Former Secretary of the Treasury Steven Mnuchin
Steven Mnuchin: On The Money: Schumer urges Democrats to stay together on the bill.9T | Collins rules out GOP support for Biden relief plan | Powell fights inflation fears Mnuchin expects to launch investment funds seeking support in the Persian Gulf region: Larry Kudlow report debuts high ratings on Fox business network MORE it is reportedly launching a new investment fund that is expected to be partially backed by reserves in the Persian Gulf region.
The Washington Post reported plans on Tuesday, citing two people familiar with the project.
Sources, who spoke on condition of anonymity to discuss private planning, added that the former Trump administration official had begun hiring for the Washington-based investment fund, which added which will focus on financial technology, entertainment and other potential sectors.
The report comes after Mnuchin organized in his last weeks in charge a round of trips to the Middle East and North Africa, with visits to Sudan, Egypt, Israel, the United Arab Emirates (UAE), Saudi Arabia and Qatar.
Mnuchin also planned to visit Kuwait, but interrupted his journey amid the aftermath of the deadly January 6 Capitol riot.
According to the Institute of the Sovereign Wealth Fund, which analyzes the owners of public assets, the United Arab Emirates, Kuwait, Qatar and Saudi Arabia control some of the most important investment funds in the region.
The Post reported that Mnuchin did not immediately respond to a request for comment.
The move reported by Mnuchin, who previously worked as a banker and hedge fund manager for Goldman Sachs before joining the Trump administration in 2017, has sparked questions from some about the ties between former Trump officials and private companies.
Noah Bookbinder, chair of the nonprofit Citizens for Responsibility and Ethics in Washington, told the newspaper: “The fact that there were favorable policies in countries that could now benefit it on a business issue is worrying and raises questions. on whether even the prospect of future business interests could have affected decision-making, even if there were no specific plans in place. ”
Throughout his presidency, Trump adopted policies toward Saudi Arabia and other Gulf countries that were largely considered transactional, including promoting arms sales and aligning with nations to counter the influence of Iran in the region.
Mnuchin himself traveled to the region in October with a delegation to expand trade ties following the signing of the Abraham Accords by Bahrain, Israel and the United Arab Emirates. During this time, Mnuchin joined officials on Israel’s first direct commercial flight to Bahrain.
Last week, Bloomberg News reported that Mnuchin has begun offering oral engagements, charging about $ 250,000 for in-person speeches and between $ 75,000 and $ 100,000 for virtual addresses.
The media reported that Mnuchin had hired the Harry Walker Agency to manage his speaking engagements. De Mnuchin biography on the agency’s website states former Trump administration official “he was critical of helping pass economic policy “and” often seeks to talk about where our fiscal and economic policies are headed, given the current climate. “
The Hill has contacted Harry Walker agency for information.