The Senate voted on Monday to confirm Steven Mnuchin to be secretary of the Treasury.
The former Goldman Sachs executive was confirmed by the Senate in a 53-47 vote. The president chose Mnuchin for this post based on his business background, his ability to create jobs, and support for a pro-growth agenda.
"Steve Mnuchin is a world-class financier, banker, and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs," Trump has said.
"He purchased IndyMac Bank for $1.6 billion and ran it very professionally, selling it for $3.4 billion plus a return of capital," Trump said. "That's the kind of people I want in my administration representing our country."
While many Republicans expressed their support for Trump's pick, Mnuchin has come under fire from Democrats who claim he used offshore hedge funds to avoid paying taxes.
For instance, Sen. Sherrod Brown (D., Ohio) said he is voting no on Mnuchin's confirmation because of the nominee's background. "The president-elect talked about draining the swamp, but what we're seeing increasingly is a White House that looks like a Goldman Sachs executive retreat," Brown said.
During his confirmation hearing, Mnuchin assured lawmakers that he paid all of his taxes and would work with the IRS to ensure that taxes are collected. Mnuchin has also expressed his support for rolling back regulations and lowering taxes.
"Our most important priority is sustained economic growth, and I think we can absolutely get to sustained 3 or 4 percent GDP, and that is absolutely critical for the country," Mnuchin has said. "By cutting corporate taxes, we're going to create huge economic growth, and we'll have huge personal income."