Mnuchin: $20 bill redesign with Tubman on hold

Associated Press

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Mnuchin defies House Democrats’ subpoenas for Trump’s tax returns

Treasury Secretary Steve Mnuchin on Friday defied subpoena requests from House Ways and Means Committee Chairman Richard Neal for President Donald Trump’s tax returns.


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Mnuchin Rejects House Subpoena for Trump’s Tax Returns

Treasury Secretary Steven Mnuchin rejected House Ways and Means Chairman Richard Neal’s subpoena for six years of President Donald Trump’s personal and business tax returns. Now, Neal will likely turn to the courts, embarking on a lengthy battle that could help define Congress’ powers to oversee the executive branch.In a letter denying Neal’s subpoena, Mnuchin on Friday doubled down on earlier assertions that Neal did not have a legislative purpose for obtaining the returns. In response to Neal’s earlier requests, Mnuchin has said Democrats merely want to expose Trump’s private information for political purposes.”For the same reasons, we are unable to provide the requested information in response to the committee’s subpoena,” Mnuchin wrote, adding that the Justice Department intends publish a legal opinion memorializing its advice to him to reject the requests.

Neal has fought for six weeks to obtain Trump’s returns, stating that he needs them to determine whether the Internal Revenue Service is following its policy of annually auditing the president. He first requested the returns at the beginning of April, invoking a section of the tax code that allows the heads of Congress’ tax-writing committees to obtain the returns of any taxpayer.

Neal, in a statement on Friday after the denial, said, “The law, by its terms, does not allow for discretion as to whether to comply with a request for tax returns and return information.” But even though Mnuchin’s refusal was widely expected, Neal, a Massachusetts Democrat, said he would consult with counsel on next steps.

Mnuchin told a Senate panel this week that Treasury officials would be willing to help Ways and Means committee members examine the audit process without seeing the president’s returns.

But Democrats have also been eager to see Trump’s tax documents ever since he broke with 40 years of presidential campaign precedent by refusing to release them in 2016. They want to see if he has been truthful about the extent of his wealth, his business ties and whether he cheated on his taxes.

Mnuchin formally rejected the request about a month after Neal first asked. Neal responded with the subpoena last week, setting Friday as the deadline for Mnuchin to respond.

Friday’s rejection likely sets up a court battle between the legislative and executive branches that could extend beyond the 2020 election. An attempt to enforce a subpoena related to a botched Justice Department investigation during President Barack Obama’s administration extended well into the Trump administration.

Congress could vote to hold Mnuchin in contempt of Congress and sue in court to enforce the subpoena or the earlier request under the tax code. That would make him the second Trump Cabinet official to be held in contempt of Congress, following Attorney General William Barr.

Neal on Friday indicated that he might go straight to court rather than hold Mnuchin in contempt of Congress.

“I don’t see what good it would do at this particular time,” Neal told CNN Friday. “I think that if both sides have made up their minds, better to move it over to the next branch of government: the judiciary.”

A Ways and Means spokesman did not immediately respond to a request for comment once Mnuchin’s letter was released.

Trump has claimed that he is under audit and won’t release the returns while that process is ongoing, though no law prevents him from doing so.

Neal’s tax return fight is just one in a panoply of investigations waged by House Democrats since they took over the chamber this year. The Trump administration also has rejected or ignored subpoenas from the House Intelligence and Judiciary committees, claiming that the inquiries amount to “presidential harassment.”

More must-read stories from Fortune:

–What would impeachment look like in Trump’s America?

–Bernie Sanders has a message for Trump on trade

–Trump keeps alluding to extending his presidency. Does he mean it?

–Meet the Republicans likely to challenge Trump in the 2020 primary

–Is the Muslim Brotherhood a terrorist organization? Trump thinks so

Fortune

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Treasury Secretary Steven Mnuchin Refuses To Release Trump’s Tax Returns

Treasury Secretary Steven Mnuchin has refused to comply with House Democrats’ request that the IRS turn over six years of President Donald Trump’s personal and business tax returns. Mnuchin claimed the request lacks a “legitimate legislative purpose.”
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Mnuchin refuses to turn over Trump taxes to House Democrats

After two missed deadlines, Treasury Secretary Steven Mnuchin is again due to tell House Democrats on Monday whether he plans to hand over President Donald Trump’s personal tax returns.


CNN.com – RSS Channel – Politics

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It’s Deadline Day for Trump’s Tax Returns and Mnuchin Isn’t Budging

Treasury Secretary Steven Mnuchin declined to meet congressional Democrats’ Wednesday deadline to provide President Donald Trump’s tax returns, asking for more time to study the legality of their request.

Trump has refused to release his returns since he ran for president, and the clash over their release became a key front in the battles between his administration and newly-empowered Democrats in the House of Representatives. The simmering political conflict may well end up in the federal courts and spill over into the 2020 election.

“The department respects congressional oversight, and we intend to review your request carefully,” Mnuchin wrote in a letter to Ways and Means Chairman Richard Neal of Massachusetts.

Neal last Wednesday sent IRS Commissioner Charles Rettig a letter formally requesting six years of Trump’s personal and business tax returns, as well as other documents associated with them, giving a week to respond. Neal on Wednesday said he received Mnuchin’s letter and “will consult with counsel and determine the appropriate response to the commissioner in the coming days.”

Although he did not take a position on whether the returns should be turned over, Mnuchin pointed out that the Ways and Means Committee, when it was under Republican control, had issued a report saying that such a request would be “an abuse of authority” and “set a dangerous precedent.”

Read More: Will We Ever See Trump’s Tax Returns–And Does It Matter?

“Given the seriousness of these issues, which bear no connection to ordinary tax administration,” Mnuchin wrote, “we have begun consultations with the Department of Justice to ensure that our response is fully consistent with the law and the Constitution.”

Trump almost immediately said he opposed the request, and one of his lawyers, William Consovoy, on Friday asked the Treasury Department and IRS to withhold the returns until the Justice Department issues an opinion on whether the request is legal.

Members of the Trump administration, including acting White House Chief of Staff Mick Mulvaney, and their allies have called the request a political attack and a violation of Trump’s privacy.

Federal law gives the Ways and Means Committee, as well as the Senate Finance Committee and the Joint Committee on Taxation, the power to request the returns of any taxpayer, although some legal scholars believe the request needs a legitimate legislative purpose.

In his request, Neal wrote that his committee wants to ensure that the IRS is following its policy of auditing every sitting president and vice president. Democrats have long wanted the returns to examine, among other things, what financial dealings Trump might have.

Senator Chuck Grassley, an Iowa Republican and the chairman of the Senate Finance Committee said in a statement that Mnuchin was “right to consult with the Department of Justice before responding more fully. House Democrats’ unprecedented request has serious implications for all Americans and requires serious, careful analysis.”

Senator Ron Wyden, an Oregon Democrat, said in a statement that “There is no excuse for Secretary Mnuchin to not meet Chairman Neal’s deadline.”

“The law is clear and consultation with the Justice Department is not required. It’s a sign of political interference that Secretary Mnuchin said he is handling this request when authority has been delegated to the IRS,” Wyden said.

Mnuchin told lawmakers on Tuesday that the department had been in touch with White House lawyers before Neal made his request but had not personally been fully briefed on those discussions. He said, “It is our intent to follow the law.” Mnuchin has said he is concerned about the precedent the demand could set for violating taxpayer privacy.

“The general public, when they elected President Trump, made the decision without his tax returns being released,” Mnuchin said.

Trump broke with 40 years of presidential campaign tradition by declining to release his personal returns before the 2016 election. He said that he was under audit and didn’t intend to turn anything over until that process had been completed. Under questioning at a House hearing on Tuesday, Rettig said that he was unaware of any prohibition against a taxpayer releasing his or her returns while being audited.

Speaking to reporters before departing for a trip to Texas on Wednesday, the president reiterated that he would not release the returns while under audit and asserted that Americans don’t care in any case.

Fortune

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Mnuchin says Treasury unable to comply with deadline for Trump’s tax returns

House Democrats aren’t optimistic they’ll see Trump’s tax returns Wednesday.


CNN.com – RSS Channel – Politics

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Trump-Xi summit will not happen in March: Mnuchin

A summit to seal a trade deal between U.S. President Donald Trump and Chinese President Xi Jinping will not happen at the end of March as previously discussed because more work is needed in U.S.-China negotiations, Treasury Secretary Steven Mnuchin said on Thursday.


Reuters: Business News

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Market turmoil raises the stakes for Trump’s competing China negotiators Mnuchin and Lighthizer

As the U.S. and China race to meet a March 2 deadline to reach a trade deal, the ideological divide between the White House's two trade camps, led by Lighthizer and Mnuchin, has taken on a new significance.
Politics

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Trump’s frustration with Mnuchin rising after failed attempt to calm markets, source says

President Donald Trump’s frustration with Treasury Secretary Steven Mnuchin is ratcheting up further after markets suffered their worst Christmas Eve drop ever despite Mnuchin’s attempts to calm Wall Street, according to a source close to the White House.


CNN.com – RSS Channel – Politics

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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Steven Mnuchin calls top bank CEOs after last week’s market meltdown

Treasury Secretary Steven Mnuchin phoned the heads of the largest US banks on Sunday to make sure they had enough cash in expectation of a jittery market opening on Wall Street. Mnuchin, who was reportedly vacationing in Cabo, released a statement that said the CEOs of six large banks confirmed they had enough liquidity for…
Business | New York Post

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Steven Mnuchin considered for chief of staff but feels better suited for Treasury

Sources, who spoke on the condition of anonymity due to the privacy of the ongoing discussions, said that Mnuchin has indicated to his inner circle that he feels best served as the head of Treasury.
Politics

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UPDATE 2-Trump dismisses report he is unhappy with Treasury’s Mnuchin

U.S. President Donald Trump said on
Twitter on Friday that he was quite happy with Treasury
Secretary Steven Mnuchin’s performance, after The Wall Street
Journal reported that the president was dissatisfied with
Mnuchin.


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Stocks Drop Sharply As Mnuchin Drops Out Of Saudi Conference – U.S. Commentary

After attempting to recover from an early move to the downside, stocks have pulled back sharply in recent trading on Thursday. The major averages have slid firmly into negative territory, partly offsetting the strong gains posted on Tuesday.
RTT – Top Story

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Treasury Secretary Mnuchin Pulls Out Of Saudi Investor Conference

Treasury Secretary Steven Mnuchin announced Thursday he will not attend an investor conference in Saudi Arabia next week. Mnuchin revealed in a post on Twitter that he decided to drop out of the conference after meeting with President Donald Trump and Secretary of State Mike Pompeo.
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