Story highlights
Steve Mnuchin isn't only set to become Treasury secretary
He's also a movie producer
On Monday, the Senate confirmed Steve Mnuchin to become President Donald Trump’s Treasury secretary. Mnuchin is not only a former hedge fund manager and banker – he’s also credited as the producer on more than 30 movies.
So what kind of economy would Mnuchin be inheriting as the head of the Treasury? What are his plans for the US economy? We thought it’d be most appropriate to explain it in GIFs from some of his films.
The back story
First of all, the Federal Reserve’s interest rate went up at the end of 2016. That means credit card and mortgage rates would go with it. Like a punch to the gut and/or the face.
The unemployment rate in January was 4.8%. It hovered between 4.7% and 5% in 2016.
The stock market saw record highs during the first month of Donald Trump’s presidency. On Monday alone, the Dow, S&P 500 and Nasdaq each soared to all-time heights.
The US debt is estimated at more than $19 trillion. When Obama took office in January 2009, the debt was $10.6 trillion.
During the last three months of 2016, the economy saw a growth rate of 1.9% – the slowest since 2011. President Trump is trying to give Americans something to hope for by promising to boost that to 4%.
Median household income in the US rose to about $56,000 in 2015. That’s more than a 5% increase from 2014. We can all drink to that.
Coming attractions
So what is Mnuchin wanting to do at Treasury? Well, first he had to face off with Democrats on the Senate Finance Committee.
Remember that time the housing market exploded? Mnuchin felt the heat for his involvement with IndyMac, the sub-prime home loan lender that he bought in 2009.
After a delay, Mnuchin made it past the Senate with a 53-47 vote. Now Mnuchin wants to implement a “bold economic agenda.”
Mnuchin told CNBC that he wants to do the largest tax overhaul since President Ronald Reagan’s administration. President-elect Trump has previously said that he wants to slash the tax brackets from seven to three.
In the same interview, Mnuchin promised corporate tax rates will fall in an effort to encourage domestic job growth.
Want more info? Check out the Mnuchin coverage from our friends at CNN Money.
CNN Tom LoBianco, Ted Barrett, Chris Isidore, Paul R. La Monica, Tami Luhby, Jeanne Sahadi, Jill Disis and Patrick Gillespie contributed to this report.
