David Dayen adds at New Republic:

Once the new administration takes the reins, one of the things he’ll focus on, he said to CNBC Wednesday, is slashing the corporate tax rate. He also promised the administration would bring about “the largest tax change since [President Ronald] Reagan.”

Dennis Kelleher, president and CEO of Wall Street reform organization Better Markets, also warned that a Treasury Secretary Mnuchin could help claw back reforms, thus allowing another financial crash.

Mnuchin, Kelleher said, “was a pioneer in fixed income, currencies and commodities (FICC) trading at Goldman Sachs.  FICC was the very dangerous, high risk, high stakes gambling that Dodd Frank in general and the Volcker Rule in particular were meant to end at Wall Street’s biggest banks.  Eliminating the Volcker Rule and the other financial reform rules that Mr. Munchin is talking about will bring back Wall Street’s Wild West gambling that caused the 2008 financial crash and economic calamity.”

“If Mr. Munchin and President Trump de-regulate and unleash Wall Street’s biggest banks as they are suggesting, then it’s time to start the countdown clock to the next financial crash which will make the last one look mild by comparison,” he added.

PCCC added in its statement that “Trump’s supporters did not vote for him to put a second-generation Goldman Sachs banker who made a fortune foreclosing on working families’ homes in charge of the economy,” and called him “yet another out-of-touch billionaire who is more concerned with self-dealing for Wall Street than protecting Americans from the too big to fail banks.”

Describing Mnuchin, Bess Levin wrote at Vanity Fair that he “is, in other words, a man of the people. Or at least one who, like Trump, knows how to leverage their economic distress for personal profit.”

As the BBC notes, Mnuchin would be the third Goldman Sachs veteran to hold the post in recent years, following the footsteps of Robert Rubin, who served under Bill Clinton, and Henry Paulson who served under George W. Bush. Paulson drew praise on Wednesday from former governor of Vermont and Democratic National Committee chair hopeful Howard Dean. Paulson, who secured the deal to bail out the nation’s big banks in 2008, “was one of the people who kept the show together while the country and the world was falling apart,” Dean said.

Also on Wednesday, Trump announced that billionaire investor Wilbur Ross was his pick for Commerce secretary. Ross has been described as “the king of bankruptcy.”

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