Mnuchin, Kudlow Staying in Trump Administration

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U.S. Treasury Secretary Steven Mnuchin is expected to serve out his term until the inauguration of President-elect Joe Biden on Jan. 20, sources familiar with Mnuchin’s thinking say.

White House economic adviser Larry Kudlow also will fulfill his term, multiple media outlets are reporting.

Mnuchin and other key Treasury officials will remain in office to continue working on various policy initiatives, including domestic stimulus measures and an array of international initiatives, the sources said.

The decision sends an important signal to financial markets amid a spate of resignations by other administration officials, who cited President Donald Trump’s response to a violent assault on the U.S. Capitol by his supporters.

Mnuchin, speaking during a visit to Israel, Thursday condemned the violence at the Capitol as “completely unacceptable” and said he looked forward to continued work on the transition to the Biden administration.

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Mnuchin, a former Goldman Sachs executive who has served as Treasury secretary since the start of the Trump administration, echoed those remarks in a brief letter to Treasury employees.

“The violence that occurred at the Capitol yesterday was completely unacceptable,” Mnuchin said. “Our democracy will prevail, and our institutions will remain strong. Now is the time for our nation to come together, as one, and to respect the democratic process.”

He thanked Treasury employees for their “continued hard work and dedication to our important mission.”

“However deeply disturbing these events have been, there’s a lot of important work to do,” one of the sources told Reuters.

Mnuchin and Kudlow were key architects in the rapid shoring up of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided American workers and businesses with fresh capital to keep going. This included the first round of $1,200 stimulus checks and PPP loans, followed by the second round of $600 checks cleared in late December giving struggling Americans another infusion of cold hard cash.

The two also worked closely with Fed Chair Jerome Powell, starting at the height of the pandemic which roiled financial markets, prompting policymakers to cut interest rates to near-zero to steady the U.S. economy and keep, liquidity flowing.