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Pro Analysis

Breakingviews: Mnuchin’s first job - get own finances in order

Steven Mnuchin
Eduardo Munoz | AFP | Getty Images
Steven Mnuchin

Steven Mnuchin will have to get his own finances in order before he can focus on the nation's. U.S. President-elect Donald Trump's choice to head the Treasury Department has made millions on Wall Street. Unlike his new boss, Mnuchin will have to produce his tax returns to win congressional approval, a step that has tripped up past nominees.

The Senate Finance Committee will ask Mnuchin to submit his last three tax returns and answer questions about his finances, as is customary for nominees for the post. The panel is known for its tough scrutiny, particularly on the use of tax loopholes such as carried interest, business deductions and breaks for real-estate investments. If there are any issues, the committee could ask for returns for the last 10 years.