Transition Tracker | Mnuchin Tapped for Treasury, AFSA Active with Transition Team

WHAT HAPPENED

President-elect Donald Trump has nominated Steve Mnuchin, the chief executive of Dune Capital Management and Goldman Sachs alumnus, for Treasury Secretary.

WHAT IT MEANS FOR AFSA MEMBERS

Mnuchin supports changes to Dodd-Frank to increase lending. In an interview on CNBC’s Squawk Box this morning, Mnuchin said, “The number one problem with Dodd-Frank is, it’s way too complicated and it cuts back lending. So we want to strip back parts of Dodd-Frank that prevents banks from lending. And that will be our number one priority.” Mnuchin specified, “We have actually been bankers. … We have been in the business of regional banking and we understand what it is to make loans. And that’s the engine of growth to small and medium size businesses.” On a slightly different note, Mnuchin said he expected interest rates to stay “relatively low for the next couple of years.”

WHAT IS AFSA DOING

AFSA is committed to working with the Treasury Department to ensure that revisions to Dodd-Frank help all lenders.


TRANSITION TEAM

The president-elect and vice president-elect have announced the addition of new transition team vice chairs and executive committee members. AFSAPAC supported several of the new team members: Congresswoman Marsha Blackburn (R-TN), U.S. Senator Tim Scott (R-SC), Congressman Sean Duffy (R-WI), Congressman Trey Gowdy (R-SC), and Congressman Dennis Ross (R-FL).

WHAT IT MEANS FOR AFSA MEMBERS

AFSA has good working relationships with these team members. In fact, AFSA staff met with Rep. Blackburn’s office and Rep. Duffy’s office earlier this week.

WHAT IS AFSA DOING

AFSA will continue to work with the entire transition team to discuss changes to Dodd-Frank that will benefit all AFSA members.