Trump taps billionaire investor Ross for commerce secretary
WASHINGTON (AP) — Wilbur Ross, the billionaire investor considered the "king of bankruptcy" for buying beaten-down companies with the potential to deliver profits, is expected to join President-elect Donald Trump's senior economic team as commerce secretary.
With a Florida home down the road from Trump's Mar-a-Lago retreat, the 78-year-old Ross played a role in crafting and selling the president-elect's tax-cut and infrastructure plans.
A specialist in corporate turnarounds, Ross buys distressed or bankrupt companies at steep discounts, then seeks to shave costs and generate profits.
Some of those cost reductions have come from altering pay and benefits for workers.
Since 2000, his firm has invested in more than 178 companies.
Among its responsibilities, the Cabinet-level department provides data on the economy through the Census Bureau and monitors the environment through the National Oceanic and Atmospheric Administration.