Wilbur Ross
| Wilbur Ross | |
|---|---|
.jpg) |
|
| 39th United States Secretary of Commerce | |
|
Assumed office February 28, 2017 |
|
| President | Donald Trump |
| Preceded by | Penny Pritzker |
| Personal details | |
| Born |
Wilbur Louis Ross Jr. November 28, 1937 Weehawken, New Jersey, U.S. |
| Political party |
Democratic (Before 2016) Republican (2016–present) |
| Spouse(s) | Judith Nodine (1961–1995) Betsy McCaughey (1995–2000) Hilary Geary (2004–present) |
| Children | 2 daughters (with Nodine) |
| Education |
Yale University (BA) Harvard University (MBA) |
| Net worth | US$2.5 billion (December 2016) |
Wilbur Louis Ross Jr. (born November 28, 1937) is an American investor and politician who is currently the 39th United States Secretary of Commerce, under the Trump Administration. Ross was confirmed by the Senate by a 72-27 vote to be the Commerce Secretary. He was a banker, known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. As of February 2017, Forbes magazine has reported that Ross has a net worth of $2.5 billion.
Ross is known as the "King of Bankruptcy" for his experience in buying bankrupt companies, primarily in the manufacturing and steel industries, and later selling them for a large profit after operations improve.
On November 24, 2016, it was reported by the Associated Press that Ross would be nominated for United States Secretary of Commerce by the incoming Trump Administration. The Trump transition team confirmed Trump's intent to nominate him on November 30, 2016. On February 27, 2017, he was confirmed by the United States Senate in a 72–27 vote.
Ross was born on November 28, 1937 in Weehawken, New Jersey, and grew up in suburban New Jersey. His father, Wilbur Louis Ross Sr., was a lawyer who later became a judge, and his mother, Agnes (née O'Neill), was a school teacher.
Ross drove two hours a day from New Jersey to attend the Catholic college preparatory Xavier High School in Manhattan. He ran track and was captain of the rifle team. He earned a BA degree from Yale College, which was also his father's alma mater. At Yale, Ross edited one of the literary magazines and worked at the radio station. Initially, he wanted to be a writer, but after his experience in a fiction class requiring 500 words daily, he concluded that he had "run out of material." His faculty adviser at Yale helped him get his first summer job on Wall Street. He earned his MBA degree at Harvard Business School.
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