Mnuchin, McMahon, Sessions Nominations Advance

The Senate Finance Committee today voted to advance Steven Mnuchin’s nomination as secretary of the treasury. The move came as Democrats boycotted the vote, with all Republicans voting in favor of Mnuchin.

ABA welcomed the news. “The Treasury Secretary has a critical role in promoting the overall strength of the economy and examining regulatory programs to ensure they do their part to support economic growth,” said ABA President and CEO Rob Nichols. “Mr. Mnuchin has outlined an agenda to address regulatory issues so banks can make more loans and help fuel our nation’s economic growth. We look forward to working with him and the new administration on policies that will reinforce financial recovery and economic progress.”

In a bipartisan 18-1 vote, the Senate Small Business Committee yesterday voted to confirm Linda McMahon nomination as administrator of the Small Business Administration. “We look forward to working with her and the SBA to provide credit that helps grow jobs across the country,” added Nichols. “Banks are strong supporters of the SBA Advantage and SBA Grow loan programs and back increased funding to ensure small businesses have access to affordable credit. Small businesses are essential for communities to thrive, and we’re eager to build upon the growth-oriented cooperation between SBA and the banking industry.”

The Senate Judiciary Committee also approved Sen. Jeff Sessions’ nomination as attorney general by a party-line vote today. All three nominees must now be approved by majority votes in the full Senate.