Investor confirmed to lead Commerce Dept.

WASHINGTON — The Senate on Monday confirmed billionaire investor Wilbur Ross as commerce secretary as President Donald Trump adds to his economic team. The vote was 72-27. Breaking with Republican orthodoxy, Ross said the Trump administration will work quickly to redo the North American Free Trade Agreement. That’s the massive trade pact with Canada and Mexico that has boosted trade but still stings laid-off workers across the Midwest.

Senators from both political parties were deferential to Ross at his nearly fourhour confirmation hearing, which was much more subdued than the confirmation hearings of other Trump nominees. Former commerce secretaries have praised him, including one who served under former President Barack Obama.

“Mr. Ross will bring decades of business, entrepreneurial and civic experience to this important position,” said Sen. John Thune, RS.D., chairman of the Commerce Committee. “I believe his extensive management experience in the private sector, and his understanding of the challenges faced by workers and businesses alike, will equip him well for the job of leading the Department of Commerce.”

Sen. Elizabeth Warren, D-Mass., criticized Ross’ business ties to Russia and the way he ran a mortgage lender during the housing crisis.

“Mr. Ross has extensive ties to Russia. He plans to keep making money from his major oil shipping companies while working as commerce secretary. He’s made billions off the backs of struggling home owners,” Warren said Monday. “He is practically a cartoon stereotype of a Wall Street fat cat.”

As part of his ethics agreement, Ross is giving up his position at Diamond S Shipping, but he will retain a stake in the company, which ships petroleum and other products. As part of the agreement, Ross has promised not to take any action that would benefit any company in which he has a financial interest.

At his confirmation hearing, Ross was not asked about business ties to Russia or his work as a mortgage lender, and he did not address the issues.

Senators did note that Ross is divesting from much of his business empire.

Worth an estimated $2.9 billion, Ross has extensive business ties around the globe.