Steven Mnuchin defends his Cayman Island investment fund during Senate grilling
The Senate hearing for President-elect Donald Trump's treasury secretary nominee, Steven Mnuchin, took a deep dive into the question of whether Mnuchin simply forgot to list on his financial paperwork that he is the director of an investment fund based in the Cayman Islands, as he claims, or whether he was trying to cover up his involvement in tax loopholes, as some of his critics believe.
"The difference between investing in the United States or the Cayman Islands is the possibility of avoiding U.S. tax laws," Sen. Robert Menendez (D-N.J.) said. "You've made it very clear that you paid your taxes … but the entities that you were helping or that you were making money from, you were helping them avoid U.S. taxes."
Mnuchin repeatedly defended his failure to list himself as the fund director in his initial disclosures by saying the forms are very complicated. Sen. Orrin Hatch (R-Utah) defended Mnuchin, stepping in to say, "It is a bit ironic and a bit hypocritical that my friends on the other side of the aisle have suddenly found religion on offshore account holding. Evidently, memories are short: At least two of President Obama's nominees who now serve in his Cabinet had Cayman Island holdings."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Watch some of the grilling below. Jeva Lange
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Humza Yousaf clears the decks to battle no-confidence vote
Speed Read First minister is 'done', according to insider, but a single vote could change the balance
By Arion McNicoll, The Week UK Published
-
Immunotherapy and hay fever
The Explainer Research shows that the treatment could provide significant relief from symptoms for many hay fever sufferers
By Richard Windsor, The Week UK Published
-
The week's best photos
In Pictures A flooded island, a ballistic missile, and more
By Anahi Valenzuela, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published