner to Hollywood financier to Treasury Secretary to corporate board member — illustrated the revolving door between the public and private sectors that has characterized American political and economic life in the 21st century.[7]

In the years following his government service, Mnuchin continued to participate in public discussions about fiscal policy, deficit reduction, and trade, positioning himself as a voice within the Republican economic establishment.[21][22]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 AppelbaumBinyaminBinyamin"Steven Terner Mnuchin, Trump's Treasury Pick, Links Wall St. to Hollywood".The New York Times.2016-11-29.https://www.nytimes.com/2016/11/29/us/politics/steven-terner-mnuchin-trump-treasury-secretary.html.Retrieved 2026-02-24.
  2. ↑ 2.0 2.1 2.2 2.3 2.4 "Steven Mnuchin".Bloomberg Businessweek.2016-08-31.https://www.bloomberg.com/politics/articles/2016-08-31/steven-mnuchin-businessweek.Retrieved 2026-02-24.
  3. ↑ 3.0 3.1 3.2 "Steven Mnuchin, Former Trump Treasury Secretary, Joins Lionsgate Board of Directors".The Hollywood Reporter.2026-01-27.https://www.hollywoodreporter.com/business/business-news/steve-mnuchin-lionsgate-board-1236484946/.Retrieved 2026-02-24.
  4. ↑ 4.0 4.1 4.2 4.3 "The Good Life After Goldman".The New York Times.1994-10-16.https://www.nytimes.com/1994/10/16/business/the-good-life-after-goldman.html?pagewanted=all.Retrieved 2026-02-24.
  5. ↑ "Goldman Sachs 2001 10-K Annual Report".Goldman Sachs.http://www.goldmansachs.com/investor-relations/financials/archived/10k/docs/2001-10-k.pdf.Retrieved 2026-02-24.
  6. ↑ "Goldman Sachs Directors and Officers".Goldman Sachs.2002.https://web.archive.org/web/20020803232639/http://www.goldmansachs.com/about/directors-and-officers.html.Retrieved 2026-02-24.
  7. ↑ 7.0 7.1 7.2 "Steven Mnuchin Revolving Door Profile".OpenSecrets.https://www.opensecrets.org/revolving/rev_summary.php?id=79234.Retrieved 2026-02-24.
  8. ↑ 8.0 8.1 "Trump's Treasury Secretary Pick Steven Mnuchin Is a Lucky Man".ProPublica.https://www.propublica.org/article/trumps-treasury-secretary-pick-steven-mnuchin-is-a-lucky-man.Retrieved 2026-02-24.
  9. ↑ 9.0 9.1 "From IndyMac to OneWest: Steven Mnuchin's Big Score".Bloomberg News.2012-03-22.https://www.bloomberg.com/news/articles/2012-03-22/from-indymac-to-onewest-steven-mnuchins-big-score.Retrieved 2026-02-24.
  10. ↑ "FDIC Office of Inspector General Report 11-004EV".FDIC Office of Inspector General.https://www.fdicig.gov/reports11/11-004EV.pdf.Retrieved 2026-02-24.
  11. ↑ 11.0 11.1 "CRC FDIC Loss Share Fact Sheet".California Reinvestment Coalition.http://calreinvest.org/system/resources/W1siZiIsIjIwMTQvMTIvMTYvMDdfMzNfNTVfMTI2X0NSQ19GRElDX0xvc3NfU2hhcmVfRmFjdF9TaGVldC5wZGYiXV0/CRC%20FDIC%20Loss%20Share%20Fact%20Sheet.pdf.Retrieved 2026-02-24.
  12. ↑ 12.0 12.1 "Is Something Amiss in the Reverse Mortgage Industry?".DS News.2016-04-27.http://www.dsnews.com/news/04-27-2016/is-something-amiss-in-the-reverse-mortgage-industry.Retrieved 2026-02-24.
  13. ↑ 13.0 13.1 "Mnuchin's Hollywood connections run deep".Los Angeles Times.2016-11-09.http://www.latimes.com/business/hollywood/la-fi-ct-mnuchin-trump-20161109-story.html.Retrieved 2026-02-24.
  14. ↑ "Former Goldman Sachs banker and trader Steve Mnuchin is Trump's pick for Treasury Secretary".Business Insider.2016-11.http://www.businessinsider.com/former-goldman-sachs-banker-trader-steve-mnuchin-donald-trump-treasury-secretary-hollywood-2016-11.Retrieved 2026-02-24.
  15. ↑ "Steven Mnuchin Profile".Bloomberg.https://www.bloomberg.com/research/stocks/private/person.asp?personId=1492034&privcapId=2522804.Retrieved 2026-02-24.
  16. ↑ 16.0 16.1 "MOCA Many Thanks".Museum of Contemporary Art, Los Angeles.http://www.moca.org/support/many-thanks.Retrieved 2026-02-24.
  17. ↑ 17.0 17.1 "Junior Achievement USA".Junior Achievement.https://www.juniorachievement.org/web/ja-usa/home.Retrieved 2026-02-24.
  18. ↑ "Trump Plans to Name Steven Mnuchin as Treasury Secretary".The Wall Street Journal.2016-11-30.https://www.wsj.com/articles/trump-plans-to-name-steven-mnuchin-as-treasury-secretary-1480459950.Retrieved 2026-02-24.
  19. ↑ "President-Elect Trump Announces Nominations for Treasury and Commerce Departments".GreatAgain.gov.https://greatagain.gov/president-elect-trump-announces-nominations-for-treasury-and-commerce-departments-8772d0fc6553.Retrieved 2026-02-24.
  20. ↑ 20.0 20.1 "Mnuchin Senate Confirmation".Reuters.https://www.reuters.com/article/us-usa-congress-mnuchin-idUSKBN15S0H0.Retrieved 2026-02-24.
  21. ↑ 21.0 21.1 "We should use tariff revenue for deficit reduction, says Steven Mnuchin".CNBC.2025-08-05.https://www.cnbc.com/video/2025/08/05/we-should-use-tariff-revenue-for-deficit-reduction-says-steven-mnuchin.html.Retrieved 2026-02-24.
  22. ↑ 22.0 22.1 "Solving America's Fiscal Challenges with Jack Lew and Steve Mnuchin".Georgetown University Institute of Politics and Public Service.2025-10-15.https://politics.georgetown.edu/2025/10/15/solving-americas-fiscal-challenges-with-jack-lew-and-steve-mnuchin/.Retrieved 2026-02-24.
  23. ↑ "Lionsgate Names Steve Mnuchin, Trump's Former Treasury Secretary, to Board of Directors".Variety.2026-01-27.https://variety.com/2026/film/news/lionsgate-steve-mnuchin-trump-treasury-secretary-board-1236640982/.Retrieved 2026-02-24.
  24. ↑ "Lionsgate Names Former Donald Trump Treasury Secretary Steven Mnuchin To Board".Deadline Hollywood.2026-01-27.https://deadline.com/2026/01/lionsgate-studios-appoints-steven-mnuchin-board-1236696725/.Retrieved 2026-02-24.
  25. ↑ "Lionsgate Appoints Former Treasury Secretary Steven Mnuchin to Board of Directors".Yahoo Finance.2026-01-27.https://finance.yahoo.com/news/lionsgate-appoints-former-treasury-secretary-130000185.html.Retrieved 2026-02-24.

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