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Trump picks former banker Mnuchin as Treasury Secretary

Press Trust of India  |  Washington 

US president-elect Donald Trump today picked former banker and trusted campaign ally Steven Mnuchin as his Treasury Secretary.

Trump also selected Wilbur Ross Jr as his Commerce Secretary and Todd Ricketts as Deputy Secretary of Commerce.

They will be instrumental in implementing Trump's 'America First' economic plan that will create more than 25 million jobs over the next decade, the presidential transition team said.

Leading the team would be Mnuchin who has decades of financial management experience including serving asChief Information Officer at as well as director for President-elect Trump's presidential campaign.

"Steve Mnuchin is a world-class financier, banker and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs," Trump said.

"His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury. He purchased IndyMac Bankfor USD 1.6 billionand ran it very professionally, selling it forUSD 3.4 billion plus a return of capital. That's the kind of people I want in my administration representing our country," Trump said.

Mnuchin said he understands what needs to be done to fix the economy.

"I look forward to helping President-elect Trump implement a bold economic agenda that creates good-paying jobs and defends the American worker," he said.

Mnuchin is founder, Co-Chief Executive Officer and Chairman of Dune Capital Management, one of the country's premier investment firms, specialising in public equity markets, real estate and the entertainment industry.

He also founded OneWest Bank Group LLC in 2009 and served as its Chairman and Chief Executive Officer.

Prior to that, he worked for 17 years at Goldman Sachs, where he oversaw trading in government securities,mortgages, money markets, and municipal bondsand rose to become the company's Chief Information Officer.


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

"Wilbur Ross is a champion of American manufacturing and knows how to help companies succeed," Trump said.

"Most importantly, he is one ofthegreatest negotiatorsIhave ever met, and that comes from me, the author of 'The Art of the Deal'. Together, we will take on the special interests and stand up for American jobs," he said.

"Wilburknows 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. 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. He has successfully grown businesses in the telecommunications, textiles, steel, and coal industries.

In 2000, Ross started the investment firm WL Ross & Co. Ross agrees with Trump's plan to bring back jobs, eliminate the trade deficit and make good deals for America's workers.

Todd Ricketts, co-owner of the Chicago Cubs, Trump said has been nominated to serve as Deputy Commerce Secretary.

"Todd Ricketts is an immensely successful businessman with unparalleled knowledge of the industry," he said.

"As Deputy Commerce Secretary he will help us cut waste and streamline government so that it works for the people of America. The incredible job he and the Ricketts family did in the purchase and turnaround of the Chicago Cubs - one perfect step after another, leading to the World Championship, is what I want representing our people," Trump said.

Advancing practical policies that promote economic opportunity is critical to making America great again, Ricketts said.

"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.

Ricketts is the son of Ameritrade founderJoe Ricketts and has years of hands-on experience in the industry.

First Published: Wed, November 30 2016. 21:48 IST