Wall Street back in favor with Donald Trump's cabinet picksNEW YORK -- The nominations of Steven Mnuchin and Wilbur Ross to the Trump cabinet Wednesday positions Wall Street to exert renewed influence over the U.S. economy after retreating somewhat in the Obama years. Mnuchin, 53, President-elect Donald Trump's pick to head the Treasury Department, spent 17 years at Goldman Sachs, where he worked on complex financial derivatives that were later at the heart of the 2008 financial crisis. Wilbur Ross, 79, Trump's designee for secretary of Commerce, was nicknamed the "king of bankruptcy" for a record of profiting off of dying industries. The picks drew quick praise in business circles, with Financial Services Roundtable chief executive Tim Pawlenty praising Mnuchin as a "seasoned and results-oriented leader." A senior Wall Street banker praised as "thoughtful" Mnuchin's reservations about the Dodd-Frank banking regulations enacted after the 2008 crisis.

Source: The China Post December 01, 2016 16:07 UTC