Trump's Treasury pick supports sanctions against Russia

By Ovunc Kutlu

NEW YORK

President-elect Donald Trump's nominee for Treasury Secretary said Thursday he would support sanctions against Russia.

At his Senate confirmation hearings, Steven Mnuchin told lawmakers he is "100 percent" committed to enforcing sanctions against Russia. "I will use sanctions to the maximum amount of the law" -- a move that would be a departure from his prospective boss.

During his campaign, Trump promised closer relationships with Moscow, praised Russian President Vladimir Putin and recently indicated he would consider removing sanctions in return for a deal on a nuclear weapons drawdown.

Trump, however, was criticized for his closeness to Moscow as was his State Secretary nominee, Rex Tillerson, the former ExxonMobil CEO.

Mnuchin, a former Wall Street executive, told the Senate committee he would prioritize economic growth and begin by making tax laws "simpler and more effective," adding that he would modernize the country’s tax collection agency, the IRS.

He said tax reform, which includes Trump’s plan to lower the corporate tax rate to 15 percent from 35 percent, would not increase the current deficit, and middle-income families would not be disadvantaged by it.

"I will use my expertise in technology to bring the IRS up to date,” he said. “In this world of cybersecurity, we need to protect the privacy of Americans."

Mnuchin also supports deregulation to boost economic growth. “There is excess regulation that is hurting [economic] growth."

In a separate hearing, Energy Secretary nominee, Rick Perry, said he regrets proposing the elimination of the Energy Department during a 2011 presidential debate.

"My past statements about abolishing the Department of Energy do not reflect my current thinking," the former Texas governor said. "In fact, after being briefed on so many of the vital functions of the Department of Energy, I regret recommending its elimination.”.

Perry also bashed global warming in 2011, and argued that it served scientists who are manipulating climate change data for financial gains.