Steven Mnuchin, President-elect Trump’s pick for treasury secretary, failed to disclose $95 million in real estate assets to the committee tasked with reviewing his nomination, according to reports about a Democratic committee staff memo.
Mnuchin, a former banker and investor who is estimated by Bloomberg to have a net worth of more than $600 million, left properties in New York City, Southampton, N.Y., Los Angeles and Mexico out of his ethics disclosure that was initially submitted to the committee, according to the Washington Post. Mnuchin explained those omissions as a mistake due to a misunderstanding of the disclosures, which he updated.
He also updated his disclosure to note that he failed to include $2,436 in imputed interest income in his 2015 tax return that he should have included for a loan given to his family foundation, according to the Wall Street Journal.
Mnuchin’s personal finances and track record as a banker were set to be top topics at his confirmation hearing Thursday.
Democrats have sought to portray him as an out-of-touch banker and a predatory lender. Democratic senators sought to highlight the misfortunes suffered by borrowers whose homes were foreclosed on by the bank that Mnuchin ran, OneWest, holding a forum for some of those borrowers Wednesday in the Capitol.
