President-elect Donald Trump is expected to name his former campaign finance chief Steven Mnuchin as Treasury secretary and investor Wilbur Ross as Commerce secretary as early as tomorrow, a top transition source confirms to NBC News.
The picks will add two billionaire businessmen to a cabinet that’s thus far largely been filled out by Washington lawmakers and political insiders.
On Wednesday, Trump announced plans nominate of Georgia Republican Rep. Tom Price as head of Health and Human Services, and Elaine Chao, who was Labor Secretary under George W. Bush, as Transportation Secretary.
In contrast, Mnuchin and Ross, though active in political fundraising, have no government experience.
Mnuchin spent 17 years at Goldman Sachs, ultimately rising to partner before leaving to start his own hedge fund and launching a production company that bankrolled Hollywood hits like Avatar and American Sniper. Then a relatively unknown banker, Mnuchin became Trump’s finance chairman in May and helped the real-estate mogul raise millions for his campaign.
As Treasury secretary, Mnuchin would oversee the nation’s financial regulations, monetary and tax policy. Trump has pledged on the campaign trail to repeal the Dodd-Frank financial reform act and cut the corporate tax rate, but Mnuchin kept a low profile during the campaign and his own policy views are unclear. During confirmation hearings, however, he could face questions over his role in running a bank that reportedly foreclosed on tens of thousands of homeowners in California following the housing crisis.
Both Mnuchin and Ross are a longtime Democratic donors, but they each came out early in support of Trump during this election cycle. The president-elect recently called Ross “my friend for a long time.”