Steven Mnuchin confirmed as Trump's Treasury Secretary

Steven T. Mnuchin, a former Goldman Sachs banker and Hollywood film financier, on Monday was confirmed to the post of secretary of the Treasury Department by the Senate.

He will be responsible for helping President Trump drive the administration's plans to overhaul the tax code, renegotiate trade deals and remake financial regulations, reports the New York Times.

Mnuchin was confirmed by a vote of 53 to 47. During a long debate over his credentials, the Democrats argued that his experience on the Wall Street exemplified corporate malpractice that led to the 2008 financial crisis.

During his confirmation hearing before the Senate Finance Committee last month, Mnuchin, 54, was also scolded by the Democrats for failing to disclose nearly USD 100 million in assets and for not revealing his role as a director for an investment fund based in the Cayman Islands, a well-known tax haven.