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Trump's former treasury secretary to launch Gulf-backed investment fund Open in fullscreen

Brooke Anderson

Trump's former treasury secretary to launch Gulf-backed investment fund

Former US Treasury Secretary Steven Mnuchin is reportedly launching an investment fund [Getty]

Date of publication: 2 March, 2021

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Steven Mnuchin is in the hiring process for the new venture, which will be backed by sovereign wealth funds from Arab Gulf states.
Washington, D.C.  Less than two months out of office, former US Treasury Secretary Steven Mnuchin is raising eyebrows for reportedly launching an investment fund that will be backed by sovereign wealth funds from Arab Gulf states.

Mnuchin, who served in Donald Trump's cabinet, was in the hiring process for the new venture, which will be based in Washington, DC, according to a Washington Post report last Tuesday, which cited two anonymous sources familiar with the project.

The fund will be focused on financial technology, entertainment and other sectors, the sources told the paper.

The report raises questions about Mnuchin's travels in his final weeks in office, when he visited Israel, the United Arab Emirates (UAE), Saudi Arabia and Qatar.

The Gulf holds some of the world's largest sovereign wealth funds, largely due to its oil wealth.   

In addition to his recent travels, Mnuchin also went to the region in October following the Abraham Accords as part of a delegation to expand commercial ties.

"We're keeping an eye out," Jenna Grande, press secretary for Citizens For Responsibility and Ethics in Washington (CREW), a government accountability watchdog group, told The New Arab.

"It does raise questions about when Mnuchin was pushing certain policies. Was he acting in his own interest?" she said.

"Even if he isn't breaking the law, he shouldn’t be giving the appearance of a conflict of interest, especially since those trips were paid for by US taxpayers."

Brooke Anderson is The New Arab's correspondent in Washington D.C., covering US and international politics, business and culture.

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