Confirmation Hearing Underway for 'King of Bankruptcy' Wilbur Ross

iStock/Thinkstock(WASHINGTON) — The confirmation hearing for Wilbur Ross, President-elect Donald Trump’s pick for Commerce Secretary, has begun before the Senate Committee on Commerce, Science and Transportation.

On Nov. 30, Trump announced his intent to choose Ross, a billionaire Wall Street investor who amassed a fortune restructuring failed companies primarily in the manufacturing and steel industries, earning him the moniker, the “King of Bankruptcy.”

The Trump transition team says Ross will be “instrumental” in implementing Trump’s America First economic plan, which aims to create more than 25 million jobs in the next decade.

“Together, we will take on the special interests and stand up for American jobs,” Trump noted in a news release tapping Ross for Commerce. “Wilbur knows that cutting taxes for working families, reducing burdensome government regulations and unleashing America’s energy resources will strengthen our economy at a time when our country needs to see significant growth.”

While he was one of Trump’s strongest backers during the presidential campaign, Ross, 79, is a former registered Democrat.

But his relationship with Trump dates back to the 1990s, when Ross represented investors who were considering whether to oust Trump from his perch as head of his Taj Mahal casino in Atlantic City. Ross reportedly believed the casinos would remain profitable if Trump were to stay on — allowing Trump to save his image, according to The New York Times. Trump sold his interest in the Trump Taj Mahal in 2009 and the casino closed last October after enduring years of financial losses.

As the owner of the Sago mine, Ross was accused of ignoring safety regulations that cost the lives of 12 miners in the 2006 disaster. Days after the mine explosion, Ross defended his company’s management of the mine amid multiple warning signs in the form of previously-issued safety citations.

If confirmed, Ross would take over for Penny Pritzker, another billionaire, though loyal to President Obama.

Copyright © 2017, ABC Radio. All rights reserved.

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