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Trump names former Goldman Sachs partner as new national finance chairman

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Republican Donald Trump on Thursday named Steven Mnuchin, chairman and CEO of private investment firm Dune Capital Management LP, to serve as the national finance chairman for his presidential campaign.

Mnuchin, a former partner at Goldman Sachs, is taking one of the first high-profile jobs in the campaign that Trump has filled, opting for someone who does not have a long history in politics.

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Trump, the presumptive Republican nominee, said on Wednesday he will begin to raise money for his general election bid after self-funding a majority of his primary campaign.

Fundraising by Trump will require a balance, especially since much of his campaign message has rested on his refusal to raise money and his decision to self-fund his campaign.

Historically, political parties have depended on the ability of their nominee to raise money in order to fund their other operations, including working to elect members of the House and Senate.

Trump said he will work closely with the Republican National Committee – which already has a fundraising operation – to help both his own campaign and those of other members of the party for the November election.

Representative Chris Collins of New York, who was the first lawmaker to endorse Trump, said the move to start raising money will help bring the party together.

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“You’ll see that pivot to the general election, which is uniting the party, and fundraising is a very big part of uniting the party, with the influence money has in elections these days,” Collins told Reuters in an interview.

The selection of Mnuchin offers some insight on the team Trump will assemble and whether he will continue to look outside the political class while filling high-profile roles. Mnuchin and Trump have worked together previously in a business capacity, the campaign said.

“Steven is a professional at the highest level with an extensive and very successful financial background,” Trump said in a statement announcing the selection. “He brings unprecedented experience and expertise to a fundraising operation that will benefit the Republican Party and ultimately defeat Hillary Clinton.”

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(Reporting by Megan Cassella and Susan Cornwell; Editing by Doina Chiacu and Dan Grebler)


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Elections 2016

California bill to establish nation’s second public bank applauded as ‘historic challenge to Wall Street domination’

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"If California is serious about addressing racial and income inequities, we must create a banking system that centers people not profits."

In a move advocacy groups celebrated as a "historic challenge to Wall Street domination of municipal finances," a pair of California state lawmakers on Thursday unveiled legislation that would establish the nation's second publicly-owned bank and empower the institution to lend to businesses and local governments fighting to stay afloat amid the Covid-19 pandemic.

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COVID-19

What is China doing to stop Beijing’s new coronavirus outbreak?

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Over 1,000 flights have been cancelled, schools shut and residents urged not to leave Beijing, as Chinese authorities race to contain a fresh outbreak linked to the capital's largest wholesale food market.

The number of confirmed cases in the capital has shot up to 137 within the last week after two months of no cases, and four other provinces have revealed cases linked to the Beijing cluster.

How did the outbreak begin, and what measures are Beijing taking to contain it?

- What is the origin of the cluster? -

Beijing had turned into a virtual fortress at the height of the pandemic, with people arriving from other regions or countries required to undergo quarantines.

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2020 Election

Democrats and Never-Trumpers gaming out ‘doomsday scenarios’ if president refuses to leave office: report

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According to a report in the New York Times, Democratic strategists and Never-Trumper conservatives fear Donald Trump will refuse to leave office should he lose in November and are making plans and figuring out their legal options should such an unprecedented state of affairs come to pass.

The report, by the Times' Reid Epstein, begins with one such possible scenario.

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