Mnuchin Must Recuse From Sears Matters on Pension Panel, Senators Say
- They cite previous financial stakes held by Treasury secretary
- Pension board is listed among biggest unsecured creditors
This article is for subscribers only.
Three Democrats on the Senate Finance Committee are demanding U.S. Treasury Secretary Steven Mnuchin formally recuse himself from any matters before the Pension Benefit Guaranty Corp. related to Sears Holding Co., where he was once a board member.
Democratic Senators Bob Menendez, Sherrod Brown and Ron Wyden, the ranking Democrat on the panel, made the demand in a letter to Mnuchin Oct. 19. Mnuchin sits on the board of the federal PBGC, which considers applications from companies to terminate their pension plans and it pays retirees, at least in part, if the employer defaults. The agency is listed among the biggest unsecured creditors of Sears, which declared bankruptcy earlier this week.