This is our look at President-elect Donald Trump's transition and the outgoing Obama administration. Here's what's happening:
- Nancy Pelosi beats back challenger to retain House leadership post
- Trump tweets he will announce plans to leave his businesses to focus on presidency
- Trump picks Wall Street exec Steven Mnuchin to head Treasury
- Trade critic Wilbur Ross to lead Commerce department
- Romney and Trump discuss State over frog legs
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President-elect Donald Trump has chosen Steven Mnuchin, a wealthy Wall Street executive and Hollywood movie producer who served as his campaign finance chairman, to be the next Treasury secretary, according to a person familiar with the decision.
Mnuchin’s deep roots on Wall Street fit the mold of past Treasury secretaries but contrast with the populist stance that Trump took during his campaign.
Mnuchin's net worth is unclear, but he could be the second billionaire member of Trump’s Cabinet, after Betsy DeVos, who is Trump’s pick for Education secretary. The third is expected to be financier Wilbur Ross, who has been selected as Commerce secretary.
Mnuchin’s selection — which was first reported Tuesday by the New York Times — drew ire from Democratic and liberal groups, which have accused him of profiting from the financial crisis after buying the failed IndyMac Bank in 2009.