Former Secretary of the Treasury Steven Mnuchin
Steven MnuchinOn The Money: Schumer urges Democrats to stay together on the bill.9T | Collins rules out GOP support for Biden aid plan Powell faces inflation fears as Mnuchin expects to launch an investment fund to seek support in the Persian Gulf region: Larry Kudlow’s report debuts with high ratings on Fox Business Network MORE has launched a new investment fund that is expected to be partially backed by reserves in the Persian Gulf region.
The Washington Post reported plans Tuesday, citing two people familiar with the project.
Sources, who spoke on condition of anonymity to discuss private planning, added that the former Trump administration official has begun hiring for the Washington investment fund, which he added will focus on financial technology, entertainment and other potential sectors.
The report comes after Mnuchin, in his last weeks, organized a round of trips to the Middle East and North Africa, 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 amid the aftermath of the deadly riots in the January 6 Chapter.
In accordance with Institute of the Sovereign Wealth Fund, which analyzes the owners of public goods, UAE, Kuwait, Qatar and Saudi Arabia control some of the largest investment funds in the region.
The station reported that Mnuchin did not immediately respond to a request for comment.
The move reported by Mnuchin, who previously worked as a Goldman Sachs banker and hedge fund manager before joining the Trump administration in 2017, has raised questions from some about the links between former Trump officials and private companies.
Noah Bookbinder, chairman of Washington’s nonprofit Citizens for Responsibility and Ethics, told the Post: “There have been policies that were favorable to countries that could now benefit it in a matter of business. raises questions whether even the prospect of future business interests could have had an impact on decision-making, even if there were no specific plans. ”
During his presidency, Trump adopted policies toward Saudi Arabia and other Gulf countries that were largely viewed as transactional, including promoting arms sales and aligning with nations to counter Iran’s influence in the region.
Mnuchin himself traveled to the region in October with a delegation to expand trade ties after the signing of the Abraham Accords by Bahrain, Israel and the UAE. During that time, Mnuchin joined officials on the first direct commercial flight from Israel to Bahrain.
Last week, Bloomberg News reported that Mnuchin began offering speech engagements, charging about $ 250,000 for speeches in person and between $ 75,000 and $ 100,000 for virtual addresses.
The press reported that Mnuchin hired the Harry Walker agency to manage his speaking missions. Mnuchin’s bio on the agency’s website states that the former Trump administration official “it has been essential to help adopt economic policy ”and“ is often sought to talk about the direction of our fiscal and economic policies, given the current climate ”.
Hill contacted the Harry Walker Agency for information.