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Trump Taps Wilbur Ross for Commerce Secretary

President-elect Donald Trump has picked billionaire businessman Wilbur Ross to head the Department of Commerce, the agency that includes the National Telecommunications & Information Administration, which will be the Trump Administration's principal telecom adviser.

Ross is the former head of Rothschild and currently is chairman and chief strategist of WL Ross & Co., which he founded and was bought by Invesco in 2006.

He has made his name and fortune in private equity investments, including restructuring bankrupt companies. According to Forbes, that included Donald Trump's casino troubles. Ross is at number 232 on Forbes 400 richest list with 2.9 billion back in September but "only' $2.5 billion as of now. (Trump is at #157 with an estimated $3.7 billion).

The Trump transition team announcement of the pick says his has been a legacy of "saving jobs and restructuring failing companies," as well as growing telecom businesses among many others including coal and steel industries—in the rust-belt states that helped Trump win the presidency.

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