Home | Menu | Sign Up | Donate
Peter DeFazio for Congress

Giving Goldman Sachs the key to our treasury

The big banks shouldn’t be in charge of our government:
 
For decades, Goldman Sachs has had the key to our financial agencies, using its influence to pad its bottom line, dodge accountability, and elevate Wall Street loyalists to the most powerful positions in Washington, D.C. And despite his promises to “drain the swamp,” President-elect Donald Trump has made clear that he’ll carry on this tradition.
 
That’s right: Trump has named former Goldman Sachs executive Steve Mnuchin to head the U.S. Department of Treasury. While this nomination is great news for the billionaires and hedge fund managers on Wall Street who rely on having swampy friends in high places, it comes with dire consequences for our working families.
 
It’s not just that Mnuchin worked for Goldman Sachs. While he served as the CEO of OneWest Bank, he made a fortune off the bank’s widespread misconduct. OneWest was one of the largest purveyors of abusive loans and aggressively foreclosed on 60,000 homes, including 36,000 in California, and rejected 3 out of 4 loan modification requests. 
 
There are countless stories about OneWest's predatory practices but one of the most despicable is what they did to a 90-year-old homeowner in Florida with a reverse mortgage. She mistakenly underpaid her insurance bill to a OneWest subsidiary by 30 cents. When she was informed of the error, she sent in another payment but made the check out for 3 cents instead of 30 cents, which led to the bank taking her home. 
 
If confirmed by the U.S. Senate, Mnuchin would end up leading the same department that reprimanded him for mishandling foreclosures at the height of the Great Recession.
 
Bottom line: We’ve got to stand up to Mnuchin’s nomination, no matter what it takes.
 
In Congress, I’m doing everything I can to drain the swamp of corporate influence in Washington, D.C. I’m not afraid of Wall Street and the armies of lobbyists they unleash onto Capitol Hill. Together, we’re building the grassroots movement to defeat them and create an economy that works for everyone – not just the billionaires on Wall Street.
Posted on January 19, 2017.