Wilbur Ross's name has been approved by the Senate, as President Donald Trump's Secretary of Commerce.
The Senate confirmed Ross's name after lawmakers voted 72-27 in his favour.
The Democrats had demanded Ross to explain his connections to Viktor Vekselberg, a Bank of Cyprus shareholder, who is described as a friend to Russian President Vladimir Putin, reports CNN.
Ross, in reply, has indicated that he will step down from the Bank of Cyprus after he takes office.
Ross is an American investor and a banker, known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles.
He is also known as the "King of Bankruptcy" for his experience in buying bankrupt companies.
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