Wikipedia

Wilbur Ross

Not to be confused withWilburn K. RossorWilbert Ross.

Wilbur Louis Ross Jr.(born November 28, 1937) is an American businessman who served as the 39thUnited States Secretary of Commercefrom 2017 to 2021. A member of theRepublican Party,Ross was previously chairman and chief executive officer ofWL Ross & Cofrom 2000 to 2017.

Wilbur Ross
Official portrait, 2017
39thUnited States Secretary of Commerce
In office
February 28, 2017 – January 20, 2021
PresidentDonald Trump
DeputyKaren Dunn Kelley
Preceded byPenny Pritzker
Succeeded byGina Raimondo
Personal details
Born(1937-11-28)November 28, 1937(age 87)
Weehawken, New Jersey,U.S.
Political partyRepublican(2016–present)
Other political
affiliations		Democratic(before 2016)
Spouse(s)
Judith Nodine
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(m.1961;div.1995)​

​
​
(m.1995;div.2000)​

​
(m.2004)​
Children2
EducationYale University(BA)
Harvard University(MBA)
Wilbur Ross's voice
Ross speaks on civil and criminal penalties towardsZTE
Recorded March 7, 2017

Ross ran the bankruptcy restructuring practice atN M Rothschild & Sonsin New York beginning in the late 1970s. In the 1990s, Ross was an adviser to New York City mayorRudy Giulianion privatization, and was appointed by U.S. presidentBill Clintonto the board ofThe U.S. Russia Investment Fund.In 2000, he left Rothschild to found WL Ross & Co. Ross was a banker known for acquiring and restructuring failed companies in industries such as steel, coal, telecommunications and textiles, later selling them for a profit after operations improved, a record that had earned him the moniker "King of Bankruptcy".[1]Ross has been chairman or lead director of more than 100 companies operating in more than 20 countries. In 2017, Ross became commerce secretary in theDonald Trump administration;at age 79, Ross was the oldest first-time Cabinet appointee in U.S. history.

Early life and education

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Ross was born on November 28, 1937, inWeehawken, New Jersey,and grew up in nearbyNorth Bergen, New Jersey.[2][3]His father, Wilbur Louis Ross, was a lawyer who later became a judge, and his mother, Agnes (née O'Neill), ofIrishdescent, wasvaledictorianat Sacred Heart Academy in Hoboken and taughtthird gradein North Bergen for 40 years.[2][4]

Ross attendedXavier High School,aCatholic school,andcollege-preparatory schoolin Manhattan. He ran track and was captain of the rifle team. He graduated in 1955.[5]In 1959, he received a bachelor's degree fromYale College,his father's alma mater.[6]At Yale, Ross edited one of the literary magazines and worked at the radio station. His dream was to be a writer. He enrolled in an English course that required writing a thousand words by 10 a.m. every day; after two weeks, he ran out of things to write about and dropped the course.[7][8]His faculty adviser at Yale helped him get his first summer job onWall Street.In 1961, he received aMaster of Business Administrationdegree atHarvard Business School.[9][6][10]

Business career

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Early career

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In 1963, he joined what became Wood, Struthers &Winthrop.There, he liquidated the portfolio of itsventure capitalaffiliate.[11]

He then worked forFaulkner, Dawkins & Sullivan,an institutionalsecurities researchcompany, where he rose to become president of itsinvestment bankingoperation. The firm was sold to what becameShearson Lehman.[11]

Rothschild Investments

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In 1976, Ross began his 24-year employment with theNew York Cityoffice ofRothschild & Co,where he ran thebankruptcyrestructuringadvisory practice.[2][12]By 1998, Ross was involved in eight of the 25 biggest bankruptcies to date, includingDrexel Burnham Lambert,Texaco,Public Service of New Hampshire (nowEversource Energy), andEastern Air Lines.[11][13]

In the 1980s,Donald Trump's three casinos inAtlantic Citywere under threat offoreclosurefrom lenders. Ross, who was then the senior managing director of Rothschild & Co, represented investors in the casino. Along withCarl Icahn,Ross convinced bondholders to strike a deal that allowed Trump to keep control of the casinos.[12][14]

WL Ross & Co.

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Main article:WL Ross & Co

In November 1997, under Rothschild & Co, Ross started a $200 million fund to invest indistressed securities.In its first year, it earned a 15.2% return.[11]In April 2000, just before thedot-com bubbleburst, Ross founded WL Ross & Co and raised $450 million to buy the fund from Rothschild and make additional investments.[12][2]By 2003, the fund had averaged a 30% return.[15]

In 2006, Ross sold WL Ross & Co to Amvescap (nowInvesco).[16][17]

International Steel Group (ISG)

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In February 2002, WL Ross & Co foundedInternational Steel Group.He first agreed to buy the assets of bankruptLing-Temco-Voughtfor $325 million, paying $11 per ton of capacity when other firms were trading for $200 per ton of capacity.[18]A few weeks later,George W. Bushslapped a 30% tariff on many types of imported steel. A year later, WL Ross & Co acquired the assets of bankruptBethlehem Steel.As part of the bankruptcy reorganizations, these companies shifted their huge pension liabilities to the government-backedPension Benefit Guaranty Corporation.[2]

Ross had support from theUnited Steelworkers,negotiating a deal to save some jobs.[9][19]

In April 2005, WL Ross & Co soldInternational Steel GrouptoMittal Steel Companyfor $4.5 billion, half in cash and half in stock, and made 12.5 times its original investment.[20]Ross personally made a $260 million profit on his $3 million investment and gained a seat on the board of directors of Mittal Steel.[21]

International Textile Group (ITG)

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After outbiddingWarren Buffett,who offered $579 million, WL Ross & Co acquiredBurlington Industriesfor $620 million and combined it withCone Millsin 2004 to formInternational Textile Group.[22]

In 2005, Ross acquired 77.3% of Safety Components International for $51.2 million.[23]

In October 2006, Ross hadInternational Textile Groupacquire Safety Components International. Ross controlled both companies and in February 2014, Ross paid $81 million to settle a lawsuit brought by shareholders that Ross breached hisfiduciary dutywhen structuring the merger.[24]International Textile Groupwas acquired byprivate equityfirmPlatinum Equityin 2016.[25]

International Automotive Components Group (IAC)

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International Automotive Components Group was formed in 2006 by WL Ross & Co and investment funds managed byFranklin Templeton Investments.[26]In 2006, the company acquired the European operations ofLear Corporation[27]and in 2007, it acquired Lear's North American interiors operations.[28]In 2005–2007, IAC purchased several divisions ofCollins & Aikman.[29]In September 2005, investors led by Ross invested $100 million in Oxford Automotive for 25% of the company.[30]In 2006, Oxford merged withWagon Automotive.[31]

International Coal Group (ICG)

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WL Ross & Co foundedInternational Coal Groupin 2004 after acquiring the assets of several bankrupt coal companies. TheUnited Mine Workers of Americaprotested the reorganization as it led to changes inhealth careandpensionsfor the existing employees.[32]

In 2006, theSago Mine disaster,an explosion in a coal mine indirectly owned by International Coal Group, likely caused by alightning strike,led to the deaths of 12 miners.[33]The mine had 12 roof collapses in 2005, andU.S. Department of Labordata showed 208citationsfor safety violations in that same period, including 21 times for build-up of toxic gases.[34]Miners and their families accused Ross of ignoring safety violations. Ross defended his company's management of the mine.[35]

In 2011,Arch Coalacquired International Coal Group for $3.4 billion.[36]

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By January 2016, WL Ross & Co was the "biggest investor" inNavigator Gas,a liquefied gas shipping company.[37]

Overstating of net worth

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In February 2017,Forbesreported that Ross has a net worth of $2.5 billion. Financial disclosure forms filed by Ross after his nomination as Commerce Secretary showed less than $700 million in assets, and Forbes later revised his net worth to $600 million.[38]

Grift allegations

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In August 2018,Forbesreported that Ross's business partners and workers accused Ross of illicitly siphoning or stealing a total of $120 million.[39]

In December 2017, a report by two Irish financial analysts, commissioned byLuke Ming Flanagan,an Irishmember of the European Parliament,accused Ross ofinsider tradingas part of a 2014 sale of shares in theBank of Irelandby WL Ross & Co.[40]

Overcharging of fees

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In August 2016, Ross agreed to reimburse investors $11.8 million and pay a fine of $2.3 million to settle aU.S. Securities and Exchange Commissionprobe into the overcharging of fees by WL Ross & Co. The company had self-reported the issue and did not admit any liability.[41]

On August 7, 2018, five former WL Ross & Co. employees and investors claimed the firm was charging its investors fees on money it had lost, including allegedly charging fees on one investment that was essentially worthless.[39]

United States Secretary of Commerce (2017–2021)

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Secretary Ross during the April2017 Shayrat missile strikeoperation
Ross inRiyadh,Saudi Arabia, May 2017

On November 30, 2016, then-President-electDonald Trumpannounced that he would nominate Ross forSecretary of Commerce.[42][43]On February 27, 2017, the Senate confirmed Ross in a 72–27 vote.[44][45]Ross was sworn into office on February 28, 2017.[46]

Ross took office at the age of 79, making him the oldest first-time Cabinet appointee in U.S. history. The previous record-holder was another Secretary of Commerce,Philip Klutznick,who took office in 1980 at the age of 72.[47]

Trade issues

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UK trade post-Brexit

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In December 2016, after being designated by Trump as his nominee to lead the Commerce Department, Ross said in a speech to Cypriot financiers thatBrexitwas a "God-given opportunity" for other countries, such as Ireland and Germany, to draw business away from theUnited Kingdom's financial services industry.[48][49]In 2017, Ross said that a trade deal with the UK was a low priority for the Trump administration; however, he outlined possible terms.[50][51]No U.S. trade deal with the UK was concluded, although Ross and Treasury SecretarySteve Mnuchinstated in January 2020 that they hoped to have an "easy" agreement with the UK that year.[52][53]

Tariffs and trade wars

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Further information:Trump tariffs

In September 2017, Ross traveled to Beijing as part of efforts to de-escalate theU.S.–China trade war.[54]In February 2018, the Commerce Department recommended an increase of tariffs in aluminum and steel imports.[55][56]On March 1, 2018, Trump implemented a 25% tariff on steel and a 10% tariff on aluminum imports.[57]In September 2018, Ross said that the tariffs are meant to "modify China's behavior".[58]

In 2018, under Trump and Ross, the U.S. imposed tariffs on the import of steel and aluminum from theEuropean Union,Canada,andMexico.[59]Ross dismissed concerns that the tariffs would increase costs to U.S. consumers, harm the U.S. economy, and damage relations with U.S. allies, saying that tariffs were "blips on the radar screen" and that the EU "will get over this in due course."[59]He also dismissed concerns over EU retaliatory tariffs.[59]In November 2019, Ross indicated that the Trump administration might now also impose tariffs on imports of automobiles from the EU;[60]in January 2020, however, Ross said that the Trump administration might still impose tariffs on European cars despite ongoing trade talks.[61]Also in January 2020, Ross threatened retaliation if the EU adopted a proposedcarbon tax,comparing it to a proposed EUdigital services tax,to which the administration has also threatened tariffs in response.[62]

Ban of Huawei

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U.S. Department of Commerce,U.S. Department of Justice,Department of Homeland SecurityandFederal Bureau of Investigationannounce 23 criminal charges againstPRC'sHuaweiandWanzhou Meng.

In January 2019, Ross was present with other American politicians when 23 criminal charges were announced againstHuaweiand its CFOMeng Wanzhou,includingfinancial fraud,money laundering,conspiracy against the United States,industrial espionage,mail and wire fraud,obstruction of justiceand violation ofsanctions against Iran.In July 2019, Ross stated that the United States will keep Huawei on its blacklist but will allow licensed sales.[63][64]

Accusations of being out of touch

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In May 2017, Ross accompanied Trump on his first foreign visit, toSaudi Arabia,where Ross generated controversy after heralding the president's visit as a success due to a lack of protests, unaware that the Saudis had banned public protest and demonstrations since 2011.[65][66]

During the2018–19 federal government shutdown,Ross was criticized as being out of touch with average American citizens after expressing bewilderment about why furloughed, unpaid workers and contractors would choose to visitfood banksrather than apply for a personal loan.[67][68]

Non-disclosures

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The leaked documents revealed that Secretary of Commerce Wilbur Ross holds stakes in businesses connected to sanctionedRussian oligarchs,which he did not disclose during his confirmation hearings.

In February 2019, Ross's financial disclosure was rejected by theOffice of Government Ethicsafter he reported that he had sold bank stock when in fact he held on to them.[69][70]

Ross failed to disclose a lawsuit from ex-business partner David Storper on his financial disclosure forms. Ross settled the lawsuit for $9 million after beingsubpoenaedfor information that he did not want to disclose.[71]

Conflicts of interest from failure to divest

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In June 2018, an investigation byForbesfound that Ross, while Secretary of Commerce, owned "stakes in companies co-owned by the Chinese government, a shipping firm tied toVladimir Putin's inner circle, a Cypriot bank reportedly caught up in theRobert Mueller investigation,and that Ross had failed to divest his financial holdings, instead putting them in a trust for his family members, contradicting Ross's written statement in November 2017 that he had divested all his financial holdings.[72]Ross may have broken the law in doing so.[72]These holdings posed a conflict of interest for Ross, as the Trump administration was in a position to affect the value of the holdings.[72]

Ross was confirmed by the Senate in February 2017 and he agreed to sell his stocks before the end of May 2017. In July 2018, it was reported that Ross divested from his stock inInvesco,originally worth between $10 million and $50 million, in December 2017. Between the end of May and the sale date in December, the value of Ross's holdings in Invesco increased by between approximately $1.2 million to $6 million, depending on the number of shares he owned, which was not disclosed. Ross said that he "mistakenly believed that all [his] previously held Invesco stock was sold".[73]On July 13, 2018, after he received a letter from the government's top ethics watchdog warning of "potential for a serious criminal violation", Ross announced that he will sell all his remaining stock.[74]

In October 2018, documents showed that Ross had participated in a meeting with executives fromChevron Corporationwhere they discussed oil and gas developments, tax reform and trade issues. Ross's wife owned a stake in Chevron worth at least $250,000 at the time.[75]

In October 2020, it was reported that Ross had continued to serve on the board of a Chinese joint venture until January 2019 (which was nearly two years into his tenure as Secretary of Commerce); at the same time, the United States and China were engaged in a trade war.[76]

Insider trading allegations

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While Secretary of Commerce, Rossshortedat least five stocks.[77]In June 2018, it was revealed that Rossshortedstock after he knew of an upcoming report with information that would adversely affect the company but before the story was published. Ross later closed out the position at a substantial profit after the story was published.[72][78]Ethics experts said that the shorting was alarming given that federal office-holders are prohibited from profiting on nonpublic information.[78]Ross denied that he had engaged ininsider trading.[79]Ross had shorted two additional stocks in June 2018 and two additional stocks in July 2018.[77]

2020 Census citizenship question

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As Secretary of Commerce, Ross oversaw theCensus Bureauand the2020 Census.In December 2017, he approved sending, in the form of a letter (which was originally drafted byThomas Hofeller,a noted anti-immigrant political figure) that was later copied by James Uthmeier into a memo, a request to the Department of Justice to add a question to the Census for the first time since the 1940s asking about the U.S. citizenship status of the members of the responding household. Specifically, Ross sought to amend the decennial Census to add the controversial question: "Is this person a citizen of the United States?"[80]

New York solicitor generalBarbara Underwoodled a lawsuit filed by 18 states and many cities to attempt to stop the Trump administration from adding a citizenship question on the 2020 Census.[81][82]The Department of Justice supported the Department of Commerce.U.S. federal judgeJesse M. Furmanruled against the Department of Justice and Wilbur Ross, stating that if the trial is delayed the appeals process may not be done by summer 2019, the printing deadline of the census.[82]Furman blocked the census question proposal on January 15, 2019, saying Ross had violated a "veritable smorgasbord" of federal rules, asserting Ross and his aides made false or misleading statements under oath[83]and that he sought to add the question to the Census based on a pretext.[84]The House of Representatives held Ross in contempt of Congress and accused Ross of lying about the citizenship question's origins.[85]Specifically, Ross had testified under oath that the addition of the question was prompted by DOJ when in fact he had made the request via the Hofeller letter he had transmitted. It became known in July 2021 that theJustice Department inspector generalhad determined Ross had misled Congress, but the Trump Justice Department declined to prosecute him.[86]

Contempt of Congress

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Ross and the Trump administration refused to comply with acongressional subpoena,issued by theHouse Oversight Committee,for documents regarding efforts to add a citizenship question to the 2020 Census.[87]After Trump assertedexecutive privilegeover the subpoenaed documents, the House Oversight Committee voted to hold Ross and Attorney GeneralWilliam Barrin criminalcontempt of Congress,with the committee's chairman saying that Ross and Barr had "blatantly obstructed our ability to docongressional oversight."[85][84]In June 2019, the House held Barr and Ross in contempt of Congress on a mostly party-line 230–198 vote; this was only the second time in U.S. history that a sitting Cabinet member was held in contempt.[84][85]The vote signified an escalation of the House of Representatives' battles with the Trump White House over congressional oversight, but was largely symbolic as Trump's Justice Department did not act on the criminal citation.[84][85]

Supreme Court decision

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On June 27, 2019, the Supreme Court, inDepartment of Commerce v. New York,left the citizenship question blocked from the 2020 census, in part because of the government's explanation for why it was added.[88]In the Supreme Court opinion,[89]there was a significant mismatch between Secretary Ross's decision to add the question, and his stated reason that the question would support Department of Justice's Voter Rights Act.

Ownership in Navigator Gas

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Main article:Paradise Papers

In November 2017, leaked documents known as theParadise Papersshowed that, during his confirmation hearings, Ross had failed to clearly disclose a financial interest inNavigator Gas,a shipping company which transports petrochemicals for Russian gas and petrochemicals companySibur.[90][91]Ross had failed to clearly disclose ties to Russian interests during his confirmation hearings.[91]While his confirmation was pending, Ross promised in a letter to theOffice of Congressional Ethicsto cut ties "with more than 80 financial entities in which he has interests". This letter played a key role in securing his confirmation. However, according to the leaked documents, while he did divest some holdings, he did not disclose the full extent of those he retained.

Speaking about his financial ties to Navigator, Ross said the media was making "a lot more out of it than it deserves" and "There is nothing wrong with it. The fact that it happens to be called a Russian company doesn't mean there is any evil in it."[92]A spokesman for Ross stated that Ross has never met Shamalov, Timchenko or Mikhelson and that Ross "recuses himself from any matters focused of transoceanic shipping vessels, but has been generally supportive of the administration's sanctions of Russian and Venezuelan entities".[90]

Dysfunction of the Department of Commerce

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In July 2019,Politicoreported that the Commerce Department under Ross reached "new heights of distraction"; an outside source, as well as multiple senior staffers, described Ross as "seen as kind of irrelevant" and morale at the department as "very low because there's not a lot of confidence in the secretary." Ross allegedly left his department leaderless due to the large amounts of time spent in the White House trying to win support from President Trump. Also, Ross allegedly tended to fall asleep in meetings to the extent that senior staffers avoided putting him in critical meetings where he could fall asleep.[93]Reports of Ross's inability to stay awake have gone back as far as May 2017, where in a meeting inRiyadhwith the Arab-Islam-American Summit during PresidentDonald Trump's speech, Ross appeared to have been completely asleep.[94]

NOAA/Hurricane Dorian controversy

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Further information:Hurricane Dorian–Alabama controversyandFalse or misleading statements by Donald Trump

On September 1, 2019, President Donald Trump made the incorrect claim thatHurricane Dorianpresented a major threat toAlabama;minutes later theBirmingham, Alabama,branch of theNational Weather Service(NWS) (which is under theNational Oceanic and Atmospheric Administration(NOAA), which is part of the Commerce Department) reported that Alabama was not at risk.[95][96]The New York Timesreported that Ross had threatened, a few days late, to fire high-level NOAA staff unless the agency disavowed its contradiction of Trump's false claim,[95][97]leading to a September 6 NOAA statement from an unidentified spokesperson endorsing Trump's position and declaring that the NWS Birmingham's contradiction of Trump was incorrect.[95]The Commerce Department denied that Ross had threatened to fire "any NOAA staff over forecasting and public statements about Hurricane Dorian."[97][98]Later reporting said that Ross had made the call from Greece, where he was traveling, after being told to "fix the problem" by acting White House chief of staffMick Mulvaney,reportedly on Trump's orders.[99][100]The NOAA's disavowal prompted an outcry from scientists and others, who said that the agency's failure to back its hurricane forecasters damaged its credibility.[96]

A subsequent report by theNational Academy of Public Administration,commissioned by NOAA, found that NOAA's leadership violated the agency's scientific integrity policy by releasing a statement backing Trump's false statement aboutHurricane Dorian's path.[101]TheOffice of Inspector General(OIG) of the Commerce Department separately investigated the incident and concluded that the Commerce Department "ran a 'flawed process' that did not sufficiently engage NOAA and went against the interests of the agency and the National Weather Service."[96]In a July 2020 letter to Ross, Inspector General Peggy Gustafson expressed "deep concern" that the department was blocking OIG from publicly releasing its report by asserting "amorphous and generalized privileges."[96]The letter prompted Democratic SenatorMaria Cantwell,theranking memberof theSenate Commerce, Science, and Transportation Committee,to call upon Ross to "immediately cease this campaign to keep the public in the dark."[96]TheHouse Science Committeealso probed Ross's role in the issuance of the NOAA statement.[102]

Coronavirus pandemic

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In a January 30, 2020, interview withMaria BartiromoofFox Business,when asked if theCOVID-19 outbreak in Chinawould threaten the U.S. economy, Ross said, "I think it will help to accelerate the return of jobs to North America... I don't want to talk about a victory lap over a very unfortunate, very malignant disease... the fact is, it does give business yet another thing to consider when they go through their review of their supply chain."[103][104]The outbreakbecame a pandemic,and caused amajor recession,with 10 million Americans filingunemployment claimsand unemployment rising more than during the entirety of theGreat Recession.[105]

2020 Census count early completion

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Due to delays and operation challenges brought about by theCOVID-19 pandemic,Ross andU.S. Census BureaudirectorSteven Dillinghamannounced on April 13, 2020, that they would extend the timeframe for field data collection and self-response for the2020 United States Censusto October 31, 2020.[106]However, on August 3, 2020, the Census Bureau announced that they were moving this deadline up to September 30, 2020.[107]Community advocates and former Census Bureau employees expressed concern that this shortened timeframe would result in poor-quality data and a significant undercount that would disproportionately affect traditionally hard-to-count groups such as ethnic minorities, young adults, and people living in rural areas.[107][108]

On September 24, 2020, federal district court judgeLucy Kohissued a preliminary injunction against the plan to end counting on September 30 rather than the scheduled October 31, saying the Commerce Department "never articulated a satisfactory explanation." She also blocked a plan to deliver the count results to the White House by December 31, rather than the original April 2021 delivery date when Trump might be out of office.[109]On the next business day, Ross announced the count would end October 5, as the administration appealed Koh's decision to the9th circuit.Koh subsequently called the October 5 end date "a violation" of her court order and prepared to begincontemptproceedings against Ross and the Commerce Department.[110]The appeals court rejected the administration's appeal,[111]and the Census Bureau announced on October 2 that the count would continue until October 31.[112]However, the counted ultimately ended at 11:59 PM on October 15 after the administration appealed to theSupreme Court,which issued a 7–1 ruling allowing the count to finish early.[113]

Honors

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In 1999, Ross was awarded theOrder of Industrial Service Meritmedal by South Korean presidentKim Dae Jungfor his assistance during the1997 Asian financial crisis.[114]He was awarded theAmerican Irish Historical SocietyGold Medal in 2014 in recognition of his work in Ireland andIrish-Americancauses.[115][5]TheJapanese governmentawarded Ross theOrder of the Rising Sun,Gold and Silver Star, in recognition of his service as Chairman of the Board of New York'sJapan Society,his work to promote and strengthen the Japanese economy, and his relief efforts after the2011 Tōhoku earthquake and tsunami.[116][117][118]

Organizational memberships

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Ross is a past director of the Turnaround Management Association and member of its hall of fame.[119]Ross has been the vice-chairman of the board ofBank of Cyprus,the largest bank in Cyprus, after he and his investors invested €400 million in the bank in 2014.[120]As of January 2012, Ross was the leader (or "Grand Swipe" ) of the secret Wall Street fraternity,Kappa Beta Phi.[121]Ross served on the board of trustees of theBrookings Institution.He is also on the board of advisors ofYale School of Managementand is a former board member of theYale University Art Gallery.[122]He served as International Counsel Member of theMusée des Arts Décoratifs, Paris,and President of the American Friends of theRené Magritte Museumin Brussels.[123]Ross has been on theboard of directorsofNavigator Gassince March 2012.[124]

Political views

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Ross speaking at a political conference in December 2018

Support for Democratic Party and switch

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Although he was an early supporter ofDonald Trump's presidential campaign,Ross was previously a registeredDemocrat,served as an officer of theNew York State Democratic Committee,and held fundraisers for Democratic candidates at his apartment in New York City.[2]He served under PresidentBill Clintonon the board ofthe U.S. Russia Investment Fund.

In January 1998, he funded $2.25 million inseed moneyinto the campaign of his then-wife,Betsy McCaughey,who was seeking the Democratic nomination forGovernor of New York.[2]Since at least 2011, Ross has donated to Republican candidates and organizations.

Ross became a registered Republican in November 2016.[125]

Privatization

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In the 1990s, New York City mayorRudy Giulianiappointed Ross as hisprivatizationadvisor. He helped push to privatize the city'spublic broadcastingstations and thePort Authority of New York and New Jersey,and worked to sell off emptyland lotsto businesses.[126]

Trade policy

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Ross has described himself as "pro-sensible trade" and said that the U.S. government "should provide access to our markets to those countries who play fair, play by the rules and give everybody a fair chance to compete. Those who do not should not get away with it – they should be punished." Initially in favor of theTrans-Pacific Partnership,Ross has said that after examining the agreement, he found it was "not consistent with what was advertised".[2]

In 2004,The Economistdescribed Ross as a supporter ofprotectionism.[127]

At the 2018World Economic ForuminDavos,Ross responded to concerns of a trade war by noting that "There have always beentrade wars.The difference now is U.S. troops are now coming to theramparts."[128]

Personal life

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Ross married Judith Nodine in 1961. They divorced in 1995.[6]After the divorce, Nodine sued Ross for failing to transfer stock by the agreed-upon deadline and Ross counter-sued.[129]They had two children, Jessica Colby Ross (b. 1962) and Amanda Colby Ross (b. 1965). Amanda attended theFrench Culinary Instituteand founded a baking company, while Jessica worked forSotheby's.[130]In 1995, Ross married his second wife,Lieutenant Governor of New YorkBetsy McCaughey.They divorced in 2000.[9][6]On October 9, 2004, Ross married his third wife,Hilary Geary Ross,a society writer forQuestmagazine.[131]

In December 2016, while his Manhattan penthouse apartment atThe Briarcliffewas on the market for $21 million,[132]Ross purchased a 10,000 square foot house in theMassachusetts Heightsneighborhood ofWashington, D.C.,fromAdrienne Arshtfor $10,750,000.[133][134]In 2018, he purchased a $3.2 million house inThe Berkshires.He also owns two multimillion-dollar properties inPalm Beach, Florida.[135]

Ross owns an art collection valued at $150 million that includes pieces ranging from Westernsurrealiststo contemporary Eastern sculptures. Ross owns 25 works byRené Magritte,valued at $100 million, including some of the artist's most valuable paintings, such asThe Pilgrim.[136]

Philanthropy

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Ross donated $10 million for the construction of the new campus ofYale School of Management.[122]

See also

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References

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  1. ^Parkinson, John (January 18, 2017)."'King of Bankruptcy' Wilbur Ross Grilled on Trade, Climate Change and Infrastructure During Confirmation Hearing ".ABC News.
  2. ^abcdefghGross, Daniel (November 8, 2004)."The Bottom Feeder King".New York.
  3. ^"Commerce Secretary Wilbur Ross Reviews His Department's Domestic and Global Responsibilities"(PDF).The Economic Club of Washington, D.C.July 25, 2017.
  4. ^"Why Commerce Secretary Ross and his Russian ties may be next in Mueller's investigation".NJ.May 13, 2018.
  5. ^ab"Wilbur Ross '55".Xavier High School.September 30, 2015. p. 17.
  6. ^abcd"Wilbur Ross Fast Facts".CNN.May 30, 2013.
  7. ^"Wilbur Ross: Finding His Calling".NPR.September 15, 2008.
  8. ^"Remarks by Secretary Wilbur L. Ross at the National Press Club Headliners Luncheon".govdelivery. May 14, 2018.
  9. ^abcByrnes, Nanette (December 22, 2003)."Is Wilbur Ross Crazy?".Bloomberg Businessweek.
  10. ^"Wilbur Ross".United States Department of Commerce.February 28, 2017. Archived fromthe originalon August 29, 2020.RetrievedJuly 29,2019.
  11. ^abcd"Wilbur Ross, Senior managing director, Rothschild NewYork".Euromoney.December 1, 1998.
  12. ^abc"What You Need To Know About Commerce Secretary Pick Wilbur Ross, Trump's Billionaire Pal".Forbes.November 20, 2016.
  13. ^Tindera, Michela (January 18, 2017)."How Wilbur Ross Made A Fortune In Blue-Collar Industries".Forbes.
  14. ^Peterson-Withorn, Chase (December 8, 2016)."Getting Donald Out Of Debt: The 25-Year-Old Ties That Bind Trump and Wilbur Ross".Forbes.Archived fromthe originalon December 8, 2016.
  15. ^Stein, Nicholas (May 26, 2003)."Wilbur Ross Is A Man Of Steel... and textiles and optical networking and anything else in deep, deep trouble".CNN.
  16. ^"AMVESCAP PLC to Acquire WL Ross & Co. LLC; Financial Restructuring Leader Joins Global Investment Manager"(Press release).Business Wire.July 24, 2006.
  17. ^Benner, Katie (December 22, 2006)."Wilbur Ross Sells Out".TheStreet.
  18. ^Gross, Daniel (January 16, 2003)."Is Wilbur Ross the next Andrew Carnegie?".Slate.
  19. ^Arnold, Chris (December 14, 2016)."Wilbur Ross: The Best Commerce Secretary Pick Dems Could Hope For?".NPR.
  20. ^Kosman, Josh (November 19, 2016)."Trump's possible Commerce head knows how to deal with China".New York Post.
  21. ^Sanchez, Luis (June 11, 2018)."Fox News host calls out Wilbur Ross over conflicts of interest on investments".The Hill.
  22. ^Davis, Paul (August 4, 2003)."Burlington execs' fate up in the air in wake of auction".American City Business Journals.
  23. ^"Zapata Corporation Agrees to Sell its 77% Interest in Safety Components to Wilbur Ross for $51.2 Million"(Press release).Business Wire.September 26, 2005.
  24. ^Horney, Benjamin (February 20, 2014)."$81M Settlement In Wilbur Ross Merger Case Wins Initial OK".Law360.
  25. ^"International Textile Group Acquired By Platinum Equity"(Press release).PR Newswire.October 24, 2016.
  26. ^"Wilbur Ross-backed International Automotive Components files for $115 million IPO".Reuters.June 14, 2013.
  27. ^"Wilbur Ross Acquiring Auto Parts Assets From Lear".The New York Times.Reuters.July 21, 2006.
  28. ^"Lear Completes North American Interior Business Joint Venture with WL Ross and Franklin Mutual"(Press release).PR Newswire.April 2, 2007.
  29. ^Snavely, Brent (October 12, 2007)."Ross completes deal for Collins & Aikman operations".Automotive News.
  30. ^"Investor Wilbur Ross jumps into auto parts industry".Automotive News.September 15, 2005.
  31. ^"Oxford Automotive, Wagon merge".Automotive News.March 20, 2006.
  32. ^Dao, James (October 24, 2004)."Miners' Benefits Vanish With Bankruptcy Ruling".The New York Times.
  33. ^Restuccia, Andrew; Palmer, Doug (November 15, 2016)."Billionaire investor Ross said to be Commerce pick".Politico.
  34. ^Boyd, Roddy (January 5, 2006)."N.Y. Exec knew of problems: Ex-Honchos".New York Post.
  35. ^Mallin, Alexander (February 27, 2017)."Commerce Secretary Wilbur Ross: Everything you need to know".ABC News.
  36. ^"Arch Coal Completes Acquisition of International Coal Group"(Press release).PR Newswire.June 15, 2011.
  37. ^Abelson, Max (January 26, 2017)."Wilbur Ross and the Era of Billionaire Rule: The Commerce pick is key to Trump's experiment in government by – and possibly for – the ultrawealthy".Bloomberg Businessweek.
  38. ^Alexander, Dan (November 7, 2017)."The Case of Wilbur Ross' Phantom $2 Billion".Forbes.
  39. ^abAlexander, Dan (August 6, 2018)."New Details About Wilbur Ross' Business Point To Pattern of Grifting".Forbes.
  40. ^Levintova, Hannah (December 12, 2017)."European Parliament Report Accuses Wilbur Ross of Insider Trading".Mother Jones.
  41. ^Kosman, Josh (August 25, 2016)."SEC slaps Wilbur Ross for misallocating fees".New York Post.
  42. ^Garrett, Major (November 30, 2016)."Donald Trump names Wilbur Ross as commerce secretary".CBS News.
  43. ^Zarroli, Jim (November 30, 2016)."Trump Taps Billionaire Investor Wilbur Ross For Commerce Secretary".NPR.
  44. ^Katkov, Mark (February 28, 2017)."Wilbur Ross Is Confirmed As Commerce Secretary".NPR.
  45. ^Egan, Matt (February 27, 2017)."Wilbur Ross approved by Senate as Trump's commerce secretary".CNN.
  46. ^Lawder, David; Chiacu, Doina (February 28, 2017)."Wilbur Ross sworn in as Secretary of Commerce".Reuters.
  47. ^Strock, Ian (2016).Ranking the Vice Presidents.Skyhorse Publishing.ISBN978-1631440618.
  48. ^Marcus Leroux,Use Brexit to steal UK trade, says Trump aide,The Times(December 26, 2016).
  49. ^Spriha Srivastava,Brexit is a 'God-given opportunity; to steal trade from UK: Wilbur Ross,CNBC (December 27, 2016).
  50. ^"Wilbur Ross outlines US terms for post-Brexit trade deal".Financial Times.September 7, 2017.
  51. ^England, Charlotte (April 28, 2017)."White House: Trade deal with UK low priority after Brexit".The Independent.
  52. ^Pylas, Pan (January 23, 2020)."High hopes: US, EU and UK all aim for trade deals this year".AP News.RetrievedApril 4,2021.
  53. ^Aldrick, Philip (January 23, 2020)."Davos 2020: Wilbur Ross urges Britain to seek 'easy' deal with US first".The Times.RetrievedApril 4,2021.
  54. ^Martina, Michael (September 26, 2017)."U.S. Commerce Secretary Ross tells China to guarantee fair treatment for U.S. firms".Reuters.
  55. ^Swan, Jonathan (February 16, 2018)."Commerce recommends major tariffs on steel and aluminum".Axios.
  56. ^Bryan, Bob (February 16, 2018)."Trump's top trade advisors want to slap a new tax on steel imports, which could lead to a trade war".Business Insider.
  57. ^Swan, Jonathan (March 1, 2018)."Trump declares his trade war: targets steel, aluminum".Axios.
  58. ^Belvedere, Matthew J. (September 18, 2018)."Commerce Secretary Wilbur Ross: China is 'out of bullets' to retaliate against Trump's new tariffs".CNBC.
  59. ^abcBryan, Bob (May 31, 2018)."One of Trump's top trade advisers says Europe 'will get over' the steel and aluminum tariffs".Business Insider.RetrievedApril 4,2021.
  60. ^Washington 'may not need' to put tariffs on European cars: Ross,Deutsche Welle (November 3, 2019).
  61. ^Davos Wef,The US could still put tariffs on EU carmakers despite new trade talks, Wilbur Ross says,CNBC (January 23, 2020).
  62. ^Gillian Tett, Chris Giles & James Politi,US threatens retaliation against EU over proposed carbon tax,Irish Times(January 26, 2020).
  63. ^Keane, Sean (July 11, 2019)."US keeps Huawei on blacklist, but will allow licensed sales".CNET.
  64. ^Miller, Maggie; Elis, Niv (July 9, 2019)."Government to issue licenses for business with Huawei".The Hill.
  65. ^Disis, Jill (May 22, 2017)."Wilbur Ross praises absence of protest in Saudi Arabia, where protests are illegal".CNN.
  66. ^Pramuk, Jacob (May 22, 2017)."Wilbur Ross is happy that the Saudis didn't protest Trump – but he misses a critical point".CNBC.
  67. ^Lynch, David J. (January 24, 2019)."Wilbur Ross says furloughed workers should take out a loan. His agency's credit union is charging nearly 9%".The Washington Post.
  68. ^Rogers, Katie (January 24, 2019)."A 'Let Them Eat Cake' Shutdown? Democrats Make the Most of an Administration's Missteps".The New York Times.ISSN0362-4331.
  69. ^"Wilbur Ross' Financial Disclosure Rejected by Office of Government Ethics".The Daily Beast.February 19, 2019.
  70. ^Wallace, Gregory; Kaufman, Ellie; Borak, Donna (February 19, 2019)."Wilbur Ross' financial disclosure rejected by federal ethics agency".CNN.
  71. ^Kosman, Josh (August 7, 2018)."Wilbur Ross settles with ex-partner after being subpoenaed".The Guardian.
  72. ^abcdAlexander, Dan (June 18, 2018)."Lies, China And Putin: Solving The Mystery Of Wilbur Ross' Missing Fortune".Forbes.
  73. ^Levine, Carrie (July 5, 2018)."Wilbur Ross stock holdings rose in value during improper divestment delay".Center for Public Integrity.
  74. ^Snyder, Giles (July 13, 2018)."Criticism from Ethics Watchdog Leads Commerce Secretary Ross To Sell Remaining Stocks".NPR.
  75. ^Alexander, Dan (October 25, 2018)."Wilbur Ross Scheduled Meetings With Chevron, Boeing Despite Conflicts Of Interest".Forbes.
  76. ^Fish, Isaac Stone (October 29, 2020)."Wilbur Ross Remained on Chinese Joint Venture Board While Running U.S.-China Trade War".Foreign Policy.RetrievedOctober 29,2020.
  77. ^abLaRocco, Lori Ann; Mangan, Dan (July 2, 2018)."Wilbur Ross says he shorted two more stocks during his time as Commerce secretary".CNBC.
  78. ^ab"Commerce Secretary Shorted Stock as Negative Coverage Loomed".The New York Times.June 19, 2018.
  79. ^"Clarification: Commerce Secretary-Russian Company story".AP News.June 20, 2018.
  80. ^Wang, Hansi Lo (July 24, 2018)."Commerce Secretary Grew Impatient Over Census Citizenship Question, Emails Reveal".NPR.
  81. ^Lejeune, Tristan (October 24, 2018)."Administration asks judge to delay trial on census citizenship question".The Hill.
  82. ^abHonan, Edith; Bahrampour, Tara (October 24, 2018)."Judge declines to grant stay in census citizenship trial".The Washington Post.
  83. ^Wines, Michael (January 15, 2019)."Court Blocks Trump Administration From Asking About Citizenship in Census".The New York Times.
  84. ^abcdFandos, Nicholas(July 17, 2019)."House Holds Barr and Ross in Contempt Over Census Dispute".The New York Times.RetrievedApril 4,2021.
  85. ^abcdDesiderio, Andrew (July 17, 2019)."House holds William Barr, Wilbur Ross in criminal contempt of Congress".Politico.RetrievedApril 4,2021.
  86. ^"Watchdog: Ross misled on reason for citizenship question".AP NEWS.July 19, 2021.
  87. ^Desiderio, Andrew (June 3, 2019)."House Dems to hold Barr, Ross in contempt over census question; The Oversight Committee wants key documents by Thursday".Politico.
  88. ^"Trump Threatens Census Delay After Supreme Court Leaves Citizenship Question Blocked".NPR.June 27, 2019.
  89. ^Roberts, John; Thomas, Clarence; Alito, Samuel; Gorsuch, Neil; Kavanaugh, Brett; Ginsburg, Ruth Bader; Breyer, Stephen; Sotomayor, Sonia; Kagan, Elena (June 27, 2019)."DEPARTMENT OF COMMERCE ET AL. v. NEW YORK ET AL"(PDF).supremecourt.gov.Supreme Court of the United States.Archived(PDF)from the original on August 23, 2020.RetrievedSeptember 4,2020.Yet viewing the evidence as a whole, this Court shares the District Court's conviction that the decision to reinstate a citizenship question cannot adequately be explained in terms of DOJ's request for improved citizenship data to better enforce the VRA. Several points, taken together, reveal a significant mismatch between the Secretary's decision and the rationale he provided.
  90. ^ab"Wilbur L. Ross".International Consortium of Investigative Journalists.November 5, 2017.
  91. ^abEngel, Richard; Petropoulos, Aggelos (November 5, 2017)."Leaked documents show Trump aide concealed ties to Putin cronies".NBC News.
  92. ^Harding, Luke; Swaine, Jon (November 6, 2017)."Wilbur Ross denies wrongdoing after Paradise Papers leak".The Guardian.
  93. ^Lippman, Daniel (July 22, 2019)."'It's a disaster over there': Commerce reaches new heights of dysfunction ".Politico.
  94. ^"Commerce secretary appears to sleep during Trump speech".The Washington Post.May 22, 2018.
  95. ^abcFlavelle, Christopher; Friedman, Lisa; Baker, Peter (September 9, 2019)."Commerce Chief Threatened Firings at NOAA After Trump's Dorian Tweets, Sources Say".The New York Times.RetrievedSeptember 10,2019.
  96. ^abcdeFreedman, Andrew; Samenow, Jason (July 2, 2020)."Commerce Department obstructing release of 'Sharpiegate' investigation, inspector general says".The Washington Post.
  97. ^abChandelis Duster."New York Times: Commerce secretary threatened to fire top NOAA employees if they didn't disavow Alabama tweet".CNN.
  98. ^Wise, Justin (September 9, 2019)."Commerce Dept denies report Ross threatened to fire top NOAA staff".The Hill.RetrievedSeptember 10,2019.
  99. ^Budryk, Zack (September 11, 2019)."Mulvaney pushed NOAA to disavow forecasters who contradicted Trump on Alabama: report".The Hill.RetrievedSeptember 11,2019.
  100. ^"President Trump pushed staff to deal with NOAA tweet that contradicted his inaccurate Alabama hurricane claim".The Washington Post.September 11, 2019.RetrievedSeptember 11,2019.
  101. ^Freedman, Andrew; Samenow, Jason (June 15, 2020)."NOAA leaders violated agency's scientific integrity policy, Hurricane Dorian 'Sharpiegate' investigation finds".The Washington Post.RetrievedApril 4,2021.
  102. ^Shepardson, David (September 11, 2019)."U.S. House panel probes Commerce Secretary Ross over Trump Dorian tweet kerfuffle".Reuters.RetrievedSeptember 12,2019.
  103. ^"Trump official: Coronavirus could boost US jobs".BBC News.January 31, 2020. Archived fromthe originalon March 31, 2020.RetrievedMarch 31,2020.
  104. ^Ana Swanson and Alan Rappepor (January 30, 2020)."Wilbur Ross Says Coronavirus Could Bring Jobs Back to the U.S."New York Times.
  105. ^Wilbur Ross’' prediction about the coronavirus helping the US economy could not have been more wrong,Vox(April 2, 2020).
  106. ^"Statement on 2020 Census Operational Adjustments Due to COVID-19".The United States Census Bureau.RetrievedAugust 3,2020.
  107. ^abLevine, Sam (August 4, 2020)."Plan to shorten census deadline sounds alarm for disadvantaged Americans".Guardian US.Archivedfrom the original on August 22, 2020.RetrievedSeptember 4,2020.
  108. ^Wallace, Gregory (September 19, 2020)."2020 census mired in political controversy as deadline nears".CNN.RetrievedOctober 1,2020.
  109. ^Wines, Michael (September 25, 2020)."Ruling Against Shortening Count Adds to Questions Raised About Census".The New York Times.
  110. ^Wang, Hansi Lo (September 29, 2020)."Census End Remains Uncertain After Judge Calls New Schedule 'A Violation'".NPR.RetrievedOctober 1,2020.
  111. ^Wang, Hansi Lo (September 30, 2020)."Appeals Court Rejects Push To End Census Early By Trump Administration".NPR.RetrievedOctober 3,2020.
  112. ^"Census Bureau Statement on Oct. 1 Court Ruling".United States Census Bureau.RetrievedOctober 3,2020.
  113. ^Wang, Hansi Lo (October 13, 2020)."Supreme Court Allows Trump Administration To End Census Counting On Oct. 15".NPR.Archived fromthe originalon November 15, 2020.RetrievedNovember 15,2020.
  114. ^"Biography of Wilbur L. Ross, Jr".Wharton School of the University of Pennsylvania.
  115. ^Walsh, James (October 8, 2014)."Wilbur L. Ross, Jr. honored by the American Irish Historical Society".IrishCentral.
  116. ^Heyman, Marshall (February 3, 2015)."A Japanese Knight? Well, Close Enough".The Wall Street Journal.
  117. ^"The Order of the Rising Sun, Gold and Silver Star – Wilbur L. Ross, Jr., Chairman, Japan Society".Consulate General of Japan in New York.
  118. ^Miyagi Hamaker, Susan (February 7, 2015)."Japan Society Chairman Honored by Japanese Government".Japan Culture NYC. Archived fromthe originalon February 24, 2021.RetrievedJuly 29,2019.
  119. ^"Turnaround, Restructuring, and Distressed Investing Industry Hall of Fame".New York.
  120. ^Kirchgaessner, Stephanie (March 23, 2017)."Trump's commerce secretary oversaw Russia deal while at Bank of Cyprus".The Guardian.
  121. ^Roose, Kevin (February 18, 2014)."One-Percent Jokes and Plutocrats in Drag: What I Saw When I Crashed a Wall Street Secret Society".New York.
  122. ^ab"Three Yale alums among Trump's Cabinet picks".Yale University.December 5, 2016.
  123. ^"Wilbur L. Ross, Jr".whitehouse.gov– viaNational Archives.
  124. ^Mcintire, Mike; Chavkin, Sasha; Hamilton, Martha M. (November 5, 2017)."Commerce Secretary's Offshore Ties to Putin 'Cronies'".The New York Times.Wilbur Ross, the commerce secretary, retained investments in a shipping firm with business ties to Russian President Vladimir V. Putin's inner circle.
  125. ^"Trump weighs ousting Commerce chief Wilbur Ross after census defeat".CNBC.NBC News.July 15, 2019.
  126. ^Israel, Josh (December 5, 2016)."Who is Wilbur Ross?".ThinkProgress.
  127. ^"Mr Protectionism's riskiest call".The Economist.January 22, 2004.
  128. ^Ellyatt, Holly (January 24, 2018)."Wilbur Ross: Trade wars aren't new but 'US troops are coming to the ramparts'".CNBC.
  129. ^Rush, George; Molloy, Joanna; Baram, Marcus (May 31, 1998)."War of the Rosses: What's Value of Splitsville Stock?".New York Daily News.
  130. ^"Wilbur Ross' Daughters, Jessica & Amanda: 5 Fast Facts".Heavy.January 24, 2019.
  131. ^Cowan, Alison Leigh (October 17, 2004)."Weddings: Hilary Geary and Wilbur Ross Jr".The New York Times.
  132. ^"Commerce Secretary Wilbur Ross Won’t Profit From Briarcliff Penthouse"– Observer, March 3, 2017
  133. ^Andrews-Dyer, Helena (December 13, 2016)."Incoming commerce secretary buys home across the street from the current commerce secretary".The Washington Post.
  134. ^Kashino, Marisa M. (January 19, 2018)."Check Out the Houses Members of Trump World Have Bought in Washington".The Washingtonian.
  135. ^Delk, Josh (March 31, 2018)."Wilbur Ross buys $3.2 million home in the Berkshires".The Hill.
  136. ^Chen, Liyan (October 8, 2013)."Billionaire Art Collector Wilbur Ross Loves Magrittes, Paid $100 Million For His Own".Forbes.
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Political offices
Preceded by United States Secretary of Commerce
2017–2021 		Succeeded by
U.S. order of precedence(ceremonial)
Preceded byas Former US Cabinet Member Order of precedence of the United States
as Former US Cabinet Member 		Succeeded byas Former US Cabinet Member
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