Trump Taps Mnuchin As Treasury Secretary, Ross As Commerce Secretary
WASHINGTON (dpa-AFX) - Continuing a recent string of announcements of potential Cabinet members, President-elect Donald Trump revealed his choices for Treasury Secretary and Commerce Secretary on Wednesday.
Trump said he intends to nominate Wall Street banker Steven Mnuchin as Treasury Secretary, calling him a world-class financier, banker and businessman.
In a statement, Trump said Mnuchin played a key role in developing his plan to build a dynamic, booming economy that will create millions of jobs.
"His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury," Trump said of Mnuchin.
"He purchased IndyMac Bank for $1.6 billion and ran it very professionally, selling it for $3.4 billion plus a return of capital," he added. "That's the kind of people I want in my administration representing our country."
Mnuchin, who spent 17 years at Goldman Sachs (GS), is currently Co-Chief Executive Officer and Chairman of hedge fund Dune Capital Management.
In an interview on CNBC's "Squawk Box," Mnuchin claimed Trump's policies on trade and tax reform could help the economy grow at a sustained rate of 3 percent to 4 percent.
Mnuchin also said the incoming administration would strip back parts of the Dodd-Frank financial regulations he believes prevent banks from lending.
However, the nomination of Mnuchin has attracted criticism from Democrats, with Senator Elizabeth Warren, D-Mass., calling the banker the "Forrest Gump of the financial crisis" for participating in all the worst practices on Wall Street.
"His selection as Treasury Secretary should send shivers down the spine of every American who got hit hard by the financial crisis, and is the latest sign that Donald Trump has no intention of draining the swamp and every intention of running Washington to benefit himself and his rich buddies," Warren said.
Trump also announced his intention to nominate Wilbur Ross as Commerce Secretary, praising the billionaire investor's extraordinary business career and economic expertise.
"Wilbur Ross is a champion of American manufacturing and knows how to help companies succeed," Trump said. "Most importantly, he is one of the greatest negotiators I have ever met, and that comes from me, the author of The Art of the Deal."
The president-elect said Ross knows cutting taxes for working families, reducing burdensome government regulations and unleashing America's energy resources will strengthen the economy.
Ross, the founder of private equity firm WL Ross & Co., said he looks forward to working closely with Mnuchin to implement the economic programs they have developed jointly to implement Trump's strategy for accelerating economic growth.
(Photo: Gage Skidmore)
Copyright RTT News/dpa-AFX