From The Seattle Times:
Trump expected to pick billionaire investor Wilbur Ross as commerce chief
President-elect Donald Trump is expected to select as commerce secretary Wilbur Ross, a billionaire investor who became known as the “king of bankruptcy” for buying, restructuring and selling off steel-makers and other fading industrial companies, officials on the transition team said Thursday.
Makes a lot of sense - except for the 0.1% banksters, businesses are hurting and to get someone to turn things around will greatly help the economy. A bit more:
Ross, 78, an economic adviser to Trump’s campaign whose fortune is estimated by Forbes to be $2.9 billion, is aligned with Trump on trade. He says the United States must free itself from the “bondage” of “bad trade agreements,” and he has advocated threats of steep tariffs on Chinese goods. Ross, chairman of the private equity firm WL Ross & Co., has also pressed for cutting the corporate tax rate to 15 percent, from 35 percent, and reducing taxes and regulations on energy companies.
And this is not an unknown precident:
If confirmed by the Senate, Ross would succeed another wealthy campaign donor at the helm of an agency charged with promoting U.S. commercial interests and trade around the world. Penny Pritzker, President Barack Obama’s commerce secretary, is a billionaire entrepreneur who was an early financial backer of Obama and is an heiress to the Hyatt Hotels fortune.
Unlike Trump and Ross, Pritzker has been a leading proponent of forging new free-trade agreements. One of her top priorities was the completion of the Trans-Pacific Partnership, a 12-nation accord that Trump has promised to scrap.
Works for me - nice to return to the Laffer Curve. Cut the tax rate and watch the tax revenue soar.
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