President-elect Donald Trump’s nominee for Secretary of the Treasury, Steven Mnuchin ’85, neglected to divulge almost $100 million dollars worth of assets in Senate Finance Disclosure documents, the Washington Post reported Thursday.
According a release from Democratic staff members of the Senate Finance Committee, the documents also failed to mention the former Goldman Sachs banker and movie mogul’s past position as director of investment firm Dune Capital International, which was incorporated in the Cayman Island — a haven for avoiding taxation.
Democrats decried the omission, saying it disqualified his already shaky bid to lead the Department of the Treasury, of which the Internal Revenue Service is a bureau. Mnuchin said that the omissions were due to a misunderstanding of the disclosure documents, according to the release.
Mnuchin — who served as publisher of the News during his time at Yale — defended himself once his hearing began, claiming that he never avoided personal taxation.
“I did not use a Cayman Islands entity in any way to avoid paying taxes for myself,” Mr. Mnuchin said. He added that he would be willing to work with the IRS to reform regulations pertaining to such tax evasion.
But Senator Ron Wyden, Democrat of Oregon, said Minuchin’s background doesn’t meet his qualifications for the position up for approval.
“When I look at Mr. Mnuchin’s background, it’s a stretch to find evidence he’d be that kind of Treasury secretary,” he said.