(Adds details on divestments, previous Treasury secretaries)
By David Lawder
WASHINGTON Jan 11 U.S. President-elect Donald
Trump's nominee for Treasury Secretary, Steven Mnuchin, has
pledged to divest at least $94 million worth of investments in
43 entities to avoid conflicts of interest, according to an
ethics agreement released on Wednesday.
Mnuchin said in a 42-page financial disclosure report that
these investments include more than $50 million worth of common
shares of CIT Group Inc, the financial services group
that acquired his OneWest Bank in 2015.
However, his CIT shares are likely worth more. They are
listed in the "Over $50 million" category, the highest amount
required on the asset valuation form for presidential political
appointees. The investor group he led sold OneWest in 2015 for
$3.4 billion, seven years after they purchased the assets of
failed mortgage lender IndyMac Bank for $1.55 billion.
Mnuchin, a former Goldman Sachs executive and
Hollywood film financier, added that he resigned his position as
a CIT director in December as part of his agreement with the
Treasury's assistant general counsel. He pledged to divest
Goldman Sachs shares worth over $5 million and Goldman Sachs
Treasury investments worth over $25 million.
The disclosure forms, which allow a range for the value of
assets, reveal that Mnuchin is worth at least $118 million to
around $392 million, making him he richest Treasury secretary
since his former boss, ex-Goldman Sachs CEO Henry Paulson, who
served under George W. Bush and was worth over $700 million at
the time he took office in 2006.
By contrast, President Barack Obama's Treasury secretaries,
Tim Geithner and Jack Lew, were each worth between about
$740,000 and $1.7 million when they took office.
Under Mnuchin's ethics agreement, he will refrain from any
decisions involving CIT Group until August 2018, when a final
payment of at least $5 million from CIT Group is made as part
off a "holdback" agreement related to the OneWest merger.
Among other assets disclosed by Mnuchin are a small airplane
he operates for business and personal use, and an interest in a
1978 Willem de Kooning oil painting, "Untitled III", valued
between $5 million and $25 million.
Mnuchin also said in his ethics agreement that prior to or
upon Senate confirmation he would fully disclose the assets of
his fiancée, Scottish-born actress Louise Linton, as if they
were married and pledged to refrain from any matter that affects
The documents are on file with the Office of Government
(Reporting by David Lawder; Editing by James Dalgleish and