Mnuchin promises to sell off millions in investments if confirmed

Steven Mnuchin, President-elect Donald Trump’s pick to head the Treasury Department, has vowed to sell off millions of dollars in assets if confirmed to the post, as well as to exit from dozens of top management positions.

In a letter sent Tuesday to the Treasury Department, Mnuchin laid out his plan for extricating himself from his extensive investments if the Senate confirms him for the job.

The former Goldman Sachs executive and hedge fund owner detailed his extensive holdings in a 42-page financial disclosure. Among his investments were a range of stocks, an ownership stake in video game companies, and interests in artwork valued in the millions of dollars.

{mosads}Mnuchin said he would divest his interests in 43 different companies and investments within 90 days of his confirmation. And within 120 days, he would depart from his investment in RatPac-Dune Entertainment, a movie production company he helped lead.

Also upon confirmation, Mnuchin said he would resign from 42 different positions he holds across a range of businesses and foundations, including a foundation bearing his name. He noted in a three-page ethics letter that he had already stepped down from some similar posts following Trump’s selection of him, including board positions at Sears and the Los Angeles Museum of Contemporary Art.

Mnuchin did say that he would retain his position as the unpaid president of Steven T. Mnuchin, Inc., a company he created to “manage some of my investments.” However, Mnuchin said he would not participate in any matters that could have a substantial impact on the financial interests of that company, unless he received a waiver to do so. Similarly, he vowed not to engage in any matter as Treasury secretary that would have a direct impact on the finances of him or his family.

The Senate Finance Committee has yet to set a date for Mnuchin’s confirmation hearing.