mr. mnuchin failed to do this as well. on his initial paperwork, committee staff noted mr. mnuchin listed membership in a vacation resort in mexico, but he didn't disclose any related property. and that was the only -- that was only the first case of missing mnuchin real estate. after questioning by committee staff, mr. mnuchin disclosed still more missing mnuchin real estate, an additional $95 million in real estate holdings that have not been listed -- had not been listed on his initial paperwork. the fact is the committee had to take the time and ask the questions to track down these multimillion dollar properties, mr. mnuchin's unreported businesses and his undisclosed business relationships. and i will say again, madam president, i am convinced that none of what i have described is undisclosed assets, substantially undisclosed assets would have ever been brought to light if it wasn't for the work of the committee's minority staff investigators. and yet despite these efforts, mr. mnuchin still has never produced the information requested by two members of the finance com

mr. mnuchin was ruthless. what did mr. mnuchin have to say about all of this when we asked him during his confirmation hearing during the senate finance committee? he dodged responsibility at every step. first he blamed indymac for the quality of mortgage loans. then he blamed government regulations which he falsely claimed forced his bank to kick people out of their homes, and if that wasn't enough, mr. mnuchin had the audacity to tell us that he didn't -- that his bank did not robosign documents despite clear evidence, clear evidence to the contrary. to make matters worse, mr. mnuchin had the gall to call onewest a loan modification machine. he repeatedly misled the committee that onewest provided more than 100,000 loan modifications, when in fact they had modified less than a quarter of that amount. and on top of misleading the committee, mr. mnuchin has been unwilling to provide information on the number of borrowers that lost their homes during the time that he ran the bank. we believe that number is at least 60,000 fa

mr. mnuchin and get sufficient to satisfy mr. heller who state had a large number of onewest foreclosures. so in my mind that raises the question about why a republican senator could get his inquiry answered, but a pair of democrats could not. getting of the basic facts from mr. mnuchin was pretty much a an painful time like the dentist pulling teeth. here's an example the finance committee request all nominees list all positions held as an officer, director trustee, partner provider agent rep or consult with any corporation, company, firm partnership, other business enterprise or educational or otherwhen institution. when mr. mnuchin filed his paperwork with the committee, he signed them attesting that the document was true, accurate and complete. however, it became apparent to many staff that information was missing, in particular sec filings indicated that mr. mnuchin was director of dune capital international. that's an entity located in the cayman islands. it was nowhere to be found in mr. mnuchin's paperwork..e he also fail

mr. mnuchin and mr. cavanagh became great friends. bought a. mnuchin private jet together and travel to various film festivals around the world. they were even investing in real estate together. they put millions into a shell , which owns property in southern california. of 2014, mr. mnuchin decided to buy into mr. cavanagh 's maybe studio himself. he purchased a steak and was -- movie cochairman studio himself. and wasased a stake appointed cochairman. unfortunately, mr. mnuchin's time with relativity didn't go so hot. the studio014, suffered eight or nine figure losses. , the studio came to an end, that it owed one west and mr. mnuchin a huge sum of money. quit the board. a few days later, 50 million dollars in cash were swept back to one west from several relativity operated accounts. one account was earmarked to pay guild expenses, salaries for contractors and production people. that put the nail in , and they's coffin studio declared bankruptcy. ,his might have been a big mess but it did not do much damage to the bank's bottom line. around

mr. mnuchin's bank. so, senator casey put the question to mr. mnuchin untiling writing after mr. mnuchin had his finance committee hearing. senator casey asked, pretty simple: did onewest robosign documents? this is a straightforward question, and based on the public record, the answer should have been a straightforward yes. instead mr. mnuchin replied, onewest bank did not robosign documents. now, madam president, years of documented proof says that is false. so the committee gave mr. mnuchin an opportunity to amend his response. once again mr. mnuchin denied the truth. first he said the concept of robosigning generally referred to distinct but related issues, a sign of a foreclosure affidavit attested to facts that were not verified to be accurate. or a siren of a foreclosure -- a signer of a foreclosure affidavit represent test.avit represent test. test. test. test. test. test. test. test. test. trying to kick me out of our family home. how was i supposed to know if what i was told wasn't true? what am i supposed to do now? my understanding is that in such circumstances, financ

mr. mnuchin. mr. president, i'd like to remind my colleagues that despite the numerous concerns that i and others have had about secretary lew and the many significant disagreements that i had with president obama's agenda, i voted in favor of secretary lew's confirmation. on this very floor, i stated the following -- quote -- "i have always believed that the president -- any president -- regardless of party is owed a certain degree of deference when choosing people to work in his administration. therefore, though i personally would have chosen a different person for this position, i intend to vote in favor of mr. lew's confirmation." i wasn't alone. many other republicans also voted to confirm secretary lew despite serious reservations. in recognition that the president had a right to appoint who he wanted to as long as they were not out and out crooks and weren't people of unsavory representation. well, mr. lew was not either of those. my, how times have changed as is typically the case when a group

mr. mnuchin's bank. they tweeted out an allegation of fake news because the elderly woman never what they put her through certainly was not fake news.s to her for her and others who are up against this activity while one west is putting thousands of homeowners through the nightmare of foreclosure, in mr. minasian use the banks money to make some flashy investments in hollywood. in september 2012 they led a group of financial institutionsn about a revolving credit facility for the hundreds of thousands of dollars. that was a movie studio led by flamboyant executive named ryan cavanaugh. >> they also claim that they became good friends. in fact, though mr. cavanaughte will otis bank hundreds of millions of dollars, he and mr. mnuchin bought up private jet together and then travel to various kinds of film festivals around the world. they're investing real estate together and they put millions into the show company which owned property in southern california. of in october 2014 he decided to buy it to mr. ca

mr. mnuchin: mr. president, i want to thank you for this extraordinary opportunity to serve you and the people as the secretary of treasury. it has been a great experience to travel around the country with you for the last year, seeing so many parts of the country and meeting hundreds of business leaders. i share your economic vision and goals and am committed to working with you to connect -- enact policies to grow the economy and make better economic opportunities for all americans. i would also like to thank vice president pence for the honor of swearing me in and for all of your support in this job. there have been so many people that have helped me in this process and i want to thank them all as they helped prepare me for the role of secretary and i want to thank them. it is a great honor to follow in the footsteps of alexander hamilton and so many great treasury secretaries. i look forward to working with the entire, great staff of the treasury department. i am committed to using the full powers

mr. mnuchin saying growth would come towards the end of next year, a time period likely further out than traders anticipated. there was also some concern that mr. mnuchin's emphasis on middle income tax cuts first meant that corporate tax cuts may not be as great as anticipated. tech and industrial stocks, which would be a big beneficiary of cut were weaker on the day. traders raised their eyebrows on mr. mnuchin's acknowledgement that the stock market rally has been a report card on the trump administration, implying that the market had given the president essentially an a. this is an extraordinary claim for a treasury secretary which had been historically neutral on markets, particularly something as sensitive as stocks. and the dollar. it's also a very dangerous game to be playing since if you live by the stock market, you can die by the stock market. >> rising interest rates are apparently not slowing down home prices. a new report from the federal housing finance agency shows an increase of more than 6% in the fourth quarter of last year from the year prior. some of that increase is

mr. mnuchin. what struck me is i was sitting in the same committee room as our respected chairman, senator hatch. i'm sitting in the same room and i heard these two nominees lie to the committee. lie to the committee. not sort of -- sort of a trumpian lie. not kind of at the edge, sort of misspeak or kind of confuse things, but outright lie. senator mnuchin -- mr. mnuchin, he forgot, he forgot he had a $100 million investment, i believe, somewhere in the caribbean. i don't know if too many staff here or even of my fellow members who are better off than pmbers who are better off than he forgot he had $100 million investment somewhere in the caribbean. what are these two nominees -- then he told the committee he said his bank, 11 must that he was in charge of for a number of years, that they didn't do any robo signing. what are robles signings? one it's a way that his bank staff signed document after document very quickly without looking at those and ended up causing foreclosures in my state. hundre

mr. mnuchin said about mortgage foreclosures and mortgage modifications. of course a modification is a lot better circumstance for a homeowner. but just coming into the treasury secretary job with that kind of record causes me great concern, and it's one of several reasons why i'll vote against his confirmation. but when you step back and put it in the context of this administration and those promises that you saw by candidate donald trump as opposed to the actions of president donald trump, i think the country is justifiably concerned and i think it's our job to hold both the treasury secretary, were he to be confirmed, and the president accountable. senator schumer: one other point while we're talking about broken promises. candidate trump campaigned as a friend of the working people he -- and he nominated for labor secretary someone who is so anti-working people that it's appalling. tonight there's even consternation on the republican side about his moving forward. and i would urge president trump to withdraw the nomination of the labor secretary as wel

mr. mnuchin and jeff sessions should get on the case quickly.this article, which i have to say the "wall street journal" has written about it quite often in an accurate way, suggests the first and easiest thing for mr. mnuchin to do in terms of financial regulation is to drop this appeal. already that would start the ball rolling of some sensible and easy to do financial deregulation without the need of passing laws. something to watch and a good sign of further things to come, to withdraw insurance companies from that too big to fail bracket. something they can do without congressional approval. >> ahead of mnuchin's interview tomorrow on "squawk box," perhaps this will be something that is discussed. >>> as for what is coming up on "squawk box" today, let's go live to new york for a preview from joe kernen. good morning. >> that all depends. i need -- i vent talked to you in a while. >> no. i missed you. where have you been? >> i was only out one day. i need to talk about -- i get a lot of my euro stuff -- my euro updates, euro analysis from y

mr. mnuchin has to say.ns about the tax policy, we talked about whether the markets have moved on a perspective tax policy or not. the s&p 500 up about a point and a half. nasdaq looking to open slightly down

mr. mnuchin tomorrow but let me say this. the last eight years americans had to endure an economy that failed to live up to its potential. part of the problem was the regulatory avalanche of the last administration. it's time to finally move toward a modern regulatory framework instead, one that appropriately manages risk while promoting growth and job creation. the president has started providing relief already that will move us toward that goal. steve mnuchin can help do more. he also has an important role to play in the effort to make our tax system simpler and more conducive to the kind of economic growth and job creation we should all want. it won't be easy to get that done. we need someone like steve mnuchin working with both parties to make it happen. the treasury nominee is smart, capable, and he's got impressive private sector experience. we need him confirmed as soon as possible so he can begin to tackle these challenges and reverse the last eight years of economic heartache. the presiding officer: under

mr. mnuchin has to say.ots of questions about the tax policy, we talked about whether the markets have moved on a perspective tax policy or not. the s&p 500 up about a point and a half. nasdaq looking to open slightly down. what you're looking at now overnight in asia is a marginally down picture. stocks in hong kong and china fell by a third of a percent. look at european equities. looking at a mixed picture. i will call this all quite marginal. a quick look at crude. bouncing back after a drop of more than 1% yesterday. a barrel will cost you 54.30. >> here are the big stories we're watching. tesla posting a wider than expected loss, but the model 3 is on track for volume production in september. musk also announcing the cfo has decided to leave, and he will be replaced by the first cfo. weekless jobless claims out at 8:30 a.m. eastern time. claims have been below 300,000 for 102 straight weeks, the longest stretch since 1970. a pair of fed officials are speaking today. atlanta fed president dennis lockhar

mr. mnuchin. what struck me is i was sitting in the same committee room as our respected chairman, senator hatch. i'm sitting in the same room and i heard these two nominees lie to the committee. lie to the committee. not sort of -- sort of a trumpian lie. not kind of at the edge, sort of misspeak or kind of confuse things, but outright lie. senator mnuchin -- mr. mnuchin, he forgot, he forgot he had a $100 million investment, i believe, somewhere in the caribbean. i don't know if too many staff here or even of my fellow members who are better off than most of the country financially. i don't know too many people that would forget they had a $100 million investment somewhere. he forgot to tell the committee that. that was pretty bad. but then, then he told the committee in a question and answer to me, he said that his bank, one west that he was in charge of or he was a c.e.o. for a period of years, that they didn't do any robosignings. what are robosignings? robosignings are a way that his bank st

mr. mnuchin on the hill by senator cantwell was a little more ambiguous on this issue. i wish you could say something on where this is going. >> we've got to get a treasury secretary confirmed. i think that when we sit here and get asked questions about policy and you go department after department, whether it's treasury, energy, epa, hhs, hud, education, the list goes on and on. you ask about issues and where the president's agenda is. the reason the president nominated these highly qualified people was to implement his agenda. senate democrats continue to hold that up. you're asking us about how we're going to move forward on an agenda. at the same time, the democrats are holding up the confirmation of these highly qualified people. until that occurs, it makes it a heck of a lot harder. major garrett. >> broad topic i'd like your take on which is dissent within the administration. specifically related to the president's lunch with rex tillerson today. over 1,000 employees said that. it is the president's position rex tillerson when confirmed should go through the proc

mr. mnuchin, the upcoming treasury secretary who will be confirmed. he will have to work with him. you have to understand. figure these things out. we need people running the government of high-end intelligence. they don't like bannon because he is irish, white, and very bright. they consider that a threat. nancy pelosi calling him a white supremacist, that is going to far. he is not a white supremacist. he is a nationalist. what is wrong with being a nationalist versus a globalist? ok. importantnon is an figure in the space. what the caller was referring to speaks to the issues around this label. at one point last summer in an interview with the wall street journal he said that breitbart news, which he was running at the time, was a platform for the alt-right. at the time it did not have this nationalist connotation. when it did become perceived as a white nationalist movement, bannon disavowed the term and said that is not what breitbart news is. democrats have seized on that comment and have made a lot of political hay out of it. at the time i think he was trying to express that

mr. mnuchin who lied to the committee about a $100 million investment he had which he forgot about. of course people forget about $100 million investments they have. he lied to the committee about some of the things he did at one west bank. a whole host of these nominees aren't qualified and their ethics are questionable. but i'm not seeing, other than senator murkowski and other than senator collins, i'm not seeing any of my republican colleagues, out of fear of this president, fear of this president personally attacking them, public clib and personal -- publicly and personally, i have seen them shrink back from doing their constitutional duty and voting their conscience. i hope maybe today, maybe in senator sessions' vote which i believe will be tonight, that some of my republican colleagues will realize they need to do their jobs. they need to stand up for what they believe when they realize this attorney general designee, senator sessions, a colleague i like personally but a colleague that's simply not prepared. he's not independent. he's not had a record of support for voting r

mr. mnuchin didn't seem to put the order right.porate tax reform. the market said maybe this order is not quite right. companies that benefit the most were down a little bit. we had problem in the morning and turned it around late in the afternoon. >> it's enough to put us in record territory again. number ten in a row for the dow up 27 points. stay tuned. a lot of earnings coming your way on the second hour of the "closing bell" with kelly evans and company. see you tomorrow, kel. >>> thank you, bill. welcome to the "closing bell", everybody. i'm kelly evans and we are finishing with a tenth straight record close for the dow jones industrial average. 33 points higher to close above 20,800 for the first time now. just incredible to watch this one keep going. s&p 500 which was down. the dow was the only index higher yesterday. it's continuing its winning streak with the 33 point gain. the s&p turned back into the green albeit only by a point to 23.63. the nasdaq and russell meantime continue to skid today. the nasdaq dropping almost

mr. mnuchin, when he was queried on the hill by one of the authors of the bills, was a little more ambiguous on this issue. i would you -- i wish could you say something more. mr. spicer: we've got to get a treasury secretary confirmed. i think that when we sit here and get asked questions about policy, and you go department after department, whether it's treasury, you know, energy, e.p.a., h.h.s., h.u.d., education, the list goes on and on, and so you ask about issues and where the president's agenda is, well the reasons the president nominated these highly qualified people was to implement his agenda. and senate democrats continue to hold that up. i think when you -- you can't -- you're asking us about how we're going to move forward on an agenda, whether it's glass-steagall or so many other issues. at the same time the democrats are holding up the confirmation of these highly qualified people. until that occurs, it makes it a eck of a lot harder. reporter: the president's position is consistent. broad topic. to set within the administration, specifically related to the president's lunch w

mr. mnuchin's confirmation, that only reinforces goldman's presence. tactlessness, not corruption. unlike mr. rubin, he is relentless, restless and happiest at the front. his point is that when those executive orders on financial deregulation have been signed, gary cohn has been standing by the president. he did a whole series of interviews straight afterwards on that same day. and this is bad for wall street to be closely associated in terms of financial policy moving forward from other people i talked to on wall street in terms of in banking areas, they are worried that it's going to be seen that whether it's donald trump and various billionaires that he's close to, whether it's people on his advisory council like steve schwarzman and gary dimon, it will be framed as if the banks themselves are writing the policy that is going forward and governing them. if you get another mistake down the line, it will be such fodder forev for the anti-wall street groups. the title is vastly exaggerating it. i don't think he's embarrassing goldman sachs or anyone at

mr. mnuchin according to all the press reports and what i see there.t about the reality of what china is actually doing with its currency? are they devaluing it illegally or trying to move it the other way? >> two different chinese responses to two different u.s. policies. and on this topic and on a couple of different topics, it seems like the white house is speaking with more than one voice. what's really going on? i think that some of the people working for the trump administration, including the treasury secretary, are trying to reconcile the rhetoric that president trump has used during the campaign and then after the campaign, saying that china is purposely trying to keep the yuan down and intervening to keep it down versus the reality. that may have been true four years ago. now china is actually, to the extent it is intervening, it's intervening to keeping the currency from going down. the yuan wants to go down and china is intervening to keep it up. so the real challenge that u.s. policy makers face isn't to twist china's arm to get them to tr

mr. mnuchin, when he was on the hill by senator cantwell, the author of one of the bills was ambiguous on this issue, and i wish you could say something where this stands? >> we've got to get a treasury secretary confirmed, and i think that when we sit here and get asked questions about policy and you go department after department, whether it's treasury, energy, epa, hhs, hud, education. list goes on and on, you ask about issues and where the president's agenda is. the reason the president nominated the highly qualified people is to implement his agenda. senate democrats continue to hold that up. you are asking about how we're going to move forward on agenda whether it's glass-steagall or so many other issues, the democrats are holding up the confirmation of the highly qualified people. until that occurs, it makes it a heck of a lot harder major garrett? >> reporter: a broad topic to take on, dissent within the administration and specifically related to the president's lunch with rex tillerson today. [inaudible] is it the president's position rex tillerson should go through the formal pr

mr. mnuchin inquired on the hill by senator can wewell was a bit ambiguous. >> yeah, we've got to get a treasury secretary confirmed and when we sit here and get asked questions about policy and you go department after defendant whether it's treasure, energy, epa, that hhs, hud, education, the list goes on and on and so you ask about issues and where the president's agenda is, well the reason the president nominated these highly qualified people was to implement his agenda and the senate democrats continue to hold that up. and you're asking us about how we're going to move forward on an agenda, and at the same time the democrats are holding up the confirmation of these highly qualified people until that occurs it makes it a heck of a lot harder. >> but the still supports glassed eagle? >> if president's position is consistent. >> dissent within the administration, and rex tillerson today more than a thousand employees, foreign officers and others signed this, is it the president's position once confirmed he should go to the process and have a dialogue, and when there's dissent it can be routed a

mr. mnuchin's records to suggest he could stand up to wall street. >> our friends are trying to slow walkersclearly, we should have a cabinet in place by now. under normal circumstances, we would. that would allow us to be back on the legislative calendar. >> among the other deadlines, the debt ceiling due to expire in mid-march but can have some flexibility. government funding is due to run out february 28, congress will need to pass another continuing resolution for the remaining bills. then there is reauthorization of the federal aviation administration come up, must be signed into law with another goal of moving toward a next-generation aviation system added to it. and individual members of congress have their own priorities as well. >> there are a lot of things we want to work with the administration on, we want to work with them on tax reform. i want to work with them on a bilateral trade agreement with the united kingdom. >> the calendar gets tighter with recesses and work. creates when lawmakers are back in their home states. there is also an awareness that if republicans falter, dem

mr. mnuchin did not answer their questions correctly and in a straightforward manner in their sworn testimony last month. now, what the republicans decided to do was, instead of -- there were two options. she could either see donald trump send these two nominees, install these two nominees on his own by a recess appointment, something he could do under his constitutional authority, or take this dramatic step of suspending the rules altogether and pushing these nominees through to the floor on their own accord. and that is the course they took. now, democrats are outraged by this. they put out a letter just moments before this 9:30 hearing and said they wanted a bunch of answers to questions that they believe that price and mnuchin did not answer correctly in their hearing. but they're not going to get answers to those questions as republicans take matters into their own hands, believing that democrats are doing whatever they can to delay donald trump from getting his cabinet in place. so expect this to get even more intense on the floor of the senate where the votes will happen in the coming

mr. mnuchin for the treasury of the united states, and, of course, our own friend from the house, who's going to head hhs, we put both of them out and will bring them up probably next week on the floor. they'll be griping and moaning and groaning about that but it was totally legal, totally proper. especially when they wouldn't even show up for a markup. you know, that's first time i've seen that in the finance committee or really any other committee. >> what's going to happen with the tax code? you and i have talked about this before with the tax code now that you've been chairman of the finance committee for some time, but what do you anticipate, for instance, will be the highest personal tax code rate this year? >> well, i would like to change those rates. i'd like to bring the tax rates down and broaden the base and, of course, do the things that would make the tax code much more utilizeable and much more fair for people throughout the country and much better for the government. you know, we'll have to see what we can get done with the democrats in an uproar the way they are right now, bu

mr. mnuchin the market went up, dow futures went up now up 37 points. trump rally, isn't it very hard to stop it! . >> it is we just talked about ceo doug, where vice president pence was yesterday, he wants for his business infrastructure spending. of the he said that is my number one priority so a lot of these things, if we have to wait for tax reform or tax cuts some regulatory rollback infrastructure spending maybe could start sooner than that if they can get budget down. >> both infrastructure spending or retiring he reform both a huge help to the he overall economy and, therefore, to the stock market. so right now looks to me like we've got a market that is very hard to stop going up. no matter what you throw at it, the market goes up, now we are up what 37 points on futures, we are what a couple hundred points away from 21,000, let's not forget on election night november 8th, dow industrials closed 18332. we are approaching 21,000 on whatsoever it is that is extraordinary. how about that? >> it is i can't wait for your show substitute each and eve

mr. mnuchin will be confirmed later today. to do, it has really been gerry cohen, former president of goldman sachs, doing the heavy lifting when it comes to economic policy. gary cohn ask chairman of the national economic council is following a long line of tradition, if you will, of people in that role in both republican and democratic administrations in terms of how they lead the pack, if you will, in crafting economic policy. both gary cohn in stephen mnuchin have met together and sometimes separate with the house financial services chairman on a variety of issues, including things like walking back portions of dodd-frank, and getting started on tax reform. during stephen mnuchin's confirmation hearing, he said that he was going to be the point person on tax reforms. on friday, gary cohn said he would be the point person on aviation reform. different economic agenda items and merging in terms of who will be leading what. but the sources i speak with on that these arey two people who, as former goldman executives, are worki

mr. mnuchin. there were a number of situations, including when we asked about the fact that his bank was one of the largest foreclosures, they called them foreclosure king back during the height of the financial crisis, the housing crisis, he said they did not do what's called robosigning where you don't read any of the papers, you just auto pen sign everything. and over the weekend there was a major story in ohio that, in fact, in ohio they can prove now that they were doing what was illegal, in fact, some judges said that they would not allow the foreclosures to go through and there's more. >> so you have outstanding testimony from both these nominees said to you in the hearing room in which they denied things which later reporting has shown that denial was inaccurate, not true. >> exactly. >> and my understanding is you're boycotting pending new testimony for them to clarify what seems to be a discrepancy between what they told you to your faces and what we know the facts to be. >> absolutely.

mr. mnuchin. there were a number of situations, including when we asked about the fact that his bank was one of the largest foreclosures, they called them foreclosure king back during the height of the financial crisis, the housing crisis, he said they did not do what's called robosigning where you don't read any of the papers, you just auto pen sign everything. and over the weekend there was a major story in ohio that, in fact, in ohio they can prove now that they were doing what was illegal, in fact, some judges said that they would not allow the foreclosures to go through and there's more. >> so you have outstanding testimony from both these nominees said to you in the hearing room in which they denied things which later reporting has shown that denial was inaccurate, not true. >> exactly. >> and my understanding is you're boycotting pending new testimony for them to clarify what seems to be a discrepancy between what they told you to your faces and what we know the facts to be. >> absolutely.

mr. mnuchin fitting that mold. we will go on to talk about next week,s particularly in regard to his views on taxes. discussione further next week. with that, i yield the floor. announcer: c-span, where history unfolds daily. in 1979, c-span was created as a public service and is brought to you today by your cable or satellite provider. announcer: washington journal live every day. news and policy issues that impact you. coming up saturday morning, benjamin johnson, executive director of america's immigration lawyers association will discuss the legal challenges to president trump's executive order restricting travel from seven majority muslim countries. then, a discussion of "the alt right comes to washington." and a federal judge will discuss , in which he asserts how antiestablishment politics of today have roots in the 1960's political climate. be sure to watch c-span's washington journal live at 7:00 a.m. saturday. join the discussion. for the next hour and a half, a book tv exclusive. our cities to her visits

mr. mnuchin, when he was queried on the hill by senator cantwell, was a little more ambiguous on this issue. i wish you could say something on where this - >> yeah i mean, i think part of the reason -- we've got to get -- we've got to get a treasury secretary confirmed. and i think that when you -- when we sit here and get asked questions about policy and you go department after department whether it's treasury, energy, epa, that -- hhs, hud, education. the list goes on and on. and so you ask about issues and where the president's agenda is. well, the reason the president nominated these highly qualified people was to implement his agenda. senate democrats continue to hold that up. and i think when you -- you can't -- you're asking us about how we're going to move forward on an agenda, whether it's glass/steagall or so many other issues. at the same time, the democrats are holding up the nomination of these highly qualified people. until that occurs, it makes it a heck of a lot harder. the president's position is consistent. >> broad topic i would like your take on which is dissent within t

mr. mnuchin as treasury secretary. without them there, you can't vote.n hatch the chair of the finance committee said okay, we're suspending the rules, we don't need you democrats, we're going to vote anyway, reuters is reporting that the vote has taken place and that steve man nurturen has been for that committee and same for health and human services, same thing there, suspend t rules,e don't need the democrats, we're going to put you in, we're voting. that's what's happening now. yes, this is parliamentary maneuvering, but the stakes are very, very high because the democrats have a scorched earth policy. the republicans are answering that and overriding them with a parliamentary maneuver, that's what's happening. liz: that's correct, and two key things here, obamacare and tax reform are at issue. stuart: those are two key issues that congress will face we need the secretaries both of them in place as we go through this procedure so the democrats stalling and their opposition has not worked. orrin hatch has overruled them in the senate finance committe

mr. mnuchin one of the things i did like about what he said was, the united states is the preferred currencyunited states debt obligations are absolutely Ãwe should never jeopardize that. he said the us government should absolutely not prioritize our Ãpushing us uncertainty when it comes to paying our bills. although in the house, you produce for prioritization is a safe to say we're going to repay bondholders at eight higher level than perhaps payments of state or fbi or cia employees. i think that would dramatically undermine this and i think most experts have said that prioritization would be a disaster. do you still share that view of the prioritization of our debt is a reasonable approach? and wouldn't that jeopardize this in the? >> i think it is desirable to get to a situation where this the relevant conversation. if we are simply talking about the principles involved i do believe that the gao letter from 1985 still not love a good guidance. i sincerely disagree with you. perhaps we can continue this. i want to also, i appreciate your comments about social security. i would take excep

mr. mnuchin will have on his plate. the u.s.will come to expiring on march 15, there's also a g-20 finance ministers meeting as well as a bank governors meeting happening in germany. one interesting note is we have been waiting for three weeks for the u.s. treasury secretary to finally be confirmed. that is the longest vacancy in leadership at treasury ever in existence according to lawmakers and finally we have it. rashaad: thank you very much indeed. still ahead, noble group may have been handed a lifeline in it fight to prop up its finances after a torrid 2015-2016. we look at the embattled commodities trading house a bit later. next, will china benefit from the vacuum left from the u.s. retreat. we are going to be listening to an expert on strategy and globalization. ♪ rashaad: a quick check of the business last headlines. singapore's monetary authority says it is doing more to's and then finance channels and build technology infrastructure to drive innovation. abs says it will allow more collateral loans the two companies.

mr. mnuchin also said that he expects to have a tax reform plan in place by august.ing if we hear more about will help the dollar, but let's look at the trend in the dollar looking at another bloomberg chart. the white line is the bloomberg dollar spot index. you can see how it climbed and started to come back down. the yellow line is the 55 day moving average. the blue line is the 100 day moving average. you can see how they were trending up nicely at the end of the year coming into 2017, and now they are leveling out, losing some steam. stephen mnuchin also talking about a border adjustment tax. valueould basically be of added tax on imports into the united states. now why is this so important? how do we think this all together? it is a key part potentially of republican paul ryan's tax reform plan. you would raise money, billions in fact, that could help pay for tax cuts on businesses, which of course stephen mnuchin says he wants to target middle income taxpayers, make businesses more competitive and even simplify the tax code. interesting isn't it that it is he

mr. mnuchin's point, look at stocks. they don't care. i just point it out because i kind of do. more after this. the south of border of mexico. we're keeping eye on rex tillerson, secretary of state. he is meeting with top mexican officials. he will align the mexican. they insist they will not pay for any wall. that is what they say. furthermore they think that the administration's approach to dealing with illegals is bigoted and something they want to bypass the united states and appeal all the way to united nations. cheddar ceo, john steinberg, on all these crosscurrents. john, first of all on the ceos, some supported hillary clinton in the election, had doubts about donald trump but everyone is pragmatic in the end, he is the president, working with this president. they're optimistic what he is talking about, tax cuts, regulatory relief, is perfect for what they need. but, how doable is it when the date gets pushed back constantly on these tax cuts? what do you think? >> i mean i took august as a sign this morning from mnuchin as a positive. look, the market is obviously view

mr. mnuchin is he has gone on record saying that at least the rate cuts for the upper income would be a sortswitched around that it might be sort of a wash. but they would have a limit in their reductions in what they could ride up to the point won't be a tax cut at all. whether that's true or not is anyone's guess. the markets chewing on all of that and getting a read of when they come together and when the tax cuts come to fruition. the culpability due strength is at the stock exchange. nicole, the markets and of course today is a adele rally, so let's leave that out. do you think that the markets are prepared for the possibility that the upper income rate cut isn't what it appears, that if you take a mnuchin at his word, it will be offset by limiting deductions and they might not be happy campers and are surrounded by all of them, those 1% yours and this isn't what we thought would happen. >> a few which are saying and i am your point they may not get those phenomenal tax cuts promised. they will rack dramatically if it were to come to fruition. i will say and broad-based tax cuts, phenom

mr. mnuchin's comments here.ut came in below and opened negative territory late in the morning. most importantly, bank stocks were the weakest sectors throughout the day and still are. traders are focusing on the comments that he wanted tax reform to pass by the august recess, which many doubt could happen, and there seems to be a sense that tax reform takes longer than anticipated, growth towards the end of next year, a time period further out than anticipated and concern that his emphasis on middle income tax cuts mean the corporate tax cuts are not as great as anticipated. more extraordinary, he acknowledgement that the stock market rally has been a report card on the trump administration. this is an extraordinary claim for a treasury secretary, which historically stay neutral on markets, particularly something that affects stocks and the dollar. from here, it's not entirely true, by the way, that comment, certainly true that the trump trade of tax cuts, infrastructure spending, and regulation reduction power

and hello steve mnuchin. mr. >> he is waving to you. >> he is the new treasury secretary. former partner of goldman sachs. he has a diverse resume. >> from "avatar" to "intern." >> he is a producer of the "batman" movie. the country's legal borrowing limit set by congress. it expires on march 15th. if congress doesn't act by that deadline, mnuchin will have to use accounting measures to pay the country's bills without violating the borrowing limit. i think there is almost zero chance they don't raise the debt ceiling. >>> a new blow for the trump administration's travel ban. it is not in effect. federal judge in virginia granted the request to halt the ban. it is not in effect nationally. the ruling effects everyone in virginia. the judge wrote, maximum power doesn't mean absolute power. this came the same day the trump administration was in the courtroom in seattle facing the judge who halted the ban nationwide. let's get it latest from dan simon. >> reporter: john and christine, the legal challenge of president

mr. mnuchin since his first interview on "squawk on the street" the day he was nominated, and shared somethat people are still focused on because really even in his -- during his hearing he didn't share any policy thoughts. >> yes. jim, how much does this all matter to us? >> i think it matters a lot. i agree we have no idea where mnuchin stands in the black box. gary cohn, when he came on on labor day when we got the non-farm payrolls, he came out forcefully basically saying here's the president's agenda. previous people in the obama administration did not use that forum as saying, look, this is what's going to happen. but i feel that gary -- look, he's a take charge guy from when he was at goldman. i'm not sure what mnuchin was like at goldman, but isn't it amazing that we're even talking about what they were like at goldman when not that long ago we felt goldman would be on the outs? i feel it's somewhat incredible to think, okay, well the goldman team is being put together to be able to make it so something will happen. i do not see a lot of people from out here as part of the team. i

mr. mnuchin did not do. number one is that he did not answer questions.nd to be totally misleading if not totally untrue. to question about how many modifications, like i asked him, modifications instead of foreclosures, and he says 100,000 is more like 35,000, when you have basic facts like that that are wrong, we wanted to make sure the american people knew that we have real concerns about his nomination and we wanted to highlight that. of course we will still have debate leading up to the vote. >> what is next? >> he is on the counter now, likely to be the next one up, senatornd one up after sessions for attorney general. we will have a lot of debate and see what happens. >> we appreciate you stopping by bloomberg or to question. with regard to the affordable care act, a lot will be underway in terms of policy. what, if anything, can democrats do to slow down this administration? repeal.l oppose it is a mistake and i hope we can stop them. republicanto ask my friends, it will be seven years in march, where is your plan to meet the promised you put befo

mr. mnuchin has given two interviews in the past four days , and it fleshes out his views.st of all, entitlements are off the table for now. donald trump will not be looking to change that. that is very important, social security, medicare, important to many people in the country. is talking about being able to boost the nation's growth rate with tax and regulation cuts to the degree that the gdp now project to be growing around 2% annually could rise to at least 3% or faster growth on the back of these changes, aiming for this comprehensive tax plan by august. i guess realizing it is a pretty big deal. it is a pretty big deal to budget experts, because they say if you cut taxes, you will have to pay for them. in the at a chart bloomberg now, #3483. the white line is the u.s. debt to gdp ratio, more than 6% now. that is a very important number, because some people say when you get above 6%, you are getting into dangerous territory. the turquoise line is nominal gdp. it has slowed down and makes it harder to make up for tax cuts with more growth that would provide more tax r