Former Secretary of the Treasury Steven Mnuchin
Steven Mnuchin On The Money: Schumer Urges Democrats To Stick Together On .9T Bill | Collins rules out GOP support for Biden |’s aid plan Powell Fights Inflation Fears Mnuchin Expects To Launch Investment Fund Seeking Support From Persian Gulf Region: Larry Kudlow’s Report Debuts With Big Ratings On Fox Business Network MORE is reportedly launching a new investment fund expected to be partially backed by reserves in the Persian Gulf region.
The Washington Post reported the plans Tuesday, citing two people familiar with the project.
The sources, speaking 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 they say will be centered around financial technology, entertainment and other potential sectors.
The report comes after Mnuchin organized a tour of the Middle East and North Africa in his final weeks in office, 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 in the wake of the deadly uprising at the Capitol on January 6.
According to the Sovereign Wealth Fund Institute, which analyzes public asset owners, UAE, Kuwait, Qatar and Saudi Arabia manage some of the largest investment funds in the region.
The Post reported that Mnuchin did not immediately respond to a request for comment.
Mnuchin’s reported move, who previously worked as a Goldman Sachs banker and hedge fund manager before joining the Trump administration in 2017, has raised questions in some about the links between former Trump officials and private companies.
Noah Bookbinder, chairman of the nonprofit watchdog group Citizens for Responsibility and Ethics in Washington, told the Post, “The fact that there were policies favorable to countries that could now help him in a business matter is troubling, and calls questions or even the prospect of future business interests may have influenced decision-making, even if there were no specific plans. ”
Trump adopted policies on Saudi Arabia and other Gulf states throughout his presidency that were largely considered transaction-oriented, including promoting arms sales and joining the nations to counter Iran’s influence in the region.
Mnuchin himself traveled to the region with a delegation in October to expand commercial ties following the signing of the Abraham Accords by Bahrain, Israel and the UAE. During that time, Mnuchin joined officials on Israel’s first direct commercial flight to Bahrain.
Last week, Bloomberg News reported that Mnuchin has begun offering speaking engagements, charging about $ 250,000 for in-person speeches and between $ 75,000 and $ 100,000 for virtual addresses.
The outlet noted that Mnuchin had hired the Harry Walker Agency to manage his speaking engagements. Mnuchin’s bio on the agency’s website states that the former Trump administration official “was critical in helping economic policy delivery, “and” is often asked to speak about where our fiscal and economic policies are headed, given the current climate. “
The Hill has contacted the Harry Walker Agency for information.