Treasury nominee failed to disclose $100 million in assets

WASHINGTON — Steven Mnuchin, President-elect Donald Trump’s pick to be Treasury secretary, failed to disclose nearly $100 million of his assets on Senate Finance Committee disclosure documents and forgot to mention his role as a director of an investment fund located in a tax haven, an omission that Democrats said made him unfit to serve in one of the government’s most important positions.

Mnuchin was ready to outline his vision for the economy and defend himself against claims that he headed a bank that ran a “foreclosure machine” during the financial crisis.

“The Treasury secretary ought to be somebody who works on behalf of all Americans, including those who are still waiting for the economic recovery to show up in their communities,” said Sen. Ron Wyden of Oregon, the ranking Democrat on the committee.

In a hearing marked by sharp exchanges, Mnuchin struggled to answer questions about his use of tax havens as a hedge fund manager and whether he thought such loopholes should be closed.