Mnuchin, 53, a former Goldman Sachs banker, said Wednesday that the Trump administration will focus on tax reform to revive USA economic growth.
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That may explain in part why Trump is expected to select Ross for the role – like the president-elect, Ross has been an outspoken critic of free trade agreements, telling CNBC earlier this year that they’re harmful to average Americans. That suggests a more pragmatic approach to the job than, say Attorney General nominee Jeff Sessions or Health and Human Services appointee Tom Price.
“His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury”. “His experiences at Dune Capital, particularly the IndyMac/OneWest purchase and turn around, will most certainly influence his decision-making calculus”.
President-elect Donald Trump’s pick for Treasury said Wednesday morning that the new administration will prioritize tax reform, but that it won’t result in a tax cut for the rich.
“I’m not reflexively opposed to Mr. Mnuchin, but I do think there’s an irony here of bringing someone with a history with Goldman Sachs into the top of economic policy”, added King. They range from simple multi-millionaires, to billionaire heirs, and hedge fund tycoons, all of which Trump is assembling, according to his campaign promises, to form a super-team to rescue America’s struggling middle and working classes. Mnuchin invested in the wreckage of the housing crisis, scooping up the troubled bank IndyMac and turning a $1.6 billion profit in under a year as millions of Americans endured foreclosure.
Democrats were quick to slam Trump’s proposed economic team.
“I am honored to have the opportunity to serve our great country in this important role”. The House plan gets rid of all deductions except those for charitable contributions and mortgage interest. “I am proud to nominate him as Secretary of Commerce”, Trump said.
For 25 years Ross headed Rothschild Inc where he built a legacy of saving jobs and restructuring failing companies back to profitability.
In 2000, Ross started the investment firm WL Ross & Co.
Trump has vowed to withdraw the Pacific trade deal, an ambitious trade agreement among the USA and other 11 countries in Asia Pacific, within his first 100 days in office. He also named Chicago Cubs co-owner Todd Ricketts as his deputy secretary of Commerce. That’s the engine of growth to small and medium-sized businesses.
While on the campaign trail, Trump often took shots at the Wall Street elite.
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Mnuchin, a 53-year-old former Goldman Sachs Group Inc. partner and movie financier, who says he’s known Trump for 15 years, repeated the president-elect’s goals to upgrade infrastructure in the USA and said he will consider public-private partnerships, along with other options that he didn’t specify.
