Tag Archives: Mnuchin

'Haters gonna hate & deniers will deny': Alexandria Ocasio-Cortez defends Greta Thunberg after Steven Mnuchin dissed the activist

'Haters gonna hate & deniers will deny': Alexandria Ocasio-Cortez defends Greta Thunberg after Steven Mnuchin dissed the activist"If you don't have an economics degree like Greta, they'll mock you for not having one. If you DO have one, as I do, they'll claim it's illegitimate."



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Greta Thunberg fires back after Treasury Secretary Steven Mnuchin says she isn't qualified to lecture the US on climate change

Greta Thunberg fires back after Treasury Secretary Steven Mnuchin says she isn't qualified to lecture the US on climate change"Is she the chief economist or who is she? I'm confused," Mnuchin joked about the Swedish teenager's call for America to quit fossil fuels.



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Mnuchin goads Greta, Saudis in spotlight and Merkel – what to expect at Davos on Thursday

Mnuchin goads Greta, Saudis in spotlight and Merkel - what to expect at Davos on ThursdayGreta Thunberg is expected to keep a relatively low profile on Thursday, after U.S. Treasury Secretary Steven Mnuchin took a new dig at the young climate activist. Thunberg, who Mnuchin said should get an economics degree before making calls about fossil fuel divestment, is due to take part in a climate strike on Friday. Europe’s now elder stateswoman Angela Merkel speaks at 1315 GMT, while her favored successor Annegret Kramp-Karrenbauer, is speaking to media leaders.



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Treasury Sec. Steven Mnuchin is working with the Federal Reserve to curtail another repo rate crisis, report says

Treasury Sec. Steven Mnuchin is working with the Federal Reserve to curtail another repo rate crisis, report saysMnuchin told the House that he and Fed Chair Jerome Powell met multiple times to discuss liquidity concerns ahead of year-end reserve obligations.



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U.S., allies working to offset loss of Iranian oil: Mnuchin

U.S., allies working to offset loss of Iranian oil: MnuchinThe United States is working with allies to ensure adequate global oil supplies after its sanctions barred nations from buying Iranian crude, U.S. Treasury Secretary Steven Mnuchin said on Friday. Mnuchin spoke to reporters during a trip to India – which was one of the main importers of Iranian oil until New Delhi stopped the shipments this May in the aftermath of the U.S. sanctions. “We are working with our allies to make sure that there is significant supply in the market of oil to offset sanctions,” said Mnuchin, who is on a regional tour to try to build up support against Iran.



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Steven Mnuchin may have gone against IRS warnings to help a friend get a major tax break

Steven Mnuchin may have gone against IRS warnings to help a friend get a major tax breakTreasury Secretary Steven Mnuchin may have used his position to help a billionaire friend earn a significant tax break and subsequent profits, despite the Internal Revenue Service warning against it, The New York Times reports.The Treasury Department, reportedly at the personal instruction of Mnuchin, made an area of land in Nevada owned by financier Michael Milken, who was reportedly an inspiration for the character of Gordon Gekko in the film Wall Street, eligible for a federal tax break that it did not previously qualify for after alleged pressure from Milken's business partner and other landowners.The IRS expressed its doubts about the decision, arguing in an internal memo obtained by the Times that "failure to apply the designation standards equally across the board will call into question the legitimacy of the process by which the designations were made." The memo also stated that the appearance of "arbitrary" Treasury standards like this one could open the "door for accusations that the determination process was influenced by political considerations or bias."Spokespersons for both Mnuchin and Milken, who are reportedly longtime friends, said the two men did not discuss the matter and Mnuchin had no knowledge of Milken's investments in Nevada. Regardless, the report has already spurred criticism. Read more at The New York Times. > THREAD: Let's start with this smoking-gun memo-obtained by The New York Times. Treasury at direct order of Sec. Mnuchin took what staff at IRS warned would be seen as a overtly political act & one could undermine the integrity of a multi-billion dollar Trump-era federal tax break pic.twitter.com/XrToQiBa1r> > — Eric Lipton (@EricLiptonNYT) October 26, 2019> And the bottom line is that Mr. Mnuchin directed his staff to take a move that many strongly objected to, and which some saw as overtly political, and which stood to benefit his billionaire friend, Milken. (Nevada Gov sent in this letter 45 minutes after phone call with Mnuchin) pic.twitter.com/CnlzVcDAxF> > — Eric Lipton (@EricLiptonNYT) October 26, 2019



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Warren Steps Into Repo Turmoil, Asks Mnuchin for Answers

Warren Steps Into Repo Turmoil, Asks Mnuchin for Answers(Bloomberg) — U.S. Senator Elizabeth Warren waded into last month’s turmoil in short-term funding markets, warning Treasury Secretary Steven Mnuchin not to use the incident as a rationale for weakening post-financial crisis regulations.Warren, a front-runner in the race to challenge Donald Trump in the 2020 U.S. presidential election, sent a letter to the Treasury on Friday. In it, she sought Mnuchin’s views on what triggered the spike in rates for repurchase agreements and expressed concern about potential costs to businesses and consumers if strains persist.She also set herself up for another fight with Wall Street, citing a Reuters article reporting that large banks were using the repo-market chaos to pressure the Federal Reserve to weaken liquidity rules “they have long despised.” Warren said she’s concerned the Financial Stability Oversight Council, whose chair is Mnuchin, might support those efforts.“These rules were designed to ensure that banks have enough cash on hand to meet their obligations in the event of another market crash,” Warren said. “Banks are reporting profits at record levels, and it would be painfully ironic if unexplained chaos in a small corner of the banking market became an excuse to further loosen rules that protect the economy from these types of risks.”The Treasury Department declined to comment on Warren’s letter. On Oct. 16, in response to a reporter’s question, Mnuchin rejected the notion that the U.S. government’s heavy issuance of debt contributed to the tumult and instead blamed a corporate tax deadline for draining money from the banking system. The jump in rates on Sept. 17 “had nothing to do with our issuance, it had to do with the big tax day, that we were taking cash out of the market,” he said.Banking industry complaints about regulations have gotten louder since the mid-September dislocation. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said Oct. 15 that the bank had the money and inclination to step in when rates surged, but liquidity rules prevented it from doing so.Regulations introduced after the 2008 crisis oblige financial institutions to hold more cash and cash-like assets as a buffer against times of stress, and systemically important banks — JPMorgan is the largest in the U.S. — face year-end reviews to determine how much more common equity they must carry. Analysts at JPMorgan argued this week that money-market stress is likely to get much worse despite the Fed’s attempts to fix the problem.The central bank has been injecting liquidity into the funding markets since Sept. 17, when the rate on overnight general collateral repo jumped to 10% from around 2%. The Fed has also begun buying Treasury bills to add reserves back into the system. These efforts have mostly calmed repo rates.“While the Federal Reserve has taken the necessary action to ensure that markets continue to function, I am alarmed that it has been required to engage in money market interventions that have not been used since the 2008 financial crisis,” wrote Warren, a Democrat from Massachusetts.Warren came to prominence because of her criticisms of Wall Street and calls for tougher oversight of the financial industry after the 2008 financial crisis. Her advocacy was pivotal to the creation of the Consumer Financial Protection Bureau and helped lock in her election to the Senate.Warren asked that Mnuchin respond to these and other questions no later than Nov. 1:What are the underlying causes of the spike in borrowing rates for overnight repurchase agreements?Has FSOC learned why the Fed announced on Oct. 11 that overnight operations meant to keep the calm would be extended at least through January of next year?How will FSOC and Treasury use data on centrally cleared repo transactions to gain a further understanding of the market? Is further information needed to sufficiently monitor the short-term lending market?(Updates with Mnuchin comment on repo from last week in fifth paragraph.)\–With assistance from Michael Shepard, Saleha Mohsin and Anna Edgerton.To contact the reporters on this story: Emily Barrett in New York at ebarrett25@bloomberg.net;Alexandra Harris in New York at aharris48@bloomberg.netTo contact the editors responsible for this story: Benjamin Purvis at bpurvis@bloomberg.net, Nick Baker, Jenny ParisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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Mnuchin Says China Trade Meeting Will Happen But Won't Say When

Mnuchin Says China Trade Meeting Will Happen But Won't Say When(Bloomberg) — Treasury Secretary Steven Mnuchin said U.S. trade officials expect Chinese negotiators to visit Washington, but wouldn’t say whether a previously planned September meeting would take place.“We continue to have conversations. We’re planning for them to come,” Mnuchin said Wednesday in an interview, declining to say whether the September encounter would happen.Tensions between the two nations reached a fresh peak last Friday when China threatened retaliatory tariffs against the U.S. and President Donald Trump responded with a plan to ratchet up duties on Chinese products further and ordered American companies to look for alternatives to the country. The remarks prompted U.S. stocks to suffer one of their worst losses of the year.By Monday, Trump had softened his tone, saying the two nations had had phone conversations and that China was eager to strike a deal.Compounding the battle over tariffs, the two nations are engaged in a dispute over the value of their currencies. Mnuchin said Wednesday that he’s been in contact with China’s top central banker, the International Monetary Fund and other counterparts in Beijing over what the U.S. has deemed manipulation of the yuan.“We’ve had conversations with the IMF and directly with our counterparts in China, including the governor of the PBOC,” since the U.S. formally labeled China a currency manipulator on Aug. 5, Mnuchin said, referring to Yi Gang, who heads the People’s Bank of China.China’s currency broke the 7 per dollar level earlier this month for the first time since 2008, unleashing tumult across global markets. The U.S.’s manipulator announcement followed a declaration by PBOC’s Yi that his nation wouldn’t use the yuan as a tool to deal with trade disputes.The designation of China as a currency manipulator was seen as largely symbolic since the potential penalties are less punitive than steps Trump has already taken against China.“We will have a separate dialog and discussion on currency as part of the trade discussion but separate from the trade discussion,” Mnuchin said.To contact the reporter on this story: Saleha Mohsin in Washington at smohsin2@bloomberg.netTo contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, Joshua Gallu, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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Mnuchin Says He Isn’t Afraid of Getting Fired Over Trump’s Tax Returns

Mnuchin Says He Isn’t Afraid of Getting Fired Over Trump’s Tax Returns“I’m not afraid of being fired at all,” he told House Financial Services Chairwoman Maxine Waters, a California Democrat, at a hearing on Tuesday afternoon. House Ways and Means Chairman Richard Neal of Massachusetts has requested six years of Trump’s personal returns as well as those for several of the president’s business entities, citing a law that allows the chairmen of congressional tax-writing committees to request any filer’s returns.



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'You're ordering me to stay': Mnuchin threatens to not return before Congress after grilling on Trump's tax returns

'You're ordering me to stay': Mnuchin threatens to not return before Congress after grilling on Trump's tax returnsTreasury Secretary Steve Mnuchin was confronted with a barrage of questions pertaining to President Donald Trump's tax returns.



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