Steven Mnuchin, President-elect Donald Trump’s nominee to be the next Secretary of the Treasury, said that he will divest his stakes in a number of businesses, including movies he has made for Warner Bros.
In a letter to an ethics official at the U.S. Treasury, Mnuchin said that he would divest his interests in Ratpac Dune Entertainment Holdings within 120 days of his confirmation.
“With regard to those interests, I will not participate personally and substantially in any particular matter that to my knowledge has a direct and predictable effect on the financial interests of the entity until I have divested it,” he wrote, adding that the exception would be if he obtained a written waiver or qualified for a regulatory exemption.
Mnuchin also said that he would divest his interests in a number of other entities within 90 days, including Dune Entertainment Partners and Dune Capital Management.
Mnuchin has been a financier for a slew of movies, many at Warner Bros., including “Suicide Squad,” “Mad Max: Fury Road,” and “Batman Vs. Superman: Dawn of Justice.” He also filed a financial disclosure form that outlined his extensive investments.
He also said that he will sell his investments in CIT Group, which bought OneWest Bank from him and other financiers in 2015. He resigned from his position as vice chairman and director of CIT Group last year.
Mnuchin said that he would retain his position as the president of Steven Mnuchin Inc., which he said that he used to manage some of his investments.
He also wrote that he would ensure that the proceeds from the sale of his assets are invested in non-conflicting entities.