Trump taps billionaire investor for commerce secretary

Wilbur Ross, a billionaire investor who made his fortune restructuring failing companies, will be the commerce secretary for the incoming administration

Trump taps billionaire investor for commerce secretary

President-elect Donald Trump has named billionaire investor Wilbur Ross Jr. as his commerce secretary, according to an NPR report. Ross is the chairman, CEO and founder of WL Ross and Co., a private equity firm.

Ross made his fortune buying and restructuring failing companies, often through layoffs and budget cuts, according to NPR. He also helped Trump salvage his casino business after it went bankrupt in the 90s. Forbes estimates his net worth at $2.9 billion.

“Wilber knows that cutting taxes for working families, reducing burdensome government regulations and unleashing America’s energy resources will strengthen our economy at a time when our country needs to see significant growth,” Trump said in a statement.

Ross is a former Democrat, but has been a loyal, longtime Trump supporter, according to NPR. Like the president-elect, he is skeptical of trade agreements. In June he told CNBC that the US needed “a more radical, new approach to government.”

Image by: Ken Lund on Flickr