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The US Senate has confirmed President Donald Trump’s nomination for treasury secretary, a former Goldman Sachs banker and hedge fund manager.

The Senate confirmed Steve Mnuchin’s nomination to be secretary of the Department of the Treasury by a vote of 53-47.

Mr Mnuchin spent 17 years at Goldman before becoming a hedge fund manager, film financier and chairman of Pasadena-based OneWest Bank. His confirmation as secretary means that former Goldman employees hold two of the top economic jobs in the US, as former president and chief operating officer Gary Cohn left the bank to become director of the White House’s National Economic Council.

While vocally supported by Mr Trump, the new Treasury secretary has at times broken from his new boss’s mercurial policy positions. After the then-president-elect spooked markets with talk of the need for a weaker dollar in January, Mr Mnuchin told a Senate confirmation hearing that a strong currency was still important over the long-term and reflected America’s attractions as an investment destination.

In an apparent departure from Mr Trump’s zeal for slashing regulations, Mr Mnuchin also said during his confirmation hearing that he backed the Volcker rule ban on banks betting with federally insured deposits – although he added he supported reviewing the rule’s enforcement.

Copyright The Financial Times Limited 2017. All rights reserved.
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