Treasury Secretary Mnuchin: Trump IRS Will Collect 100'$ of Million$$$ In Tax Revenue From Tax Evaders Treasury Secretary Mnuchin: Trump IRS Will Collect 100'$ of Million$$$ In Tax Revenue From Tax Evaders
By Martin Hill
LibertyFight.com
January 23, 2017


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This weekend I watched a lot of the Senate hearing on Steven Mnuchin, the Jewish Goldman Sachs alumni who Trump appointed to be the head of the Treasury Department. You probably heard last week that Mnuchin wants to increase the size of the IRS. However, no one had published the video of him saying that, so I found it along with a lot more. To spare you the drudgery of watching five hours of this swill, I have broken the interesting and relevant parts into several short easily-digestible sound-byte clips, along with the transcripts.

In the first video, Mnuchin Concerned IRS Headcount Down 30%, Mnuchin says "I was particularly surprised that at looking at the IRS numbers, that the IRS headcount has gone down quite dramatically, almost 30% over the last number of years. I don't think there is any other government agency that's gone down 30% and that's especially for an agency that collects revenues, this is something that I'm concerned about. Now, perhaps, uh, the IRS just started with way too many people. But I am concerned about the staffing of the IRS. That is an important part of the fixing the tax gap."

In the second video, Munchin is asked about private debt collectors which the IRS contracts with who have not been too successful in collecting the allegedly overdue taxes from Americans. The Senator wants the collectors to be more effective.

Mnuchin replies "we have $100 Billion plus of receivable that are just sitting there and that we can collect tens of millions, or hundreds of millions of dollars, for the American public." [Note that Mnuchin said FOR the American public, as opposed to the more accurate FROM the American public..] Mnuchin continues, "particularly in an environment where we are looking for money for so many programs, this to me, I agree with you, seems like a very obvious thing to do."

The Senator also asks about the IRS whistleblower program, to which Mnuchin replies "the majority of Americans voluntarily file their tax returns honestly. But, uh, we are all aware that there is tax fraud, and there is tax evasion, as you said, and we need to be diligent and I believe that the whistleblower laws are a very important part of that. So, I, uh, will work very hard with you on that, thank you, Senator."

In the third video, titled Twitchy Queen Steven Mnuchin Will Increase Size Of IRS, the senator says that The U.S. government "is the biggest business in the world" and that "the Internal Revenue Service has often strayed from its' core function of responsible and efficient revenue collection. I hope the new Trump administration will make sure the Internal Revenue Service stays on track with this purpose, while also improving the recent record on how it communicates with taxpayers and practitioners."

Mnuchin replies "I would use my expertise in technology to make sure that we bring the IRS up to date," adding "there should be simple ways that the IRS can interact with the American taxpayers. If you can get good service in the retail online business, there is no reason why we cannot use that same type of technology for taxpayers to communicate and get their information securely with the IRS. So I look forward to working with you in your office on that."

Mnuchin adds that "one of my great priorities, absolutely," is to "modernize the IRS.

Later in the 7-minute third video, a senator says "there are good professional people that work there, under very difficult circumstances. There are not enough people there, so I hope you will be effective with President-Elect TRUMP, I understand he is calling on a freeze. I am not sure how that coincides with your desire to make sure you have adequate personnel at IRS. But I assume that you'll have an opportunity to talk to the president and hopefully get the number of people you need because they can't do it with their current workforce."

Mnuchin replies "I can assure you the president-elect understands the concept of where we add people and we make money. And he'll.. he'll... he'll get that completely. That is a very quick conversation with Donald Trump."

Asked about 'comprehensive immigration reform,' Mnuchin replies that Trump's views on immigration are "not completely in my lane but I've been with him so I understand his views on that. And uh, I think he works - looks forward to working with the House and Senate on a very important issue there."

The senator replies "well if you don't share his views on comprehensive immigration reform, I would just ask that you mentor him on that, thank you." Mnuchin breaks into a great big smile and lets out a chuckle over that.

The clip ends with a senator asking "I want to make sure I understand that you are committed to enforcing sanctions against Russia," to which Mnuchin replies "100% so. And the President-elect has made it clear they would only change sanctions if he got a "better deal" and we got something in return, whether it was on nuclear arms or other areas. Yes Senator."

Here are the three videos. The transcripts are below each of the videos.

[LOOK at this twitchy, squirrley M-Fer!! Yikes! STRAIGHT from the tricking swamp, man. Lol.]

RELATED:


Mnuchin Concerned IRS Headcount Down 30%

Transcript:

[01:09:14[ Senator: "Well let me ask, uh, one more question. There's a wide agreement that the tax laws have become much too complicated. When stories of people getting their tax liability incorrectly calculated are commonplace, thus reducing cynicism about the tax laws and thus creating an ever greater tax gap. The difference between what is owed verses what is actually paid.

It is clear there is a major problem and something needs to be done to address the problem. Now to your credit, Mr. Mnuchin, you have talked about your desire to simplify the tax code. I'm glad you are talking about that because I very much agree with you. So my question to you Mr. Mnuchin is, how to address this problem? Do you have any suggestions for how to make the internal revenue code less complex, or at least keep it from getting more complicated, and would you recommend a moratorium on either tax legislation or tax regulations? And should the tax laws simply try to raise revenue for the government and stop trying to achieve so many other goals or societal goals?

[01:10:20] MR. MNUCHIN: Yes, Senator, I agree with you completely, and one of the things that's been a great honor to travel with the president-elect and I have been one of the chief architects of his economic plans. And we believe the most critical issue is creating economic growth - and passing tax reform is a major component of that. And our tax reform plan, we believe the tax simplification and fewer deductions are absolutely critical. Now you mentioned about the tax gap, and that is something I have been reading about and studying and something that I'm quite interested in. I was particularly surprised that at looking at the IRS numbers, that the IRS headcount has gone down quite dramatically, almost 30% over the last number of years. I don't think there is any other government agency that's gone down 30% and that's especially for an agency that collects revenues, this is something that I'm concerned about. Now, perhaps, uh, the IRS just started with way too many people. But I am concerned about the staffing of the IRS. That is an important part of the fixing the tax gap. And I'm also very concerned about the lack of first rate technology at the IRS, the issue of making sure that we protect the American public's privacy when they give information to the IRS, cyber-security around that, and also customer service for the many hard-working Americans that are paying taxes. [01:11:51.]

Senator:: : Senator Grassley, you're next.


Mnuchin: most americans voluntarily file their taxes honestly, but there is tax fraud sand yax evasion. we will collect 100s of millions from tax cheats because we have lots of programs to pay for


Transcript:

Senator: QUESTION TWO. I HAVE BEEN A STRONG PROPONENT OF THE IRS D PRIVATE DEBT COLLECTION PROCESS. IN 2015, CONGRESS UPDATED AND MADE MANDATORY THE IRS PRIVATE DEBT COLLECTION PROGRAM. THIS PROGRAM IS DESIGNED TO CHIP AWAY AT THE TAX GAP BY REQUIRING THE IRS TO CONTRACT WITH PRIVATE DEBT COLLECTORS. THESE ARE THE TAX DEBTS NOT BEING WORKED BY THE IRS. ABSENT THIS PROGRAM WOULD LIKELY NEVER BE COLLECTED. ADDING UP TO $187 MILLION IN 2017. OUT OF THAT $187 MILLION THE TREASURY DEPARTMENT HAS PROVIDED DEBT COLLECTORS TO COLLECT A NET OF $8 MILLION. THIS IS NOT BECAUSE OF A LACK OF INACTIVE TAX DEBT FOR THE IRS TO A SON. ACCORDING TO THE GOVERNMENT ACCOUNTABILITY OFFICE REPORT, THE IRS HAS OVER $130 BILLION OF OUTSTANDING DEBT ON ITS BOOKS . HAMSTRINGING THIS PROGRAM BY REFUSING TO RELEASE IN ACTIVE DEBT SHOULD BE CONSIDERED UNACCEPTABLE BY ANYBODY. CAN YOU GIVE ME ASSURANCES THAT THE DEPARTMENT OF TREASURY UNDER YOUR LEADERSHIP WILL WORK TO IMPLEMENT THE PROGRAM TO THE FULL EXTENT OF THE AUTHORIZED LAW AND BRING IN THIS TAX MONEY THAT IS NOT BEING COLLECTED?

01:14:52 - MR. MNUCHIN: YES, SENATOR. THANK YOU FOR HAVING SPENT TIME WITH ME. I APPRECIATE THE OPPORTUNITY TO SPEAK WITH YOU ABOUT IMPORTANT ISSUES. ON THESE ISSUES THAT WE DO NEED TO HAVE PHASE OUT RULES WHEN WE CHANGE THINGS AND I SUPPORT THE PHASEOUT OF THAT AS YOU SUGGESTED. and then ON THE IRS, I THINK MOST ASPECTS OF TAXES SHOULD BE HANDLED BY THE IRS, BUT AS YOU HAVE DESCRIBED, TO THE EXTENT WE HAVE $100 BILLION PLUS OF RECEIVABLES THAT ARE JUST SITTING THERE AND THAT WE CAN COLLECT TENS OF MILLIONS, OR HUNDREDS OF MILLIONS OF DOLLARS, FOR THE AMERICAN PUBLIC. PARTICULARLY IN AN ENVIRONMENT WHERE WE ARE LOOKING FOR MONEY FOR So many PROGRAMS, This to me, I AGREE WITH YOU, SEEMS LIKE A VERY OBVIOUS THING TO DO.

01:15:42 - Senator:- THIS WILL MEBE MY LAST QUESTION. IN 2006 I WAS SUCCESSFUL IN ENACTING LEGISLATION TO ENHANCE THE IRS WHISTLEBLOWER PROGRAM. THe PROGRAM HAS BEEN ONE OF THE MOST EFFECTIVE PROGRAMS IN ADDRESSING TAX EVASION, LEADING TO THE RECOVERY OF MORE THAN $3.4 BILLION IN TAXES THAT WOULD HAVE OTHERWISE BEEN LOST TO FRAUD. THERE HAS BEEN RESISTANCE WITHIN THE IRS OF THE WHISTLEBLOWER PROGRAM. IT WAS ATHERE ARE WHISTLEBLOWERS WHO WAIT IN THE DARK WITH NO FEEDBACK FROM THE BUREAUCRACY. THE IRS HAS CHOSEN TO INTERPRET THE WHISTLEBLOWER LAW NARROWLY TO THE DETRIMENT OF WHISTLEBLOWERS AND SEVERAL INSTANCES. THE IRS HAS INTERPRETED THE TERMS COLLECTED PROCEEDS, WHICH IS THE BASE FOR DETERMINING THE AMOUNT OF AWARD TO EXCLUDE CRIMINAL PENALTIES AND CERTAIN OTHER PROCEEDS, SUCH AS PENALTIES ASSESSED FOR UNDISCLOSED FOREIGN BANK ACCOUNTS. TWO QUESTIONS AND I WILL SAY THEM MOST. SHOULD YOU BE CONFIRMED, CAN I COUNT ON YOU TO BE SUPPORTIVE OF THE WHISTLEBLOWER PROGRAM AND WORK TO ENSURE IT SUCCESS? ADDITIONALLY, WOULD YOU BE WILLING TO REVIEW THE IRS' ADMINISTRATION of the PROGRAM, INCLUDING IT'S VERY NARROW INTERPRETATION OF THE WORDS COLLECTED PROCEEDS?

01:17:14 - MR. MNUCHIN: ABSOLUTELY, SENATOR, you have my assurance. AND LET ME GO ON TO SAY THAT THE MAJORITY OF AMERICANS VOLUNTARILY FILE THEIR TAX RETURNS HONESTLY. BUT uh, WE ARE ALL AWARE THAT THERE IS TAX FRAUD. and THERE IS TAX EVASION, AS YOU SAID, AND WE NEED TO BE DILIGENT AND I BELIEVE THAT THE WHISTLEBLOWER LAWS ARE A VERY IMPORTANT PART OF THAT. So, I uh, I WILL WORK VERY HARD WITH YOU ON THAT, THANK YOU, SENATOR.

Senator: THANK YOU very much. 01:17:39


Twitchy Queen Steven Mnuchin Will Increase Size Of IRS

Transcript:

[Begins in original at approx. 1:47.] I AM IMPRESSED WITH YOUR PRIVATE SECTOR EXPERIENCE. I HAVE ALWAYS SAID THAT EVERY BUSINESS LOOKS REALLY SIMPLE UNLESS YOU ARE THE ONE WHO HAS TO MAKE THE DECISIONS ON IT. AND HOW FAR AHEAD YOU HAVE TO MAKE THE DECISIONS, AND HOW YOU FIND employees and how you TRAIN EMPLOYEES, AND HOW YOU MEET THE FEDERAL REGULATIONS. WELL, YOU HAVE ACTUALLY WORKED WITH THOSE RULES. YOU HAVE ACTUALLY BEEN FORCED TO LEARN SOME THINGS THAT ARE GOING TO BE ESSENTIAL TO YOUR JOB. IT IS A PRETTY UNIQUE SITUATION. THIS IS THE BIGGEST BUSINESS IN THE WORLD WE DON'T EVEN MAKE DECISIONS TIMELY. WE ARE STILL WORKING ON LAST OCTOBER 1st SPENDING BILLS. THERE ARE a lot of THINGS AROUND HERE THAT HAVE TO CHANGE AND SOME OF THEM YOU WILL BE IN THE POSITION TO DO AND I HAVE BEEN REALLY IMPRESSED WITH THE KNOWLEDGE THAT YOU HAVE ALREADY SHOWN WITH THIS COMMITTEE ON DIFFERENT THINGS THAT MOST OF US NEVER HAD ANY EXPERIENCE WITH. VERY IMPRESSIVE.

NOW, I WILL COVER A COUPLE OF SPECIFIC THINGs here BECAUSE I THINK THE INTERNAL REVENUE SERVICE HAS OFTEN STRAYED FROM ITS CORE FUNCTION OF RESPONSIBLE AND EFFICIENT REVENUE COLLECTION. I HOPE THE NEW TRUMP ADMINISTRATION WILL MAKE SURE THE INTERNAL REVENUE SERVICE STAYS ON TRACK WITH THIS PURPOSE, WHILE ALSO IMPROVING THE RECENT RECORD ON HOW IT COMMUNICATES WITH TAXPAYERS AND PRACTITIONERS.

PEOPLE HAVE NOT BEEN ABLE TO GET ANSWERS. But SOMETHING THAT HAS BEEN MORE DISTURBING TO ME, TO ILLUSTRATE IN RECENT YEARS. THE IRS HAS INSERTED FLYERS WITH THE TAX REFUND CHECKS AND THOSE FLYERS, ONE OF THEM WAS PRODUCED BY THE CONSUMER financial PROTECTION BUREAU, WHICH IS OUTSIDE OF OUR OVERSIGHT. AND SOLICITED CASES FROM THE TAXPAYERS ABOUT THEIR MONEY. IT IS NOT APPROPRIATE FOR THE CFPB, AN INDEPENDENT ORGANIZATION, OR ANY OTHER ORGANIZATION TO SOLICIT INFORMATION FROM TAXPAYERS, NOR IS IT APPROPRIATE FOR THE IRS TO HELP FACILITATE THIS. AS THE TREASURY SECRETARY, WOULD YOU STOP THIS type of ACTIVITY? DO YOU BELIEVE THAT IS THE ROLE OF THE IRS?

01:49:38
MR. MNUCHIN: THANK YOU, SENATOR. AND THANK YOU FOR TAKING THE TIME TO MEET WITH ME AND THANK YOU FOR YOUR LONG-STANDING SERVICE TO OUR COUNTRY. and YES, I ABSOLUTELY WOULD WORK WITH YOU ON THAT. I DO NOT THINK IT MAKES SENSE THAT THE IRS IS DOING THAT. I WOULD WANT TO UNDERSTAND WHAT THE REASON IS, BUT IT SEEMS TO MAKE NO SENSE TO ME. and you know AS I HAVE SAID TO YOU, I THINK ONE OF THE BIG ISSUES IS AROUND THE IRS AND THAT IS TECHNOLOGY. I WOULD USE MY EXPERTISE IN TECHNOLOGY TO MAKE SURE THAT WE BRING THE IRS UP TO DATE. and THAT IS A FUNCTION OF, I UNDERSTAND OLD EMAIL SYSTEMS, OLD PRIVACY SYSTEMS, WE ABSOLUTELY NEED TO MAKE SURE. IN THIS WORLD OF CYBER SECURITY AND BEING SUCH A BIG ISSUE, WE NEED TO PROTECT AMERICAN TAXPAYERS' INFORMATION, AND THERE SHOULD BE SIMPLE WAYS THAT THE IRS CAN INTERACT WITH THE AMERICAN TAXPAYERS. IF YOU CAN GET GOOD SERVICE IN THE RETAIL ONLINE BUSINESS, THERE IS NO REASON WHY WE CANNOT USE THAT SAME TYPE OF TECHNOLOGY FOR TAXPAYERS TO COMMUNICATE AND GET THEIR INFORMATION SECURELY WITH THE IRS. So I LOOK FORWARD TO WORKING WITH YOU IN YOUR OFFICE ON THAT.


01:50:54
Senator: SENATOR, IF I COULD INTERJECT. YOU MEAN YOU WILL HELP US MODERNIZE THE IRS?

01:50:59
MR. MNUCHIN: IT WOULD BE ONE OF MY GREAT PRIORITIES, ABSOLUTELY mr. chairman.

01:51:03 Senator: THAT WOULD BE A WONDERFUL THING. MR. MNUCHIN: I hope THAT IS AT LEAST A BIPARTISAN ISSUE THAT WE CAN ALL AGREE ON.

SenatorL-

SINCE THE CHAIRMAN USED PART OF MY TIME, I WOULD LIKE TO GET THIS QUESTION HERE. IN 2010,2, I INTRODUCED THE

[Note I stopped recording this portion as it is irrelevant.] ...

[Continue here:

01:57:55 SEN. CARPER: AS THAT IS very IMPORTANT TO THE PRESIDENT-ELECT. SEN. CARPER: One last quick one, COMPREHENSIVE IMMIGRATION REFORM, one of the things WE've LEARNED is NOT ONLY can IT GROW GDP BY INFRASTRUCTURE INVESTMENTs and some of the other things I've mentioned but also COMPREHENSIVE IMMIGRATION REFORM. were strongly urged by the business community for years to do it,, ANY TAKE ON THAT?

01:58:20
MR. MNUCHIN: Again, I think ya know, IMMIGRATION AND IMMIGRATION REFORM IS VERY IMPORTANT TO THE PRESIDENT-ELECT. It's NOT COMPLETELY IN MY LANE BUT I've BEEN WITH HIM SO I understand HIS VIEWS ON THAT. and uh I THINK HE WORKS -- LOOKS FORWARD TO WORKING WITH THE HOUSE AND SENATE on A VERY IMPORTANT ISSUE there.

01:58:28
SEN. CARPER: well IF YOU DOn't SHARE HIS VIEWS ON COMPREHENSIVE IMMIGRATION REFORM, I would just ask that MENTOR HIM on that. thank you.

laughs

01:58:36 Senator: >> THANK YOU FOR BEING WILLING TO SERVE THE COUNTRY. I WANT TO FOLLOW UP QUICKLY ON THIS POINT ON THE IRS, YOU HAVE ALLIES ON BOTH SIDES OF THE AISLE THAT WILL HELP YOU. THERE IS GOOD PROFESSIONAL PEOPLE THAT WORK THERE. UNDER VERY DIFFICULT CIRCUMSTANCES, there are NOT ENOUGH PEOPLE there, so I HOPE YOU WILL BE EFFECTIVE WITH president-elect TRUMP, I UNDERSTAND HE IS CALLING ON A FREEZE. I AM NOT SURE HOW THAT COINCIDES WITH YOUR DESIRE TO MAKE SURE you HAVE ADEQUATE PERSONNEL at IRS. but i assume that youll have an opportunity to talk to the president and hopefully get THE NUMBER OF PEOPLE YOU NEED BECAUSE THEY CAN't DO IT WITH THEir CURRENT WORKFORCE.

MR. MNUCHIN: I CAN ASSURE YOU THE PRESIDENT-ELECT UNDERSTANDS the concept of where we add people and WE MAKE MONEY AND HE'll.. he'll. he'll GET THAT COMPLETELY. THAT IS A VERY QUICK CONVERSATION with Donald Trump.

01:59:30 Senator:: >> I WANT TO FOLLOW UP WITH A COUPLE ISSUES. I wear ANOTHER ROLE IN THE SENATE, I AM THE RANKING DEMOCRAT ON THE SENATE FOREIGN RELATIONS COMMITTEE AND I WANT TO DEAL WITH SANCTIONS. I HEARD YOU WITH REGARD TO ENFORCING SANCTIONS, PARTICULARLY THOSE AIMED AT THOSE DEALING WITH THOSE WHO SPONSOR TERRORISM AND AGAINST COUNTRIES THAT ARE VIOLATING OUR INTERNATIONAL NORMS ON DEMOCRATIC PRINCIPLES. RUSSIA IS TOP ON THAT LIST AND I WILL ASK YOU QUESTIONS FOR THE RECORD AS TO YOUR VIEWS ON THE CURRENT SANCTIONS AND STRENGTHENING SANCTIONS. PARTICULARLY WITH RUSSIA'S ATTACK AGAINST AMERICA'S DEMOCRATIC ELECTION INSTITUTIONS. but I WANT TO MAKE SURE I UNDERSTAND that YOU ARE COMMITTED TO ENFORCING SANCTIONS AGAINST RUSSIA.

02:00:29
MR. MNUCHIN: 100% SO AND THE PRESIDENT-ELECT HAS MADE IT CLEAR THEY WOULD ONLY CHANGE SANCTIONS IF HE GOT "A BETTER DEAL" AND WE GOT SOMETHING IN RETURN WHETHER it was ON NUCLEAR ARMS OR OTHER AREAS. YES, SENATOR





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Martin Hill is a Catholic paleo-conservative and civil rights advocate. His work has been featured in the Los Angeles Daily News, San Gabriel Valley Tribune, The Orange County Register, KNBC4 TV Los Angeles, The Press Enterprise, LewRockwell.com, WhatReallyHappened.com, Infowars.com, PrisonPlanet.com, Economic Policy Journal, FreedomsPhoenix, Haaretz, TMZ, Veterans Today, Jonathan Turley blog, The Dr. Katherine Albrecht Show, National Motorists Association, AmericanFreePress.net, RomanCatholicReport.com, WorldNetDaily, HenryMakow.com, OverdriveOnline.com, Educate-Yourself.org, TexeMarrs.com, Dr. Kevin Barrett's Truth Jihad radio show, Strike-The-Root.com, Antiwar.com, Mark Glenn's 'The Ugly Truth' Blog & radio show, Michael Hoffman's RevisionistHistory.org, John Friend's TheRealistReport.com, Pasadena Weekly, ActivistPost.com, Los Angeles Catholic Lay Mission Newspaper, KFI AM 640, IamtheWitness.com, Redlands Daily Facts, SaveTheMales.ca, BlackBoxVoting, The Michael Badnarik Show, The Wayne Madsen Report, Devvy.com, Rense.com, FromTheTrenchesWorldReport.com, BeforeItsNews.com, The Contra Costa Times, Pasadena Star News, Silicon Valley Mercury News, Long Beach Press Telegram, Inland Valley Daily Bulletin, L.A. Harbor Daily Breeze, CopBlock.org, DavidIcke.com, Whittier Daily News, KCLA FM Hollywood, The Fullerton Observer, and many others. Archives can be found at LibertyFight.com and DontWakeMeUp.Org.

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TV NETS RADIO MYC-SPAN LOGIN Created by Cable JANUARY 19, 2017 Treasury Secretary Confirmation Hearing Steven Mnuchin testified before the Senate Finance Committee on his nomination by President-elect Trump to be the next secretary of the… read more Report Video Issue Buffering... 05:14:29 00:00 Transcript type Text TextPeopleGraphical TimelineFilter by Speaker All Speakers All SpeakersJeb HensarlingKevin McCarthySteven T. MnuchinMichael BennetSherrod BrownRichard BurrMaria CantwellBen CardinTom CarperBob Casey Jr.William "Bill" Cassidy M.D.Michael "Mike" CrapoMichael "Mike" B. EnziChuck GrassleyOrrin HatchDean HellerJohnny IsaksonClaire McCaskillBob MenendezBill NelsonRob PortmanPat RobertsTim ScottDebbie StabenowJohn ThunePat ToomeyMark R. WarnerRon WydenSearch this transcript 00:00:00 Senator:: THE ROAD WITH THE C-SPAN BUS. TODAY DONALD TRUMPS SECRETARY TREASURY NOMINEE'S TESTIFIED AT HIS CONFIRMATION HEARING. HE DISCUSSED HIS CAREER, HIS ... 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HATCH: MR. MNUCHIN, WE WILL TAKE YOUR STATEMENT. 00:38:59 MR. MNUCHIN MR. MNUCHIN: CHAIRMAN HATCH, RANKING MEMBER WYDEN, MEMBERS OF THE COMMITTEE, IT IS AN HONOR TO APPEAR BEFORE YOU TODAY. I'M GRATEFUL AND HUMBLED BY ... Show Full Text 00:55:59 SEN. HATCH SEN. HATCH: WELL, THANK YOU, MR. MNUCHIN. WE APPRECIATE YOUR COMMENTS. I HAVE SOME OBLIGATORY QUESTIONS I ASK ALL NOMINEES WE DO ON THIS COMMITTEE. ... Show Full Text 00:56:21 MR. MNUCHIN MR. MNUCHIN: I AM NOT -- I WORKED WITH THE ETHICS OFFICE AND DISPOSED OF INVESTMENTS THAT COULD CREATE CONFLICTS. 00:56:25 SEN. HATCH SEN. HATCH: DO YOU KNOW OF ANY REASON PERSONAL OR OTHERWISE THAT WOULD PREVENT YOU FROM FULLY AND HONORABLY DISCHARGING THE RESPONSIBILITIES OF THE ... Show Full Text 00:56:33 MR. MNUCHIN MR. MNUCHIN: I DO NOT. 00:56:39 SEN. HATCH SEN. HATCH: DO YOU AGREE WITHOUT RESERVATION TO RESPOND TO ANY REASONABLE SUMMONS TO APPEAR AND TESTIFY BEFORE ANY DULY CONSTITUTED COMMITTEE OF THE ... Show Full Text 00:56:52 MR. MNUCHIN MR. MNUCHIN: ABSOLUTELY, 00:56:53 SEN. HATCH I LOOK FORWARD TO IT. SEN. HATCH: FINALLY, DO YOU COMMIT TO PROVIDE A PROMPT RESPONSE IN WRITING TO ANY QUESTIONS ASKED YOU BUY ANY -- ADDRESSED... Show Full Text 00:56:59 MR. MNUCHIN COMMITTEE? MR. MNUCHIN: WELL, I PROVIDED OVER 5000 PAGES TO THE STAFF, I THINK I HAVE THE RECORD OF THAT. IF THERE IS ANY ADDITIONAL QUESTIONS, I... Show Full Text 00:57:09 SEN. HATCH PROMPTLY. SEN. HATCH: ALL RIGHT, I HAVE TO GO OUTSIDE FOR A MINUTE. INSTEAD OF MY STARTING TO QUESTION PERIOD, I WILL TURN TO THE RANKING MEMBER,... Show Full Text 00:57:23 SEN. WYDEN SEN. WYDEN: THANK YOU VERY MUCH, MR. CHAIRMAN. MR. MNUCHIN, MEDICARE FINANCES ABOUT TAXING. IT WOULD BE YOUR RESPONSIBILITY IF CONFIRMED, WITH THE... Show Full Text 00:57:52 MR. MNUCHIN ON? MR. MNUCHIN: FIRST OF ALL, SENATOR. THANK YOU VERY MUCH. I APPRECIATED THE OPPORTUNITY FOR US TO MEET YESTERDAY AND THE OPPORTUNITY TO TALK... Show Full Text 00:58:21 Senator:: >> IF YOU ARE CONFIRMED, MR. MNUCHIN, YOU'D BE THE MANAGING TRUSTEE FOR MEDICARE. WOULDN'T YOU LIKE TO OFFER SOMETHING BY WAY OF DISCUSSION ABOUT WHAT... Show Full Text 00:58:42 MR. MNUCHIN OF THE JOB. MR. MNUCHIN: SENATOR, I ACKNOWLEDGE IT IS AN IMPORTANT PART OF THE JOB. THERE ARE MANY PARTS OF THIS JOB THAT I CONSIDER MYSELF AN EXPERT... Show Full Text 00:59:19 Senator:: >> WITHOUT ANY SPECIFICS ON A MATTER THAT IS SO IMPORTANT YOU WOULD HAVE DIRECT RESPONSIBILITY, I FIND IT VERY TROUBLING YOU WILL NOT DISCUSS MEDICARE. ... Show Full Text 00:59:50 MR. MNUCHIN MR. MNUCHIN: LET ME FIRST SAY I STRONGLY BELIEVE AND UNDERSTAND THAT THERE ARE VERY IMPORTANT TOOLS WITHIN THE TREASURY DEPARTMENT THAT CAN COMBAT TERRORISM. ... Show Full Text 01:00:39 Senator:: >> WE ALL AGREE IT IS IMPORTANT. WE ARE TRYING TO ASSESS YOUR QUALIFICATIONS. YOU HAVE NOT BEEN WILLING TO TALK ABOUT MEDICARE OR SPECIFICS ON TERROR.... Show Full Text 01:01:23 BERNIE SANDERS TRANSACTION. BERNIE SANDERS: YES, THAT IS IMPORTANT, BUT LET ME GO BACK TO YOUR OTHER QUESTION. 01:01:28 Senator:: >> I IS NOT SEARCHING FOR ANY SPECIFICS IN ORDER TO BE ABLE TO ASSESS YOUR QUALIFICATIONS. 01:01:35 MR. MNUCHIN MR. MNUCHIN: SENATOR, AGAIN, I BELIEVE THERE ARE SOME VERY IMPORTANT SANCTIONS AS IT RELATES TO THE SANCTIONS AGAINST IRAN AND OTHER COUNTRIES. I WOULD... Show Full Text 01:02:05 Senator:: >> SO, WE DID NOT HEAR WHAT YOU WOULD DO TO FIGHT ISIS, WE DID NOT GET ANY SPECIFICS ON MEDICARE. NOW LET'S HEAR ABOUT THIS MOST CURRENT QUESTION WITH... Show Full Text 01:02:25 MR. MNUCHIN BUSINESS. MR. MNUCHIN: I WOULD DEAL WITH IT NO DIFFERENT THAN I WOULD DEAL WITH ANY BUSINESS THAT COMES BEFORE THE COMMITTEE AND I WOULD TAKE MY... Show Full Text 01:03:13 Senator:: >> 01:03:14 MR. MNUCHIN GO AHEAD. MR. MNUCHIN: EVEN A HEDGE FUND FOR A FEW YEARS, STARTING IN 2004. I HAVE BEEN TRYING TO GET MY ARMS AROUND THE MCUCHIN WEB OF BANK ACCOUNTS... Show Full Text 01:03:32 Senator:: >> WE DID NOT HAVE ANY EMPLOYEES. 01:03:35 Senator:: >> COMPANY CUSTOMERS DID YOU HAVE 01:03:39 MR. MNUCHIN THERE? MR. MNUCHIN: WE DID NOT HAVE ANY CUSTOMERS THAT RESIDED THERE. 01:03:42 Senator:: >> DID YOU HAVE AN OFFICE THERE? 01:03:44 MR. MNUCHIN MR. MNUCHIN: WE DID NOT HAVE AN OFFICE OURSELVES THERE. 01:03:46 Senator:: >> SO, YOU JUST HAD A PO BOX? 01:03:51 MR. MNUCHIN MR. MNUCHIN: SENATOR, LET ME EXPLAIN. 01:03:53 Senator:: >> 01:03:55 MR. MNUCHIN YES, OR NO? MR. MNUCHIN: HOPEFULLY, THE OTHER SENATORS WILL BE FOR SOME TIME SO I CAN ANSWER THIS FOR YOU. -- WILL DEFER SOME TIME SO I CAN ANSWER... Show Full Text 01:04:08 Senator:: >> IT IS A LEGITIMATE QUESTION. 01:04:13 MR. MNUCHIN YOU CAN ANSWER. MR. MNUCHIN: I, LIKE ALL OTHER HEDGE FUNDS AND MANY PRIVATE EQUITY FUNDS, SET UP OFFSHORE ENTITIES THAT ARE PRIMARILY INTENDED TO ACCOMMODATE... Show Full Text 01:05:12 Senator:: >> WE WILL COME BACK TO THE QUESTION OF OFFSHORE DEALS, COMMONLY CALLED BLOCKERS. I AM VERY TROUBLED ABOUT THIS QUESTION ABOUT HOW YOU ARE GOING TO... 01:11:51 Senator:: >> SENATOR GRASSLEY, YOU ARE NEXT. 01:11:56 Senator:: >> LIKE I TOLD YOU WHEN WE MET IN THE OFFICE, I DON'T HAVE ANY GOTCHA QUESTIONS OR I WOULD LET YOU KNOW. LET ME GO ALONG THE LINE OF THE FIRST STATEMENT... Show Full Text 01:14:52 MR. MNUCHIN THAT IS NOT BEING COLLECTED? MR. MNUCHIN: YES, SENATOR. THANK YOU FOR HAVING SPENT TIME WITH ME. I APPRECIATE THE OPPORTUNITY TO SPEAK WITH YOU ABOUT... Show Full Text 01:15:42 Senator:: >> THIS WILL MEBE MY LAST QUESTION. IN 2006 I WAS SUCCESSFUL IN ENACTING LEGISLATION TO ENHANCE THE IRS WHISTLEBLOWER PROGRAM, AND THAT PROGRAM HAS... Show Full Text 01:17:14 MR. MNUCHIN MR. MNUCHIN: ABSOLUTELY, SENATOR. AND LET ME GO ON TO SAY THAT THE MAJORITY OF AMERICANS VOLUNTARILY FILE THEIR TAX RETURNS HONESTLY. BUT WE ARE ALL... Show Full Text 01:17:39 Senator:: >> THANK YOU, MR. CHAIRMAN. AND WELCOME. CONGRATULATIONS ON YOUR NOMINATION AND WELCOME TO YOUR BEAUTIFUL FAMILY AS WELL. I DO WANT TO FOLLOW-UP UP... Show Full Text 01:19:03 MR. MNUCHIN MR. MNUCHIN: FIRST OF ALL, LET ME COMMENT. I APPRECIATED THE OPPORTUNITY TO MEET WITH YOU AND I TRAVEL TO YOUR STATEMENT TIMES AND HAVE GREAT ADMIRATION... Show Full Text 01:21:03 Senator:: >> MR. MNUCHIN, I DON'T WANT TO A INTERRUPT, AND I APPRECIATE THE CLARIFICATION. MY QUESTION GOES TO WHAT YOU ARE ACTUALLY DISCLOSING. PARTICULARLY... Show Full Text 01:21:35 MR. MNUCHIN IS MY QUESTION. MR. MNUCHIN: LET ME JUST BE CLEAR. I DID NOT USE A CAYMAN ISLANDS ENTITY IN ANY WAY TO AVOID PAYING TAXES FOR MYSELF. I PAY U.S. TAXES... Show Full Text 01:22:04 MR. MNUCHIN TAXES? MR. MNUCHIN: AGAIN, THEY DID NOT AVOID. THEY FOLLOW THE LAW. BECAUSE I HAVE EXPERIENCE AS A HEDGE FUND MANAGER, I AM COMMITTED TO TAX SIMPLIFICATION.... Show Full Text 01:22:52 Senator:: >> SO YOU UP OR CLOSING THOSE LOOPHOLES? 01:22:55 MR. MNUCHIN MR. MNUCHIN: I SUPPORT CHANGING THE TAX LAWS TO MAKE SURE THEY ARE SIMPLER AND MORE EFFECTIVE, YES. >> THANK YOU. 01:23:01 Senator:: >> THANK YOU. >> THANK YOU, VERY MUCH SENATOR. AND MR. MNUCHIN, I APPRECIATE YOUR WILLINGNESS TO GO THROUGH THIS AND TO SERVE THE AMERICAN PEOPLE. WE... Show Full Text 01:23:50 MR. MNUCHIN YOU ELABORATE ON THAT? MR. MNUCHIN: SURE, LET ME FIRST SAY THAT I ABSOLUTELY BELIEVE IN PROPER REGULATION. BEFORE I HAD THE OPPORTUNITY TO PUT INA BAID... Show Full Text 01:26:14 Senator:: >> YOU LED RIGHT INTO MY NEXT QUESTION. IN A CLOSELY RELATED MATTER, AS YOU KNOW, AS A SECRETARY OF TREASURY, YOU HAVE A VERY IMPORTANT ROLE AS THE... Show Full Text 01:27:24 MR. MNUCHIN OUTCOMES? MR. MNUCHIN: I ABSOLUTELY WILL, SENATOR. AND LET ME JUST COMMENT ON, FOR INSTANCE, THE RULE AS AN EXAMPLE. I DO SUPPORT THE RULE. I THINK... Show Full Text 01:28:24 Senator:: >> GOOD MORNING. I ENJOYED OUR VISIT YESTERDAY. WERE YOU A DIRECTOR OF DOOM CAPITAL INTERNATIONAL LIMITED, A CAYMAN ISLANDS 01:28:38 MR. MNUCHIN CORPORATION? MR. MNUCHIN: I WAS, THAT IS CORRECT. 01:28:40 Senator:: >> DID YOU MOVE A HEDGE FUND LLC TO 01:28:48 MR. MNUCHIN ANGUILLA? MR. MNUCHIN: SO, SENATOR, FIRST, LET ME JUST COMMENT. WHEN WE TALK ABOUT MOVING, IT IS NOT AS IF I HAD ABOUT 50 PEOPLE SITTING IN THE OFFICE... Show Full Text 01:29:08 Senator:: >> I UNDERSTAND. 01:29:09 MR. MNUCHIN MR. MNUCHIN: I DO WANT TO COMMENT AND YES. DUNE CAPITAL LLC, AND NOT TO GET INTO THE SPECIFICS, BUT WHEN THERE IS AN ONSHORE FUND AND OFFSHORE FUND,... Show Full Text 01:29:47 Senator:: >> I AM RUNNING OUT OF TIME. I HAVE GOT TO GET TO THE QUESTION. MR. MNUCHIN: SORRY. 01:29:53 MR. MNUCHIN MR. MNUCHIN: SORRY. >> THE QUESTION IS, BOTH OF THOSE WERE FOR A TAX CONSEQUENCE LOCATED IN THE CAYMANS, AS WELL AS ANGUILLA. THE QUESTION IS, YOU SAID... Show Full Text 01:30:24 MR. MNUCHIN MR. MNUCHIN: LET ME JUST COMMENT THAT WHEN I DID MOVE IT, I HAD TO APPLY TO THE IRS AND THE IRS APPROVED AS A FOREIGN ELIGIBLE ENTITY TO BE TAXED AS... Show Full Text 01:30:42 Senator:: >> BUT MY QUESTION. 01:30:45 MR. MNUCHIN MR. MNUCHIN: I AM GIVING YOU A SLIGHTLY LONGER ANSWER IT IS A COMPLICATED ISSUE. 01:30:50 Senator:: >> 01:30:51 MR. MNUCHIN JUST ANSWER THE QUESTION. MR. MNUCHIN: THE SHORT ANSWER IS YES. I THINK THAT I WOULD WORK WITH THE IRS AND WITH CONGRESS. AS I HAVE SAID IT MAKES... Show Full Text 01:31:31 Senator:: >> WE TALKED ABOUT INDYBACNK YESTERDAY AND BECOMING ONEWEST. YOU SAID YOU BROUGHT, WHEN YOU ACQUIRED INDYBANK THE PORTFOLIO OF REVERSE MORTGAGES. ENTER... Show Full Text 01:33:37 MR. MNUCHIN WHY? MR. MNUCHIN: SENATOR, THANK YOU FOR TAKING THE OPPORTUNITY TO MEET WITH ME. I APPRECIATED THAT IN THE TIME TO SPEAK ABOUT THESE IMPORTANT ISSUES.... Show Full Text 01:37:49 Senator:: >> THANK YOU, SENATOR. 01:37:52 Senator:: >> MR. CHAIRMAN, I LOOK FORWARD TO A SECOND ROUND. 01:37:56 Senator:: >> SEN. MENENDEZ:. 01:37:59 Senator:: >> I HAD A DIFFERENT LINE OF QUESTIONING. BUT THE INFORMATION THAT CAME TO US THIS MORNING MAKES ME CONCERNED. ON DECEMBER 19 OF LAST YEAR, YOU SIGNED... Show Full Text 01:40:02 MR. MNUCHIN TAXATION? MR. MNUCHIN: THAT IS NOT TRUE AT ALL. 01:40:05 Senator:: >> YOU JUST DESCRIBED THE PURPOSE OF CREATING THESE OFFSHORE ENTITIES WAS TO HELP PENSIONS AND OTHER ENTITIES AND THE ONLY REASON TO GO OFFSHORE AS... Show Full Text 01:40:46 MR. MNUCHIN HERE. MR. MNUCHIN: SENATOR, LET ME ANSWER THE FIRST PART OF YOUR QUESTION, WHICH I WILL TELL YOU, AND I SAID THIS BEFORE. THESE FORMS ARE VERY COMPLICATED.... Show Full Text 01:41:20 Senator:: >> DOES NOT TAKE A ROCKET SCIENTIST TO UNDERSTAND THE WORDS, LIST ALL POSITIONS. 01:41:27 MR. MNUCHIN MR. MNUCHIN: WITH ALL DUE RESPECT, I HAD A LOT OF COMPLICATED ENTITIES. YOU ARE REFERRING TO THE FACT THAT IT DID NOT LIST THE DIRECTOR. I LISTED THE... Show Full Text 01:41:53 Senator:: >> LET'S GET TO THE HEART OF MY QUESTION. DIDN'T YOU CREATE THESE OFFSHORE ENTITIES THAT MOST AMERICANS CANNOT CREATE OR TAKE ADVANTAGE OF, TO HELP... Show Full Text 01:42:07 MR. MNUCHIN AVOID U.S. TAXES? MR. MNUCHIN: NO, NOT NECESSARILY. FIRST OF ALL, I WANT TO SAY THAT IT IS IMPORTANT THAT THE COMMITTEE -- 01:42:17 Senator:: >> WHAT WERE YOU DOING IT FOR 01:42:20 MR. MNUCHIN THEM? MR. MNUCHIN: THIS WAS DONE SO THAT DIFFERENT ENTITIES COULD INVEST, SO SOMETIMES IT HAD NOTHING TO DO WITH TAXES. IT HAD TO DO WITH WHAT THEY... Show Full Text 01:42:49 Senator:: >> I APPRECIATE THAT. ONE DOES NOT GO AND CREATE OFFSHORE ENTITIES AT THE END OF THE DAY OTHER THAN TO AVOID IN SOME FORM OR FASHION THE TAX LAWS OF... Show Full Text 01:43:31 MR. MNUCHIN AVOID U.S. TAXES. MR. MNUCHIN: I AM ABSENTLY COMMITTED TO WORKING WITH YOU AND YOUR OFFICES ON TAX SOME PUBLICATION AND TO CUT DOWN -- ON TAX SIMPLIFICATION... Show Full Text 01:44:37 Senator:: >> YOUR TIME IS UP, SENATOR. I THINK IT IS IRONIC AND A LITTLE HYPOCRITICAL OF MY FRIENDS ON THE OTHER SIDE OF THE AISLE TO SUDDENLY SIGN RELIGION ON... Show Full Text 01:46:08 Senator:: >> MR. CHAIRMAN, JUST SO WE ARE CLEAR. THE BIPARTISAN STAFF CALLED OUT THESE OFFSHORE INVESTMENTS OF BOTH DEMOCRATS AND REPUBLICANS TO SECRETARY LIU... Show Full Text 01:46:46 Senator:: >> THAT IS THE PURPOSE OF IT, BUT LET'S BE FAIR, TOO. 01:46:51 Senator:: >> THANK YOU, MR. CHAIRMAN AND MR. MNUCHIN FOR BEIGNNG WILLING TO SERVE AND GO THROUGH THIS PROCESS. I WANT TO THANK YOU FOR MEETING WITH ME AND MY OFFICE AND GOING THROUGH MANY OF THE ACCOUNTING FUNCTIONS AND INITIATIVES THAT YOU WILL BE MANAGING. I DO NOT ASK THOSE IN THESE KINDS OF MEETINGS BECAUSE I NOTICED IT PUTS THE AUDIENCE TO SLEEP. THEY ARE VERY IMPORTANT AND I WAS REALLY IMPRESSED WITH YOUR ANSWERS.

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TV NETS RADIO MYC-SPAN LOGIN Created by Cable JANUARY 19, 2017 Treasury Secretary Confirmation Hearing Steven Mnuchin testified before the Senate Finance Committee on his nomination by President-elect Trump to be the next secretary of the… read more Report Video Issue Buffering... 05:14:29 01:48:19 Transcript type Text TextPeopleGraphical TimelineFilter by Speaker All Speakers All SpeakersJeb HensarlingKevin McCarthySteven T. MnuchinMichael BennetSherrod BrownRichard BurrMaria CantwellBen CardinTom CarperBob Casey Jr.William "Bill" Cassidy M.D.Michael "Mike" CrapoMichael "Mike" B. EnziChuck GrassleyOrrin HatchDean HellerJohnny IsaksonClaire McCaskillBob MenendezBill NelsonRob PortmanPat RobertsTim ScottDebbie StabenowJohn ThunePat ToomeyMark R. WarnerRon WydenSearch this transcript 00:00:00 Senator:: THE ROAD WITH THE C-SPAN BUS. TODAY DONALD TRUMPS SECRETARY TREASURY NOMINEE'S TESTIFIED AT HIS CONFIRMATION HEARING. HE DISCUSSED HIS CAREER, HIS ... Show Full Text 00:09:49 SENATOR WYDEN OPENING REMARKS. SENATOR WYDEN: THANK YOU VERY MUCH, AS DETERMINED, AND WELCOME TO YOU, MR. MNUCHIN. THIS IS OUR FIRST HEARING OF THE 115TH CONGRESS,... Show Full Text 00:27:31 SENATOR HATCH SENATOR HATCH: THANK YOU, SENATOR. WE ARE PLEASED TO WELCOME 2 OF OUR HOUSE COLLEAGUES FROM THE HOUSE OF REPRESENTATIVES. FIRST, WE WILL HEAR FROM ... Show Full Text 00:27:59 REP. MCCARTHY REP. MCCARTHY: CHAIRMAN HATCH, RANKING MEMBER WYDEN, LEADERS OF THE COMMITTEE, I'M PROUD TO BE HERE TO INTRODUCE AN EXTREMELY CAPABLE INVESTOR, BANKER, ... Show Full Text 00:31:43 SEN. HATCH SEN. HATCH: WELL, THANKS, LEADER MCCARTHY. WE APPRECIATE HAVING YOU HERE AND THE HARD WORK YOU DO OVER IN THE HOUSE. LET'S GO TO CONGRESSMAN HENSARLING. 00:31:56 REP. HENSARLING REP. HENSARLING: CHAIRMAN HATCH, RANKING MEMBER WYDEN, DISTINGUISHED MEMBERS OF THE COMMITTEE, IT IS AN HONOR TO APPEAR BEFORE YOU TODAY TO SPEAK ... Show Full Text 00:35:37 REP. HENSARLING REP. HENSARLING: BUT I DO REMAIN HOPEFUL THAT THE QUESTIONING OF MR. MNUCHIN WILL BE FAIR AND FOCUSED ON HIS EXPERIENCE AND ABILITY TO FULFILL THE DUTIES... Show Full Text 00:36:02 SEN. HATCH SEN. HATCH: WELL, THANK YOU. WE APPRECIATE BOTH OF YOU COMING. WE KNOW YOU ARE BUSY IN THE HOUSE OF REPRESENTATIVES, BUT FOR YOU TO COME AND TESTIFY... Show Full Text 00:36:19 SEN. ROBERTS SEN. ROBERTS: THANK YOU, I WILL TRY TO WRAP THIS UP QUICKLY. MR. MUNCHIN -- MR. MNUCHIN, PARDON ME. PROBABLY HAPPENED TO YOU A LOT. IF YOU ARE CONFIRMED,... Show Full Text 00:36:44 MR. MNUCHIN ADMINISTRATION? MR. MNUCHIN: YES, SENATOR, I ABSOLUTELY PLEDGE TO DO THAT. 00:36:47 SEN. ROBERTS SEN. ROBERTS: I HAVE QUITE A FEW COMPANIES IN KANSAS WHO ARE INTERESTED IN YOUR VIEWS ON TAX REFORM. WE CAN TALK ABOUT THAT LATER IN THE INTEREST... Show Full Text 00:37:28 SEN. WYDEN A SUGGESTION, SIR. SEN. WYDEN: JUST ANOTHER SUGGESTION, WE HAVE A LOT OF COLLEAGUES WAITING. IF YOU COULD BE BRIEF, THAT WOULD BE 00:37:34 SEN. ROBERTS HELPFUL. SEN. ROBERTS: I WILL BE VERY BRIEF. MR. MNUCHIN, FROM THE DISTINGUISHED RANKING MEMBER'S REMARKS, I UNDERSTAND YOU ARE IN CHARGE OF THE... Show Full Text 00:37:51 SEN. BROWN SEN. BROWN: I HOPE THAT COMMENT ABOUT VALIUM DOES NOT SET THE TONE FOR 2017 IN THIS COMMITTEE. I LIKE SEN. ROBERTS, BUT I CANNOT BELIEVE HE WOULD SAY... Show Full Text 00:38:03 SEN. ROBERTS SEN. ROBERTS: I SAID THAT TO THE PRESIDENT OF THE UNITED STATES. 00:38:06 SEN. BROWN SEN. BROWN: PERHAPS YOU DID, BUT I HOPE THAT DOES NOT SET THE TONE -- 00:38:08 SEN. ROBERTS SEN. ROBERTS: I HAVE THE TIME, PLEASE. 00:38:16 SEN. BROWN SEN. BROWN: JUST OUTRAGEOUS. 00:38:21 SEN. ROBERTS SEN. ROBERTS: I DON'T KNOW ABOUT OUTRAGEOUS, BUT MAYBE A PINPRICK OF HUMOR MIGHT HELP THIS COMMITTEE FROM TIME TO TIME, WHICH I ENGAGE IN. I APPRECIATE... Show Full Text 00:38:51 SEN. WYDEN SEN. WYDEN: MR. CHAIRMAN, WE HAVE MANY COLLEAGUES WAITING. 00:38:53 SEN. ROBERTS SEN. ROBERTS: FINE, RON, I'M DONE. 00:38:56 SEN. HATCH SEN. HATCH: MR. MNUCHIN, WE WILL TAKE YOUR STATEMENT. 00:38:59 MR. MNUCHIN MR. MNUCHIN: CHAIRMAN HATCH, RANKING MEMBER WYDEN, MEMBERS OF THE COMMITTEE, IT IS AN HONOR TO APPEAR BEFORE YOU TODAY. I'M GRATEFUL AND HUMBLED BY ... Show Full Text 00:55:59 SEN. HATCH SEN. HATCH: WELL, THANK YOU, MR. MNUCHIN. WE APPRECIATE YOUR COMMENTS. I HAVE SOME OBLIGATORY QUESTIONS I ASK ALL NOMINEES WE DO ON THIS COMMITTEE. ... Show Full Text 00:56:21 MR. MNUCHIN MR. MNUCHIN: I AM NOT -- I WORKED WITH THE ETHICS OFFICE AND DISPOSED OF INVESTMENTS THAT COULD CREATE CONFLICTS. 00:56:25 SEN. HATCH SEN. HATCH: DO YOU KNOW OF ANY REASON PERSONAL OR OTHERWISE THAT WOULD PREVENT YOU FROM FULLY AND HONORABLY DISCHARGING THE RESPONSIBILITIES OF THE ... Show Full Text 00:56:33 MR. MNUCHIN MR. MNUCHIN: I DO NOT. 00:56:39 SEN. HATCH SEN. HATCH: DO YOU AGREE WITHOUT RESERVATION TO RESPOND TO ANY REASONABLE SUMMONS TO APPEAR AND TESTIFY BEFORE ANY DULY CONSTITUTED COMMITTEE OF THE ... Show Full Text 00:56:52 MR. MNUCHIN MR. MNUCHIN: ABSOLUTELY, 00:56:53 SEN. HATCH I LOOK FORWARD TO IT. SEN. HATCH: FINALLY, DO YOU COMMIT TO PROVIDE A PROMPT RESPONSE IN WRITING TO ANY QUESTIONS ASKED YOU BUY ANY -- ADDRESSED TO YOU BY ANY SENATOR OF THIS Show Less Text 00:56:59 MR. MNUCHIN COMMITTEE? MR. MNUCHIN: WELL, I PROVIDED OVER 5000 PAGES TO THE STAFF, I THINK I HAVE THE RECORD OF THAT. IF THERE IS ANY ADDITIONAL QUESTIONS, I... Show Full Text 00:57:09 SEN. HATCH PROMPTLY. SEN. HATCH: ALL RIGHT, I HAVE TO GO OUTSIDE FOR A MINUTE. INSTEAD OF MY STARTING TO QUESTION PERIOD, I WILL TURN TO THE RANKING MEMBER,... Show Full Text 00:57:23 SEN. WYDEN SEN. WYDEN: THANK YOU VERY MUCH, MR. CHAIRMAN. MR. MNUCHIN, MEDICARE FINANCES ABOUT TAXING. IT WOULD BE YOUR RESPONSIBILITY IF CONFIRMED, WITH THE... Show Full Text 00:57:52 MR. MNUCHIN ON? MR. MNUCHIN: FIRST OF ALL, SENATOR. THANK YOU VERY MUCH. I APPRECIATED THE OPPORTUNITY FOR US TO MEET YESTERDAY AND THE OPPORTUNITY TO TALK... Show Full Text 00:58:21 Senator:: >> IF YOU ARE CONFIRMED, MR. MNUCHIN, YOU'D BE THE MANAGING TRUSTEE FOR MEDICARE. WOULDN'T YOU LIKE TO OFFER SOMETHING BY WAY OF DISCUSSION ABOUT WHAT YOU WOULD BE DOING IF CONFIRMED? THIS IS AN IMPORTANT PART Show Less Text 00:58:42 MR. MNUCHIN OF THE JOB. MR. MNUCHIN: SENATOR, I ACKNOWLEDGE IT IS AN IMPORTANT PART OF THE JOB. THERE ARE MANY PARTS OF THIS JOB THAT I CONSIDER MYSELF AN EXPERT ON AND UNDERSTAND AND THERE ARE CERTAIN PARTS OF THIS JOB THAT IF CONFIRMED, I WILL WORK DILIGENTLY WITH THIS COMMITTEE AND OTHERS AND THERE IS OBVIOUSLY A SIGNIFICANT STAFF. THIS IS A VERY IMPORTANT ISSUE AND I AM COMMITTED TO BE VERY RESPONSIBLE IN MY POSITION THERE AND MAKE SURE I PROPERLY PROVIDE THE SUPPORT FROM THE TREASURY DEPARTMENT AND I WOULD TAKE MY RESPONSIBILITY VERY SERIOUSLY. Show Less Text 00:59:19 Senator:: >> WITHOUT ANY SPECIFICS ON A MATTER THAT IS SO IMPORTANT YOU WOULD HAVE DIRECT RESPONSIBILITY, I FIND IT VERY TROUBLING YOU WILL NOT DISCUSS MEDICARE. LET'S GO TO TERRORISM FINANCING. THE COUNTRY IS FINANCED FIGHTING ISIS AND OTHER TERRORIST GROUPS AND THE TREASURY DEPARTMENT PLAYS A KEY ROLE IN FIGHTING THIS BATTLE. WHAT WOULD BE YOUR IDEA ON ADDITIONAL ACTIONS FOR STRENGTHENING HEALTH DEPARTMENT FIGHTS TERROR? Show Less Text 00:59:50 MR. MNUCHIN MR. MNUCHIN: LET ME FIRST SAY I STRONGLY BELIEVE AND UNDERSTAND THAT THERE ARE VERY IMPORTANT TOOLS WITHIN THE TREASURY DEPARTMENT THAT CAN COMBAT TERRORISM. MANY OF THESE TOOLS, SUCH AS SANCTIONS, ARE EXTREMELY EFFECTIVE AND KEEP THE ARMED SERVICES OUT OF HARM. SO, I AM FULLY COMMITTED TO THE MAXIMUM AMOUNT OF LAW TO BOTH ENFORCE THE EXISTING SANCTIONS IN A VERY STRICT WAY AND I WILL WORK WITH THE PRESIDENT ELECT AS HE SEES FIT ON ADDITIONAL SANCTIONS AND THERE ARE ALSO OTHER PROGRAMS WITHIN THE TREASURY THAT I BELIEVE ARE VERY EFFECTIVE IN FIGHTING TERRORISM. IT IS A VERY IMPORTANT PART OF THE TREASURY AND I KNOW THAT THAT HAS BEEN DONE VERY EFFECTIVELY UNDER PREVIOUS ADMINISTRATIONS. Show Less Text 01:00:39 Senator:: >> WE ALL AGREE IT IS IMPORTANT. WE ARE TRYING TO ASSESS YOUR QUALIFICATIONS. YOU HAVE NOT BEEN WILLING TO TALK ABOUT MEDICARE OR SPECIFICS ON TERROR. LET ME TAKE ONE MORE CRACK ON QUALIFICATIONS ON THE COMMITTEE ON FOREIGN INVESTMENTS BECAUSE THIS IS SOMETHING ELSE AS TREASURY SECRETARY YOU WOULD HAVE A RESPONSIBILITY. WHEN A FOREIGN INVESTOR MAKES AN INVESTMENT INTO THE UNITED STATES IT HAS NATIONAL SECURITY IMPLICATIONS. IF A FOREIGN INVESTOR INVEST INTO MR. TRUMP'S BUSINESS, SHOULD THE COMMITTEE ON FOREIGN INVESTMENT AUTOMATICALLY AND WITH CLOSE SCRUTINY EXAMINE THE Show Less Text 01:01:23 BERNIE SANDERS TRANSACTION. BERNIE SANDERS: YES, THAT IS IMPORTANT, BUT LET ME GO BACK TO YOUR OTHER QUESTION. 01:01:28 Senator:: >> I IS NOT SEARCHING FOR ANY SPECIFICS IN ORDER TO BE ABLE TO ASSESS YOUR QUALIFICATIONS. 01:01:35 MR. MNUCHIN MR. MNUCHIN: SENATOR, AGAIN, I BELIEVE THERE ARE SOME VERY IMPORTANT SANCTIONS AS IT RELATES TO THE SANCTIONS AGAINST IRAN AND OTHER COUNTRIES. I WOULD ABSOLUTELY ENFORCE THOSE AND ENCOURAGE THE PRESIDENT TO USE ADDITIONAL SANCTIONS WHEN APPROPRIATE. I ALSO UNDERSTAND THERE ARE CERTAIN CLASSIFIED PROGRAMS THAT I WILL BE PART OF AT THE NSA AND I WILL USE THAT AND WORK WITH THE NATIONAL SECURITY GROUP TO THE MAXIMUM AMOUNT THAT IS AVAILABLE BY LAW. Show Less Text 01:02:05 Senator:: >> SO, WE DID NOT HEAR WHAT YOU WOULD DO TO FIGHT ISIS, WE DID NOT GET ANY SPECIFICS ON MEDICARE. NOW LET'S HEAR ABOUT THIS MOST CURRENT QUESTION WITH RESPECT TO THE COMMITTEE ON FOREIGN INVESTMENT. WHAT WOULD YOU DO IF YOU WERE DEALING WITH PRESIDENT TRUMP'S Show Less Text 01:02:25 MR. MNUCHIN BUSINESS. MR. MNUCHIN: I WOULD DEAL WITH IT NO DIFFERENT THAN I WOULD DEAL WITH ANY BUSINESS THAT COMES BEFORE THE COMMITTEE AND I WOULD TAKE MY ROLE AS CHAIR OF THE COMMITTEE VERY, VERY SIGNIFICANTLY. I THINK IT IS A VERY IMPORTANT ISSUE. I THINK WITH PREVIOUS SECRETARIES, THEY HAVE NOT ENFORCED SOME OF THESE THINGS. NOT NECESSARILY AS MUCH AS THEY SHOULD HAVE IN PROTECTING THE AMERICAN WORKERS, AMERICAN PEOPLE, AND AMERICAN TECHNOLOGY. THIS IS ONE OF THE MOST IMPORTANT JOBS I WOULD HAVE AS SECRETARY OF THE TREASURY. >> THE PRESIDENT IS NOT LIKE ANYBODY ELSE. HE IS THE COMMANDER IN CHIEF AND ANY FOREIGN INVOLVEMENT IN HIS BUSINESS COULD COMPROMISE NATIONAL SECURITY. @@@@ BEGIN 2ND VIDEO HERE 0 'Mnuchin on his shell companies and tax loopholes' @@@@

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01:11:56 Senator:: >> LIKE I TOLD YOU WHEN WE MET IN THE OFFICE, I DON'T HAVE ANY GOTCHA QUESTIONS OR I WOULD LET YOU KNOW. LET ME GO ALONG THE LINE OF THE FIRST STATEMENT I WANT TO MAKE. I DON'T EXPECT YOU TO ANSWER UNLESS I HAVE SOME MISUNDERSTANDING OF OUR POSITION DISCUSSED IN MY OFFICE. PROGROWTH TAX REFORM WILL BE A TOP PRIORITY FOR YOU AND I AGREE AND LOOK FORWARD TO WORKING WITH YOU AND THE PRESIDENT ELECT ON THAT POINT AS PART OF ANY TAX REFORM PROPOSAL. IT WILL BE IMPORTANT THAT ADEQUATE TRANSITION RULES ARE INCLUDED TO PROVIDE A SMOOTH TRANSITION FOR BUSINESSES THAT MAY BE UNPREDICTABLY NEGATIVELY IMPACTED. AS WE DISCUSSED, CONGRESS HAS EFFECTIVELY PUT IN PLACE TRANSITION RULES FOR SOME ALTERNATIVE ENERGY, INCLUDING WIND. THE PRODUCTION TAX CREDIT IS CURRENTLY SCHEDULED TO PHASE OUT OVER THE NEXT FEW YEARS, ENDING IN 2020. BASED UPON OUR CONVERSATION, I BELIEVE WE ARE IN AGREEMENT THAT YOU WOULD SUPPORT THE CURRENT PHASE OUT AS PART OF ANY TAX REFORM PROPOSAL.

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Senator:: >> THANK YOU, MR. CHAIRMAN. AND WELCOME. CONGRATULATIONS ON YOUR NOMINATION AND WELCOME TO YOUR BEAUTIFUL FAMILY AS WELL. I DO WANT TO FOLLOW-UP UP ON INFORMATION WE JUST RECEIVED LAST NIGHT THAT WERE ADDITIONS TO YOUR RECENT FINANCIAL DISCLOSURES. I HAVE NOT HAD A LOT OF TIME TO TAKE A LOOK AT THAT. WE JUST RECEIVED IT LAST NIGHT, BUT YOU FAILED TO INCLUDE YOUR POSITION AS A DIRECTOR OF THE CAYMAN ISLANDS CORPORATION AS WELL AS THE MANAGER CHAIRMAN OR DIRECTOR OF SEVEN ADDITIONAL SHELL CORPORATIONS AND HOLDING COMPANIES, NEARLY $100 MILLION IN REAL ESTATE, AS WELL AS A NUMBER OF OTHER THINGS, INCLUDING $956,000 WORTH OF ARTWORK. AS TREASURY SECRETARY, AND AS WE GO INTO TAX REFORM, WOULD YOU SUPPORT CLOSING TAX LOOPHOLES IN THE U.S. TAX CODE THAT EXTREMELY WEALTHY PEOPLE USE, AS YOU YOURSELF HAVE USED TO AVOID PAYING TAXES? WE HAVE HEARD ABOUT THE CAYMAN ISLAND FOR MANY YEARS. IN THE BUILDINGS THAT HAVE HAD THOUSANDS OF COMPANIES THAT HAVE USED THEM AS ADDRESSES. AND WOULD YOU BE WILLING TO CLOSE THOSE LOOPHOLES? Show Less Text 01:19:03 MR. MNUCHIN MR. MNUCHIN: FIRST OF ALL, LET ME COMMENT. I APPRECIATED THE OPPORTUNITY TO MEET WITH YOU AND I TRAVEL TO YOUR STATEMENT TIMES AND HAVE GREAT ADMIRATION FOR YOUR STATE. THE PRESIDENT ELECT HAD A VERY SIGNIFICANT ECONOMICS SPEECH IN DETROIT AND WE HAVE BEEN VERY FOCUSED ON TIME IN YOUR STATE. I APPRECIATE EVERYTHING YOU HAVE DONE. LET ME JUST COMMENT ON -- I REALIZE LAST NIGHT HE DID GET A MEMO ON SOME CHANGES TO MY SENATE QUESTIONNAIRE. SO THANK YOU FOR GIVING ME THE OPPORTUNITY TO COMMENT. I THINK, AS YOU CAN ALL APPRECIATE, FILLING OUT THE US GOVERNMENT FORMS IS QUITE COMPLICATED. EVER MANY THINGS I EXPECTED IN THIS JOB, INCLUDING HAVING TO SELL EVERYTHING, BUT THE AMOUNT OF PAPERWORK AND FILLING OUT THE FORMS, EVEN FOR ME, HAVING EXPERIENCED IN BUSINESS, WAS QUITE A JOB. IN AN EFFORT TO GET THE COMMITTEE INFORMATION EARLY, WE SUBMITTED A PRELIMINARY QUESTIONNAIRE PRIOR TO US HAVING THE 278 FORM FINISHED IN PRIOR TO SIGNING THE AGREEMENT WITH THE ETHICS OFFICE. THE ME FIRST SAY THAT ANY OVERSIGHT WAS UNINTENTIONAL. YOU DID MENTION THAT THERE WAS $100 MILLION OF REAL ESTATE. I WAS ADVISED BY MY LAWYER THAT WE DID NOT NEED TO DISCLOSE THAT ON THE QUESTIONNAIRE BECAUSE IT DID NOT NEED TO BE DISCLOSED ON THE 278. THERE WAS CONFUSION ABOUT THE COMPLEXITY. WE WORK TIRELESSLY WITH THE COMMITTEE STAFF AND I WANT TO THANK ALL THE STAFF, I KNOW THEY WORKED VERY LONG HOURS. AS I SAID, THEY WERE EXTREMELY THOROUGH. I APPRECIATE THEIR WORK. WE DELIVERED OVER 5000 PAGES AND I CAN ASSURE YOU THEY ACTUALLY READ ALL THOSE 5000 PAGES BECAUSE WHEN I HAD THE OPPORTUNITY TO MEET WITH THE STAFF, WITH MY LAWYERS AND ACCOUNTANTS, WE ANSWERED VERY SPECIFIC QUESTIONS. 12103 this section ends