Trump Picks Steve Mnuchin for Treasury Secretary, Wilbur Ross for Commerce

By:
Chris Gaetano
Published Date:
Nov 30, 2016
Cash


President-elect Donald Trump has named Steve Mnuchin, his campaign's national finance chairman, as his nominee for Secretary of Treasury, and Wilbur Ross, an investor who helped Trump resurrect his then-ailing casino company in the 90s, as Secretary of Commerce, according to CNBC

Mnuchin was most recently chair of Dune Capital Management, where he helped finance big budget Hollywood films such as James Cameron's "Avatar," but is also a 17-year veteran of Goldman Sachs, a former worker for Soros Fund Management, and co-founder of OneWest Bank Group, according to CNBC. Mnuchin will be responsible for implementing the administration's economic policy, such as slashing the corporate tax rate from 35 to 15 percent. He would also seek to roll back the reforms of the Dodd-Frank Act: a Wall Street Journal said that he promised to cut certain provisions that he felt were too complicated and discouraged bank lending. The New York Times noted that Trump's pick is a little at odds with the issues he raised during the campaign, where he laid heavy criticism on the finance industry as an example of the same elites he said needed to be beaten. 

Ross, the billionaire head of W.L. Ross, is known as an investor specializing in rehabilitating troubled companies, such as Donald Trump's in the 90s. A donor and longtime associate of Trump's, he has developed a reputation for buying distressed businesses and forcing budget cuts and layoffs to bring up profitability, according to NPR. Ross, who is a former Democrat, shares Trump's critiques of international trade agreements, and says government needs a new, more radical approach. 

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