Justin Muzinich

Justin George Muzinich (born November 5, 1977) is an American businessman and Trump administration official who served as the United States Deputy Secretary of the Treasury, from December 2018 to January 2021.[1] Muzinich previously served as the Counselor to the Secretary at the United States Department of the Treasury. Prior to that, he served as Policy Director for the Presidential Campaign of Jeb Bush.

Justin Muzinich
14th United States Deputy Secretary of the Treasury
In office
December 12, 2018 – January 20, 2021
PresidentDonald Trump
Preceded bySarah Bloom Raskin
Succeeded byWally Adeyemo (nominee)
Personal details
Born
Justin George Muzinich

(1977-11-05) November 5, 1977
New York City
Spouse(s)Eloise Davis Austin
EducationHarvard University (BA, MBA)
Yale University (JD)

Early life and education

Muzinich was born to parents Camille Muzinich, a docent for the Metropolitan Museum of Art in New York City and George Milan Muzinich, who served as president of Muzinich & Company, a New York finance firm.[2]

After attending Groton School, Muzinich entered Harvard College where he graduated with a Bachelor of Arts degree magna cum laude in 2000. He earned a Master of Business Administration degree from Harvard Business School in 2005 as a Baker Scholar, and a Juris Doctor degree from Yale Law School in 2007, where he was a John M. Olin Fellow.[3][4][5]

Public sector

Jeb Bush campaign

Muzinich served as Policy Director for former Florida Governor Jeb Bush’s 2016 Presidential campaign. In this role, Muzinich oversaw a team that produced policy proposals for the campaign. Governor Bush later announced his public support of Muzinich’s 2018 nomination to Treasury. [6]

United States Treasury

Muzinich served as United States Deputy Secretary of the Treasury. In that role, Muzinich helped oversee the Department’s $2.2 trillion dollar rescue plan for the COVID-19 outbreak and the Administration’s 2017 Tax Cuts and Jobs Act. [7]

He managed 2/3 of the Treasury Department including its Domestic Finance and National Security units. [8] He also led negotiations for the United States on digital taxation, including in the Organization for Economic Cooperation and Development.

The New York Times reported that he kept a low public profile.[9]

Nomination

On March 13, 2018, President Donald Trump announced his intention to nominate Muzinich as the new United States Deputy Secretary of the Treasury, succeeding Sigal Mandelker. His nomination was confirmed by the United States Senate on a 55–44 vote.[10][11]

Tax Cuts and Jobs Act of 2017

Muzinich led efforts on the Administration's tax reform, ultimately resulting in the Tax Cuts and Jobs Act of 2017.[12] He has also been leading negotiations by the United States on digital taxation, including in the Organization for Economic Cooperation and Development.[13]

CARES Act

Muzinich also helped draft and oversaw the U.S. government's $2.2 trillion rescue plan for the COVID-19 outbreak.[14]

ProPublica reported in June 2020 that Muzinich transferred his ownership of at least $60 million in assets to his father who would be free to return them to Muzinich after he leaves government. The assets in question are shares in the company Muzinich & Co., which specializes in junk bonds. This firm was a beneficiary of a unprecedented decision by the Treasury and Federal Reserve to bail out the junk bond market as a response to the economic impact of the COVID-19 pandemic.[15]

Foreign policy

Muzinich managed the Treasury’s National Security portfolio. In a speech at the German American Conference in Berlin, Germany, Muzinich stressed the importance of the transatlantic relationship and called for a greater focus on investment security. [16]

In another speech, at the Paris forum for G20 Finance ministers, Muzinich called for debt transparency. [17]

And, in a speech to the Atlantic council in Washington, DC, Muzinich discussed Transatlantic cooperation on sanctions, cryptocurrency, and economic growth.[18]

In an essay for the Hoover Institution in 2010, Muzinich called for modernizing the US nuclear non-proliferation strategy.[19]

Private sector

Prior to joining the Treasury department, Muzinich was previously employed at EMS Capital and at Morgan Stanley in the mergers and acquisitions group. He also served as president of Muzinich & Company, an international investment firm founded by his father. He has also taught at Columbia Business School from 2014 to 2016.[20][21][22]

Personal life

Muzinich married Eloise Davis Austin in 2008. He is a member of the board of trustees of NewYork–Presbyterian Hospital.[23][24]

References
  1. "Justin Muzinich". U.S. Department of the Treasury. December 12, 2018. Retrieved December 18, 2018.
  2. "Eloise Austin, Justin Muzinich". The New York Times. October 1, 2008.
  3. Allen, Mike (March 12, 2017). "Mnuchin hire thrills Republicans". Axios.
  4. "President Donald J. Trump Announces Intent to Nominate and Appoint Personnel to Key Administration Posts". The White House. April 2, 2018.
  5. Rappeport, Alan (October 28, 2017). "The Little-Known Pragmatist Who Is Shaping the Trump Tax Cuts". The New York Times.
  6. "Trump to Nominate Justin Muzinich to Deputy Treasury Secretary Post". The Wall Street Journal. April 2, 2018.
  7. "Treasury's Muzinich Wields Wall Street Skills to Fight Economic Crisis". The Wall Street Journal. April 12, 2020.
  8. "Mnuchin's Unfilled Jobs Leave Treasury Stretched in Virus Crisis". Bloomberg. April 4, 2020.
  9. "The Little-Known Pragmatist Who Is Shaping the Trump Tax Cuts". The New York Times. October 28, 2017.
  10. Jagoda, Naomi (April 2, 2018). "Trump names nominee to be deputy Treasury secretary". The Hill.
  11. "PN1803 – Nomination of Justin George Muzinich for Department of the Treasury, 115th Congress (2017–2018)". www.congress.gov. December 11, 2018. Retrieved December 16, 2018.
  12. Rappeport, Alan (December 11, 2018). "Senate Confirms Treasury Tax Law Architect as Deputy Secretary". The New York Times. ISSN 0362-4331. Retrieved February 7, 2020.
  13. "Remarks of Deputy Secretary Justin Muzinich at the 2019 US Treasury Market Structure Conference | U.S. Department of the Treasury". home.treasury.gov. Retrieved February 7, 2020.
  14. "Architect of Trump tax cut may run $500 billion coronavirus loan program". Reuters. March 31, 2020. Retrieved April 2, 2020.
  15. Elliott, Justin; DePillis, Lydia; Faturechi, Robert. "This Treasury Official Is Running the Bailout. It's Been Great for His Family". ProPublica. Retrieved June 2, 2020.
  16. https://home.treasury.gov/news/press-releases/sm1138
  17. https://home.treasury.gov/news/press-releases/sm683
  18. https://www.atlanticcouncil.org/event/a-conversation-on-transatlantic-economic-relations-with-justin-muzinich/
  19. https://www.hoover.org/research/nuke-cargo-hold
  20. Johnson, Eliana (March 12, 2015). "Jeb Bush Set to Tap Policy Director". National Review.
  21. Harrison, David (April 2, 2018). "Trump to Nominate Justin Muzinich to Deputy Treasury Secretary Post". The Wall Street Journal.
  22. Zargham, Mohammad (April 3, 2018). "Trump to nominate Muzinich as Treasury deputy secretary: White House". Reuters.
  23. Bloomberg Executive Profile: Justin George Muzinich J.D.
  24. Trustees at NewYork-Presbyterian – NYP.org
Political offices
Preceded by
Sarah Bloom Raskin		 United States Deputy Secretary of the Treasury
2018–2021		 Vacant
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