Treasury Secretary Mnuchin tips hat on future in Trump or Biden administration
Mnuchin's resume includes a stint at Goldman Sachs and Hollywood
As Treasury Secretary Steven Mnuchin tussles with House Speaker Nancy Pelosi over the potential next round of stimulus, he signaled on Wednesday he is happy in his job and with his boss President Trump.
"Well, if he wins, I plan to stay on. And let me be clear if he loses, I definitely don't plan on staying on" said Mnuchin during remarks at the Milken Institute.
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Mnuchin, along with Federal Reserve Chair Jerome Powell, has had one of the busiest and critical years in economic history as COVID-19 caused an unprecedented shutdown of the global economy putting millions of Americans out of work.
In an unorthodox rescue, the Federal Reserve pumped trillions into the economy and cut interest rates to near-zero working in concert with the U.S. Treasury Department which created and steered the "Coronavirus Aid, Relief, and Economic Security Act" or CARES Act. This included the Paycheck Protection Program for small businesses, extended unemployment benefits and $1,200 checks for Americans, crippled by the economic fallout.
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Cabinet members and administration officials typically leave when a president's term concludes and the White House changes hands.
However, there have been exceptions.
Secretary of Defense Robert Gates served in the administration of George W. Bush and continued in that role when Barack Obama was elected in 2008. Also, high profile appointee Alan Greenspan served as the Federal Reserve Chair first under Ronald Reagan in 1987 and remained through 2005 serving during the terms of Presidents George W. Bush, Bill Clinton and George H.W. Bush.
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The final months of 2020 are critical for the U.S. economy with Mnuchin efforting another much-need stimulus package but remains at loggerheads with the Democrats.
"They are holding up relief for hard-working Americans" Mnuchin bemoaned during an interview on FOX Business Wednesday as talks continue over a $1.8 billion relief package.
Keeping Mnuchin in place would potentially provide fiscal continuity for a new Biden administration which would inherit the COVID-19 hangover.
"Well, it is unusual, but we still have a lot of work to do. I won't break Gallatin's record at 13 years" Mnuchin added referring to Albert Gallatin, the nation's longest-serving Treasury Secretary.
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A Biden win would usher in a flurry of new cabinet members. As for potential treasury secretary possibilities for a Biden administration, Federal Reserve Governor Lael Brainard has been floated as a possibility, along with Massachusetts Senator Elizabeth Warren.