Mnuchin, Ross confirm themselves as Trump's cabinet picks

11/30, 1:37 PM (Source: TeleTrader.com)

Steven Mnuchin and Wilbur Ross (pictured) confirmed on Wednesday they have been selected by president-elect Donald Trump to head the Treasury and Commerce departments, respectively, in an interview with CNBC.

Mnuchin is a former Goldman Sachs Group Inc. partner and previously served as Trump campaign's finance chairman. He told CNBC's "Squawk Box" program that his primary focus as Treasury secretary would be to cut corporate taxes and thus create "huge economic growth" and boost personal income. However, Mnuchin maintained, these will not be absolute tax cuts for the rich and will mainly benefit middle-class individuals, as reductions in upper income taxes will be offset by less deductions.

Another leader of Trump's economic team, Ross is known as a billionaire investor specializing in distressed assets and was one of the real estate mogul's early supporters who also played a role as a senior advisor on trade in his campaign team.

 

Teletrader Newsroom / IB