Meet Wilbur Ross: Trump's pick for commerce secretary

Wilbur Ross, 79-year-old American investor specializing in distressed assets, has been named commerce secretary in Donald Trump's new administration.

Ross was previously part of the Trump campaign's economic team (as senior advisor on trade) and contributed to Trump's 100-day action plan.

The billionaire investor was one of Trump's early supporters and has known the president-elect for decades, famously helping Trump avoid bankruptcy in the 1980s. He has supported Trump's hostile stance against free trade agreements like NAFTA while welcoming the proposal to drastically cut taxes on corporations which, he believes, will help stimulate the American economy.

RELATED: Trump's official picks for cabinet and administration positions

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Trump's official picks for Cabinet and administration positions
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Trump's official picks for Cabinet and administration positions

Counselor to the President: Kellyanne Conway

REUTERS/Joshua Roberts

Veterans Affairs Secretary: David Shulkin

(Photo credit DOMINICK REUTER/AFP/Getty Images)

Transportation secretary: Elaine Chao

(Photo By Bill Clark/CQ Roll Call)

Energy secretary: Rick Perry

(Photo credit KENA BETANCUR/AFP/Getty Images)

Secretary of State: Rex Tillerson

 REUTERS/Daniel Kramer

Secretary of Defense: Retired Marine General James Mattis

(Photo by Samuel Corum/Anadolu Agency/Getty Images)

Chief of staff: Reince Priebus

(JIM WATSON/AFP/Getty Images)

Chief strategist: Steve Bannon

(EDUARDO MUNOZ ALVAREZ/AFP/Getty Images)

Attorney General: Senator Jeff Sessions

(Photo By Bill Clark/CQ Roll Call)

Director of the CIA: Kansas Rep. Mike Pompeo

(Photo By Bill Clark/CQ Roll Call)

Deputy national security adviser: K.T. McFarland

(Photo by Michael Schwartz/Getty Images)

White House counsel: Donald McGahn

(Photo by Drew Angerer/Getty Images)

Ambassador to the United Nations: South Carolina Gov. Nikki Haley

(Photo by Astrid Riecken For The Washington Post via Getty Images)

Education secretary: Betsy DeVos

(Photo By Tom Williams/CQ Roll Call)

Commerce secretary: Wilbur Ross

(Photo by Andrew Harrer/Bloomberg via Getty Images)

Homeland security secretary: General John Kelly

(Photo by Drew Angerer/Getty Images)

Housing and urban development secretary: Ben Carson

(Photo credit NICHOLAS KAMM/AFP/Getty Images)

Administrator of Environmental Protection Agency: Oklahoma Attorney General Scott Pruitt

(Photo by Spencer Platt/Getty Images)

Health and human services secretary: Tom Price

(Photo by Alex Wong/Getty Images)

Department of Homeland Security: Retired General John Kelly

(REUTERS/Joshua Roberts)

Secretary of agriculture: Sonny Perdue

(BRYAN R. SMITH/AFP/Getty Images)
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Ross, famously known as the "King of Bankruptcy," is a big fan of deregulation and has been accused of being anti-worker for his business dealings. On election day, he claimed a Hillary Clinton presidency would essentially be a "third term of Obama" and push the US into a recession.

With a net worth of $2.9 Billion, Ross currently ranks 232nd on 2016's Forbes 400 list. He began his career at Rothschild, spending the next twenty five years working on bankruptcy and restructuring before going on to found WL Ross & Co in 2000. He holds a bachelor's degree from Yale University and a MBA from Harvard University.

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RELATED: Trump reveals he'll be leaving his business

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Donald Trump reveals he'll be leaving his business
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Donald Trump reveals he'll be leaving his business
I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my ...
great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN! While I am not mandated to ....
do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses..
Hence, legal documents are being crafted which take me completely out of business operations. The Presidency is a far more important task!
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