Trump Taps Wilbur Ross for Commerce Secretary

Trump Expected to Announce Mnuchin as Treasury Pick

Ted Cruz on his ties to Goldman Sachs, claiming Cruz was controlled by Wall Street and therefore could never regulate it.

Mr Ross told Fox Business Network said that he favoured bilateral agreements with trade partners, rather than regional deals.

The president-elect's transition team announced this week that Wall Street banker Steve Mnuchin would be nominated as Treasury secretary.

"During the campaign, Donald Trump told the American people that he was going to change Washington by taking on Wall Street", Sanders and Warren said in a rare joint statement. "That's the kind of people I want in my administration representing our country", said President-elect Trump. Trump blasted Hillary Clinton's Goldman Sachs speeches and then followed up the announcement with a campaign ad warning voters of the "corrupt political establishment".

Trump based his argument on the grounds that Cruz had received a loan from Goldman Sachs before launching his initial Senate bid, something the the Cruz team said was leveraged against their own assets and not out of the ordinary considering Heidi Cruz, his spouse, worked for the firm at the time.

Commerce Secretary nominee Ross served as Trump's top economic advisor on trade policy.

"We will make sure that when they are restructured, they are absolutely safe and don't get taken over again". "Mortgage banking is a business of scope and scale, and we believe that the combined company will fill the void created by the ongoing departures of many banks from the overall industry".

"I can't be part of that and I don't think that's where Democrats are".

He also named Chicago Cubs co-owner Todd Ricketts as his deputy secretary of Commerce.

Mnuchin's hedge fund, Dune Capital Management, of which he now serves as CEO, became involved in Hollywood motion pictures years ago, financing such box office hits as "X-Men" and "Avatar".

Cutting the corporate tax rate will generate more investments, factory growth and jobs, said Chris Edwards, director of tax policy studies at the Cato Institute, a public policy group focused on limited government and free markets.

"I'm eager to begin this important work and serving with Wilbur Ross to implement President-elect Trump's economic agenda which will improve the lives of all Americans", he said.

The Hollywood Reporter reports that Mnuchin is now chairman of RatPac-Dune Entertainment, which he formed with billionaire James Packer and Rush Hour director Brett Ratner.

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