Mnuchin pulls out of Saudi conference

Mnuchin pulls out of Saudi conference
© Anna Moneymaker

Treasury Secretary Steven MnuchinSteven MnuchinConservatives are outraged that Sarah Bloom Raskin actually believes in capitalism Suspect in Khashoggi murder arrested The Hill's Morning Report - Presented by Facebook - Biden to tackle omicron risks with new travel rules MORE announced Thursday that he will pull out of a major economic conference being hosted by Saudi Crown Prince Mohammed bin Salman next week in Riyadh, amid tension over the disappearance of journalist Jamal Khashoggi. 

“Just met with @realDonaldTrumpand @SecPompeo and we have decided, I will not be participating in the Future Investment Initiative summit in Saudi Arabia,” Mnuchin tweeted Thursday morning.

Mnuchin announced his decision after meeting with President TrumpDonald TrumpJudge rules Alaska governor unlawfully fired lawyer who criticized Trump Giuliani led fake electors plot: CNN Giuliani associate sentenced to a year in prison in campaign finance case MORE and Secretary of State Mike PompeoMike PompeoPence to deliver keynote at fundraising banquet for South Carolina-based pregnancy center Russia suggests military deployments to Cuba, Venezuela an option The Hill's Morning Report - Presented by Altria - Winter is here for Democrats MORE, the latter of whom returned Wednesday from a trip to Saudi Arabia where he met with members of the royal family.

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The decision for Mnuchin to skip the conference is the toughest signal the administration has given against Saudi Arabia and comes after nearly a week of speculation over whether he would go to Riyadh. 

He had come under pressure in recent days from Republican members of the Foreign Relations Committee to skip the conference after the disappearance of Khashoggi, a U.S.-based Saudi journalist who was a frequent contributor to The Washington Post.

Sen. Jeff FlakeJeffrey (Jeff) Lane FlakeCruz to get Nord Stream 2 vote as part of deal on Biden nominees Democrats threaten to play hardball over Cruz's blockade Rubio vows to slow-walk Biden's China, Spain ambassador nominees MORE (R-Ariz.) reiterated his opposition to Mnuchin attending the conference, which had been dubbed “Davos in the Desert,” tweeting Thursday, “This is not a close call, Secretary Mnuchin. Don’t go to Riyadh.”

A large group of prominent CEOs have already announced they’re skipping the event, including JPMorgan Chase CEO Jamie Diamond, Ford Chairman Bill Ford, MasterCard CEO Aya Banga and several prominent investment chiefs such as Stephen Schwarzman of Blackstone and Larry Fink of Blackrock.

Another Republican on the Foreign Relations Committee, Sen. Todd YoungTodd Christopher YoungThese Senate seats are up for election in 2022 Democrats return with lengthy to-do list Don't just delay student debt, prevent it MORE (Ind.), urged Mnuchin last week to skip the conference, warning it would send a "counterproductive message," and Republican Sen. John KennedyJohn Neely KennedyLouisiana Democrat running for US Senate smokes marijuana in campaign ad MORE (La.) said Wednesday that Mnuchin's attendance would not be appropriate. 

Mnuchin had wrestled for days with the decision about whether to attend the conference, which is scheduled to begin Oct. 23. 

He was initially expected to announce his decision by Friday but then the timing was moved up to Thursday after he came under increasing pressure from Republicans and Democrats. 

On Wednesday, twelve House Democrats led by Rep. Bonnie Watson ColemanBonnie Watson ColemanSanders, 50 Democrats unveil bill to send N95 masks to all Americans Rep. Bonnie Watson Coleman discusses decision to keep some people on home confinement out of prison Lawmakers split on next steps to secure transportation sectors against hackers MORE (D-N.J.) sent a letter to Mnuchin warning him “we cannot continue to turn a blind eye for the convenience of short-term economic gains from arms agreements.” 

Trump over the weekend touted a pending arms sale to Saudi Arabia as a major potential boost to the U.S. economy, predicting it could support as many as 450,000 jobs. 

White House senior adviser Jared KushnerJared Corey KushnerKushner investment firm raises more than B: report Trump: Netanyahu 'never wanted peace' with Palestinians Biden celebrates start of Hanukkah MORE, Trump’s son-in-law, has cultivated a relationship with Crown Prince Mohammed, and the administration sees Saudi Arabia as important to managing the Israeli-Palestinian peace talks and balancing Iran’s influence in the region.