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Wilbur Ross on Corporations

 

 


55 years of investment banking and private equity experience

Secretary Ross is the principal voice of business in the Trump Administration, ensuring that U.S. entrepreneurs and businesses have the tools they need to create jobs and economic opportunity. Secretary Ross is the former Chairman and Chief Strategy Officer of WL Ross & Co. LLC and has over 55 years of investment banking and private equity experience. He has restructured over $400 billion of assets in the manufacturing, credit card, electric utility, homebuilding, insurance, mortgage origination, oil and gas, and trucking industries. Secretary Ross has been chairman or lead director of more than 100 companies operating in more than 20 different countries. Named by Bloomberg Markets as one of the 50 most influential people in global finance, Secretary Ross is the only person elected to both the Private Equity Hall of Fame and the Turnaround Management Hall of Fame.
Source: Federal official website for Trump Cabinet biographies , Dec 31, 2018

Privatization adviser to New York City Mayor Rudy Giuliani

Secretary Ross previously served as privatization adviser to New York City Mayor Rudy Giuliani and was appointed by President Bill Clinton to the board of the U.S.-Russia Investment Fund. President Kim Dae-jung awarded Secretary Ross a medal for helping South Korea during its financial crisis and, in November 2014, the Emperor of Japan awarded him the Order of the Rising Sun, Gold and Silver Star. As a philanthropist, Secretary Ross has served as Chairman of the Japan Society, Trustee of the Brookings Institution and Chairman of its Economic Studies Council, International Counsel Member of the Mus‚e des Arts D‚coratifs in Paris, Trustee of the Blenheim Foundation, President of the American Friends of the Rene Magritte Museum in Brussels and Director of the Palm Beach Civic Association. He also was an Advisory Board Member of Yale University School of Management.
Source: Federal official website for Trump Cabinet biographies , Dec 31, 2018

Alleviate corporate tax rate; small break for lower earners

Ross was asked whether the administration favors a tax reduction on the rich, a subject on which President Trump and other White House officials have provided ambiguous signals in recent days. "Let's see what really comes out" of Congress, Ross responded. Congressional Republican plans have including income tax reductions for the highest bracket and other provisions that would be likely to provide net tax cuts for high earners in most tax packages. The Trump administration's priorities in tax reform are to lower the corporate tax rate and to provide a "little bit of redistribution" for low-income earners, Commerce secretary Wilbur Ross said. "More important is the corporate, and then a little bit of redistribution so that the people in the lower brackets get the real benefit," Ross said in an interview on CNBC, using a term that Republicans generally avoid.
Source: Washington Examiner on 2017 Trump Cabinet , Jul 22, 2017

CEO of International Coal Group, plus Steel & Textiles

In 2002, Ross established the International Steel Group (ISG), which he established through buyouts and mergers. The ISG had begun with the Pennsylvania-based Bethlehem Steel Corporation when it filed for bankruptcy in 2001. Ross was made chairman of the board of the ISG and, in 2003, he took ISG public.

During a bankruptcy auction in 2004, Ross purchased Horizon Natural Resources and created the International Coal Group (ICG). Ross sold ICG for $3.4 billion in 2011 to Arch Coal, Inc., which is headquartered in St. Louis, Missouri.

Ross' firm merged five companies into the International Textile Group (ITG) in 2004. Ross served as the ITG chairman. The companies continued to operate under their respective names and the group's headquarters are located in Greensboro, North Carolina.

Ross founded the International Automotive Components Group in 2006 and served as the chairman of the group until 2014, when he stepped down to take up a position with the Bank of Cyprus.

Source: Ballotpedia.org: 2017 Trump transition confirmation hearings , Feb 3, 2017

Other candidates on Corporations: Wilbur Ross on other issues:
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Page last updated: Feb 28, 2019