Former Treasury Secretary Steven Mnuchin says he will not be joining President-elect Trump’s new administration but will offer advice to whoever takes the top finance role.
Mnuchin told Reuters that it was important for the Treasury to work toward strengthening U.S. trade policy, including holding China to its trade commitments from Trump’s 2020 deal to rebalance trade.
The former Cabinet member said serving in Trump’s first administration was the “experience of a lifetime” and Mnuchin said he is “happy to advise on the outside.”
He said he would provide advice to whoever Trump picks, including how to strengthen sanctions on Russia and Iran and contain the country’s debt.
Reuters reported that two prominent hedge fund investors, Scott Bessent, the founder of Key Square Group, and John Paulson, had emerged as the top choices for Treasury secretary. Bessent has reportedly met with Trump.
Mnuchin declined to name his favorite option for the next administration but said he is sure the Trump team will have “a lot of great choices.”
With 70 days until Trump takes office, he’s begun shaping up his administration.
He tapped Rep. Elise Stefanik (R-N.Y.) as his choice to serve as ambassador to the United Nations and former Immigration and Customs Enforcement (ICE) Director Tom Homan as “border czar.” Trump also chose veteran political consultant Susie Wiles as his chief of staff.
