After Sen. Bob Menendez (D-NJ) attacked Steven Mnuchin, President-elect Donald Trump’s pick for Treasury Secretary, over his clients’ offshore bank accounts, Sen. Orrin Hatch (R-UT) pointed out that two of President Obama’s Cabinet appointments held their own offshore bank accounts.
Menendez accused Mnuchin of organizing overseas bank accounts for clients in order for those clients to avoid U.S. taxes. Sen. Bill Nelson (D-FL) also questioned the offshore funds as “tax avoidance” earlier in the hearing.
Mnuchin refuted Menendez’s claim, insisting that the purpose of the offshore accounts “was to create eligible investments for certain non-profits.”
Hatch, seemingly perturbed by the exchanged, cited two Obama Cabinet members who held Cayman Islands accounts. “That includes the current Treasury Secretary who also ran a business unit at CitiGroup, a bailed out mega bank from which he received a million dollars in bonuses,” Hatch said.
Hatch criticized the Democratic Senators’ pivot on the issue of offshore accounts: “I think that it’s ironic and perhaps a bit hypocritical for my friends on the other side of the aisle to suddenly find religion on offshore accounts.”
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