The congresswomen say they are 'deeply concerned by the financial engineering' that occurred while the Treasury chief served on the retailer’s board
Treasury Secretary Steven Mnuchin testifies before the House Committee on Financial Services on Capitol Hill in Washington, Wednesday, May 22, 2019. By Abha Bhattarai Abha Bhattarai Reporter covering the retail industry Email Bio Follow May 23 at 11:50 AM Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez are calling on U.S.
Mnuchin was one of several former board members named in a lawsuit last month, in which Sears Holding Company accused its former chairman, Eddie Lampert, and others of siphoning off billions of dollars from the company as it spiraled into bankruptcy.“We are deeply concerned by the financial engineering and potentially illegal activity that took place at Sears Holding Corporation while you served on the company’s board,” the congresswomen wrote in a letter to Mnuchin on Thursday.
Following its bankruptcy, Sears handed over responsibility of its two pension plans to the Pension Benefit Guaranty Corp., which is overseen by Mnuchin, as well as two other cabinet members. The pension plans, which were underfunded by about $1.4 billion, affect more than 90,000 Sears workers, according to the letter.
“You stated in your confirmation hearing that you would recuse yourself from any official PBGC actions related to Sears," the letter says,"but the current status of your recusal requirements — and the exact types of decisions you are recused from — are unclear.”This story is developing and will be updated.
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