Mnuchin will be Treasury Secretary, Ross will lead the Commerce Department.
President-elect Donald Trump has filled more top posts on his economic team — picking former Goldman Sachs executive Steven Mnuchin as treasury secretary and financier Wilbur Ross to lead the Commerce Department.
Mnuchin is confirming that he and Ross are joining Trump’s Cabinet, pending confirmation by the Senate.
He tells CNBC’s “Squawk Box” in an interview Wednesday that “we’re thrilled to work for the president-elect and honored to have these positions.”
Mnuchin says “sustained economic growth” is the chief priority of the incoming administration and he says “we can absolutely get to sustained 3 to 4 percent” in the gross domestic product.
He’s also outlining what he calls “the largest tax change” since President Ronald Reagan — cutting the corporate tax rate to 15 percent, a “big” middle-class income tax cut and simplifying taxes.
Mnuchin led Trump’s finance operations during the presidential campaign and became close to the president-elect and his family.
Ross is a billionaire investor who’s considered the “king of bankruptcy” for buying beaten-down companies with the potential to deliver profits.
Mr. Trump praised Mnuchin as a “world-class financier, banker and businessman” in a statement.
“Steve Mnuchin is a world-class financier, banker and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs,” he said.“His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury.”
In his own statement, Mnuchin said he was “honored” To have a role in the incoming administration.
“I understand what needs to be done to fix the economy,” he said. “I look forward to helping President-elect Trump implement a bold economic agenda that creates good-paying jobs and defends the American worker.”
Mnuchin spoke with reporters Wednesday at Trump Tower about his appointment and his priorities for the incoming administration.
“Our first priority is going to be the tax plan and the tax plan has both the corporate aspects to it — lowering corporate taxes so we make U.S. companies the most competitive in the world, making sure we repatriate trillions of dollars back to the United States, and the personal income taxes where we’re going to have the most significant middle income tax cut since Reagan,” he said. He added that the administration intends to implement the president-elect’s child care program, which Mnuchin predicted would be a “tremendous boon to the economy.”
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Composite:Getty Images/ AP