The selection would still require Senate confirmation and marks the first major economic post filled by Trump.

If confirmed, Mnuchin would become the first person with Wall Street experience to lead the Treasury since Henry Paulson, the former Goldman Sachs CEO who served under President George W. Bush. Paulson ran the Treasury during the turbulent initial stages of the financial crisis of 2008.Trump campaigned on a promise to dismantle the banking regulations introduced by the Obama administration in 2010. The rules should be re-examined, according to Mnuchin.

“We’re not taking a position on whether we support that or don’t support it. We’re saying a lot of things need to be looked at. We think Dodd-Frank needs to be looked at. Obviously, there is an important concern of protecting depositors,” Mnuchin said in a July interview with CNBC.

The financier has previously backed Hillary Clinton Senate campaign and Barack Obama’s presidential run.

Trump has confurmed on Wednesday that he offered the job of heading the Department of Commerce to 78-year-old billionaire Wilbur Ross. The chairman of WL Ross & Co is known for his investment in distressed industries. Ross advised the President-elect on economic policy during the campaign.

The billionaire investor has repeatedly criticized the Trans-Pacific Partnership agreement as well as the North American Free Trade Agreement (NAFTA) with Canada and Mexico. Ross blamed NAFTA along with the entry of China into the World Trade Organization for causing massive US factory job losses.

“I think there’s a big difference between the impact of trade agreements on corporate America and the impact on Mr. and Mrs. America. Corporate America has adjusted to them by investing lots of capital offshore,” Ross said .

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source : https://www.rt.com