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Mick Mulvaney to start hedge fund

Mick Mulvaney to start hedge fund
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Former acting White House chief of staff Mick MulvaneyMick MulvaneyTrump says he may lower corporate tax rate to 20 percent if reelected Is Social Security safe from the courts? On The Money: House panel pulls Powell into partisan battles | New York considers hiking taxes on the rich | Treasury: Trump's payroll tax deferral won't hurt Social Security MORE is launching a hedge fund named Exegis Capital that aims to bet on financial services stocks.

Mulvaney is starting the venture with longtime investor Andrew Wessel and the two discussed their plans in a podcast interview with S&P Global Market Intelligence released Friday.

“Politics is going to be a very turbulent thing for the near future, and I think it creates opportunities for those who understand how Washington works to provide an advantage over everybody else,” Mulvaney said.

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Mulvaney, who now serves as a special envoy to Northern Ireland, served as acting White House chief of staff for over a year until he was replaced by former Rep. Mark MeadowsMark Randall MeadowsSchumer labels McConnell's scheduled coronavirus stimulus vote as 'a stunt' Pfizer could apply for US emergency use approval for coronavirus vaccine by late November Ted Cruz won't wear mask to speak to reporters at Capitol MORE (R-N.C.) in March.

In this position, envoys are allowed to hold other jobs outside of their duties as a government official, according to Politico. 

Mulvaney also touted his experience as Trump’s Office of Management and Budget director and acting head of the Consumer Financial Protection (CFPB) during the podcast, noting that holding these positions will help him in his new endeavor. 

“How the CFPB works has huge impact on lenders if you can understand things in advance, and understand how the system works,” he said. “You have to understand how Washington works.” 

He said the project will kick off on Jan. 1, regardless of who wins the presidential election. Though he said he thinks Trump is “a slight favorite to win” against Democratic presidential nominee Joe BidenJoe BidenBiden: Trump 'continues to lie to us' about coronavirus Rally crowd chants 'lock him up' as Trump calls Biden family 'a criminal enterprise' Undecided voters in Arizona wary of Trump, crave stability MORE.  

“It’s going to work a certain way under a Biden administration, and I think we know how that works,” Mulvaney said. “And it’s going to work a different way under a second term of a Trump administration.”