» Senate confirms billionaire investor as commerce secretary,
The Senate WASHINGTON — 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 Republi- can orthodoxy, Ross said the Trump administration will work quickly to re-do the North American Free Trade Agreement. That’s the mas- sive 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 four-hour
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, R-S.D., chairman of the Commerce Commit- tee. “I believe his extensive management experience in the private sector, and his understanding of the chal- lenges faced by workers and businesses alike, will equip him well for the job of lead- ing the Department of Commerce.”
Sen. Elizabeth Warren of Massachusetts 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 agree- ment, Ross is giving up his position at Diamond S. Ship- ping, 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 as commerce secretary that would benefit any company in which he has a financial interest.
At his confirmation hearing, Ross was not asked about busi- ness ties to Russia or his work as a mortgage lender, and he did not address the issues.
Worth an estimated $2.9 bil- lion, Ross has extensive busi- ness ties around the globe. In 2000, he founded WL Ross & Co., a private equity firm. As part of his ethics agree- ment, Ross will divest from the firm.
So far, the Senate has confirmed 15 out of 22 Trump Cabinet or Cabinet-level picks requiring confirmation. Sen- ators also were expected to move forward on Trump’s nomination of Montana Rep. Ryan Zinke to lead the Interior Department with vote lijkely Tuesday or Wednesday.
During the presidential campaign, Trump criticized U.S. trade deals, including NAFTA. Trump’s stance on trade is at odds with many Republicans in Congress, but it endeared him to some voters in the Midwest who believe trade deals cost American jobs.
NAFTA was negotiated and signed by President Bill Clinton, with broad support among Republicans in Congress.