Charisma Caucus

2 Trump Train Members Join the Trump Cabinet

Steve Mnuchin and Wilbur Ross
Steve Mnuchin and Wilbur Ross, who played important roles in President-elect Donald Trump's campaign, are joining his administration as secretaries of the treasury and commerce, respectively. (Reuters photos)

Wednesday morning, the Presidential Transition Team formally announced that two members of the Trump Train were now joining the Trump Cabinet.

Media reports indicated that Trump campaign finance chair Steven Mnuchin had confirmed he was nominated for secretary of the treasury. They also indicated the campaign's chief economic policy adviser, Wilbur Ross, had confirmed he would be nominated at Secretary of Commerce.

The Presidential Transition Team announcement also included a surprise nomination: Chicago Cubs co-owner Todd Ricketts has agreed to serve as deputy secretary of commerce. The statement said the trio "will be instrumental in implementing the president-elect's America First economic plan that will create more than 25 million jobs over the next decade."

Since 2004, Mr. Mnuchin has been the founder, co-chief executive officer and chairman of Dune Capital Management, one of the country's premier investment firms, specializing 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.

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

"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 Bank for $1.6 billion and ran it very professionally, selling it for $3.4 billion plus a return of capital. That's the kind of people I want in my administration representing our country."

Mnuchin, a Yale graduate, founded RatPac-Dune Entertainment, which has produced a number of very successful films, including Avatar, American Sniper, and the X-Men movies. He also is a member of the board of The Museum of Contemporary Art Los Angeles, UCLA Health System Board, New York Presbyterian Hospital, the Los Angeles Police Foundation and Life Trustee of New York Presbyterian Hospital.

"I am honored to have the opportunity to serve our great country in this important role," he said. "I understand 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."

Ross is a man renowned for his extraordinary business career and economic expertise. For 25 years, he 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, Mr. Ross started the investment firm WL Ross & Co.

"Wilbur Ross is a champion of American manufacturing and knows how to help companies succeed," Trump said. "Most importantly, he is one of the greatest negotiators I have 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. Wilbur knows 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."

Ross, also a graduate of Yale, earned his MBA from Harvard. He has a reputation as a world-class negotiator who can be counted on to be a forceful advocate for American interests in the global economy.

"I am delighted to have been selected to join President-elect Trump's Cabinet and look forward to working especially closely with Steve Mnuchin to implement the economic programs which we have developed jointly to implement the President-elect's strategy for accelerating our economic growth," he said.

Ricketts is committed to promoting the values of fiscal responsibility and educating taxpayers on wasteful and excessive government spending. He is the son of Ameritrade founder Joe Ricketts and has years of hands-on experience in the finance industry.

Like the president-elect, he will be expected to use this knowledge to fix the broken Washington, D.C., system, keep jobs in the U.S., and spur job growth.

"Todd Ricketts is an immensely successful businessman with unparalleled knowledge of the finance industry," Trump 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. I am very proud to have him on our team."

Ricketts, a Loyola University Chicago graduate, has a long track record of consistently spearheading efforts to defend the taxpayers' money.

"I am honored that President-elect Donald J. Trump has asked me to serve our country at this critical juncture in our history," he said. "Advancing practical policies that promote economic opportunity is critical to making America great again.

"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."

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