Press Munchkin

Warren, Ocasio-Cortez press Mnuchin for answers on Sears bankruptcy

By ZACHARY WARMBRODT

Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez today called on Treasury Secretary Steven Mnuchin to disclose more information about his role in the demise of Sears, where he served as a board member before the retailer's bankruptcy.

In a letter to Mnuchin, the liberal icons said they were "deeply concerned by the financial engineering and potentially illegal activity" that took place at Sears while he was a board member, leading to thousands of lost jobs.

Warren and Ocasio-Cortez also asked Mnuchin whether he has been involved in any discussions about Sears' pension plans as a board member of the Pension Benefit Guaranty Corpration, the federal agency that oversees private pension plans.

Last month, Sears named Mnuchin in a lawsuit against former CEO Edward Lampert, a close friend of the Treasury secretary, alleging that board members helped Lampert and his hedge fund strip more than $2 billion from the company.

Warren, a Massachusetts Democrat who has rooted her 2020 presidential campaign in combating Wall Street, released an accompanying explainer video with Ocasio-Cortez.

"Mr. Mnuchin is President Trump's Treasury secretary, and he is a walking example of what happens when rich and powerful people put other rich and powerful people into power," Ocasio-Cortez said in the video with Warren.

Earlier this month, Ocasio-Cortez, a New York Democrat, also gave the White House run of Sen. Bernie Sanders a boost by teaming up with him on a bill that would cap credit card interest rates.

A Treasury spokesperson did not immediately respond to a request for comment.