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| Trump to tap ex-Goldman partner for top Treasury job, billionaire Ross to head Commerce Dept | |
| (about 2 hours later) | |
| US President-elect Donald Trump is expected to select former Goldman Sachs executive Steven Mnuchin as his Treasury secretary as soon as Wednesday, media sources quote people familiar with the matter. | |
| The 53-years old financier with no government experience but a broad background on Wall Street and in Hollywood served as national finance chairman for Trump's presidential campaign. | The 53-years old financier with no government experience but a broad background on Wall Street and in Hollywood served as national finance chairman for Trump's presidential campaign. |
| He was picked from among some other high-profile candidates, including JPMorgan chairman Jamie Dimon and Republican Jeb Hensarling, chairman of the House Financial Services Committee. | He was picked from among some other high-profile candidates, including JPMorgan chairman Jamie Dimon and Republican Jeb Hensarling, chairman of the House Financial Services Committee. |
| Before starting his own hedge fund Dune Capital Management in 2002 where he currently works, Steven Mnuchin spent 17 years at Goldman Sachs. He also funded a film production company, bankrolling hits like the X-Men franchise and Avatar. | Before starting his own hedge fund Dune Capital Management in 2002 where he currently works, Steven Mnuchin spent 17 years at Goldman Sachs. He also funded a film production company, bankrolling hits like the X-Men franchise and Avatar. |
| Mnuchin reportedly earned about $40 million while working at Goldman. | Mnuchin reportedly earned about $40 million while working at Goldman. |
| The selection would still require Senate confirmation and marks the first major economic post filled by Trump. | The selection would still require Senate confirmation and marks the first major economic post filled by Trump. |
| If confirmed Mnuchin would become the first person with Wall Street experience to lead the Treasury since Henry Paulson, the former Goldman Sachs CEO who served under President George W. Bush. Paulson ran the Treasury during the turbulent initial stages of the financial crisis of 2008. | If confirmed Mnuchin would become the first person with Wall Street experience to lead the Treasury since Henry Paulson, the former Goldman Sachs CEO who served under President George W. Bush. Paulson ran the Treasury during the turbulent initial stages of the financial crisis of 2008. |
| Donald Trump had been campaigning on a promise to dismantle the banking regulations introduced by the Obama administration in 2010. The rules should be re-examined, according to Mnuchin. | Donald Trump had been campaigning on a promise to dismantle the banking regulations introduced by the Obama administration in 2010. The rules should be re-examined, according to Mnuchin. |
| “We're not taking a position on whether we support that or don't support it. We're saying a lot of things need to be looked at. We think Dodd-Frank needs to be looked at. Obviously, there is an important concern of protecting depositors,” Mnuchin said in a July interview with CNBC. | “We're not taking a position on whether we support that or don't support it. We're saying a lot of things need to be looked at. We think Dodd-Frank needs to be looked at. Obviously, there is an important concern of protecting depositors,” Mnuchin said in a July interview with CNBC. |
| The financier previously backed Hillary Clinton and Barack Obama's Senate and presidential campaigns. | The financier previously backed Hillary Clinton and Barack Obama's Senate and presidential campaigns. |
| READ MORE: Trump pledges to dump Pacific trade deal on first day in office | |
| Donald Trump is also planning to tap 78-year-old billionaire Wilbur Ross to head the Commerce Department, a Republican source told Reuters on Tuesday. The chairman of WL Ross & Co is known for his investment in distressed industries. Ross advised the President-elect on economic policy during the campaign. | |
| The billionaire backed Trump, repeatedly criticizing the Trans-Pacific Partnership agreement, as well as the North American Free Trade Agreement (NAFTA) with Canada and Mexico. Ross blamed NAFTA along with the entry of China into the World Trade Organization for causing massive US factory job losses. | |
| “I think there’s a big difference between the impact of trade agreements on corporate America and the impact on Mr. and Mrs. America. Corporate America has adjusted to them by investing lots of capital offshore,” Ross said in an interview with CNBC earlier this year. |