Senate panel approves Mnuchin as Treasury secretary

Markets Associated Press

FILE - In this Jan. 19, 2017 file photo, Treasury Secretary-designate Steven Mnuchin testifies on Capitol Hill in Washington at his confirmation hearing before the Senate Finance Committee. Republicans on Wednesday, Feb. 1, 2017, muscled through ... President Donald Trump’s nominees for Treasury and Health after the majority GOP suspended committee rules, a power grab in the latest escalation of partisan tensions in Congress. (AP Photo/J. Scott Applewhite, File) (The Associated Press)

A Senate panel is approving President Donald Trump's choice of financier Steven Mnuchin as Treasury secretary.

Continue Reading Below

The approval by the Senate Finance Committee on Wednesday came over objections from Democrats who boycotted the committee vote. They have criticized Mnuchin for how he handled thousands of mortgage foreclosures at failed subprime mortgage lender IndyBank, which Mnuchin took over and renamed OneWest.

Democrats, who are demanding Mnuchin supply the committee with more information, charged that Trump's selection of a former top executive at Goldman Sachs shows that the president is not serious about keeping Wall Street greed in check.

Republicans said Mnuchin's long tenure in finance is an ample prerequisite for the Treasury job. The nomination must still be approved by the full Senate.