W.L. Ross
| Wilbur Ross | |
|---|---|
 |
|
| 39th United States Secretary of Commerce | |
|
Assumed office February 28, 2017 |
|
| President | Donald Trump |
| Preceded by | Penny Pritzker |
| Personal details | |
| Born |
Wilbur Louis Ross Jr. November 28, 1937 Weehawken, New Jersey, U.S. |
| Political party | Republican (2016–present) |
| Other political affiliations |
Democratic (before 2016) |
| Spouse(s) |
Judith Nodine (m. 1961–95) Betsy McCaughey (m. 1995; div. 2000) Hilary Geary (m. 2004) |
| Children | 2 daughters 2 stepsons |
| Education |
Yale University (BA) Harvard University (MBA) |
| Net worth | US$2.5 billion (June 2017) |
Wilbur Louis Ross Jr. (born November 28, 1937) is an American investor and government official who is the current United States Secretary of Commerce. On November 30, 2016, President-elect Donald Trump announced that he would nominate Ross to be United States Secretary of Commerce. On February 27, 2017, the Senate confirmed Ross as United States Secretary of Commerce by a margin of 72–27. He was sworn into office on February 28, 2017.
Before he was appointed as Secretary of Commerce, Ross was a banker known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. In February 2017, Forbes magazine reported that Ross has a net worth of $2.5 billion. He is often called the "King of Bankruptcy" because of his experience in buying bankrupt companies, primarily in the manufacturing and steel industries, and later selling them for a large profit after operations improve.
Ross was born on November 28, 1937 in Weehawken, New Jersey, and grew up in suburban New Jersey. His father, Wilbur Louis Ross Sr., was a lawyer who later became a judge, and his mother, Agnes (née O'Neill), was a school teacher.
Ross drove two hours a day from New Jersey to attend the Catholic college preparatory Xavier High School in Manhattan. He ran track and was captain of the rifle team. He received his bachelor's degree from Yale College, his father's alma mater. At Yale, Ross edited one of the literary magazines and worked at the radio station. Initially, he wanted to be a writer, but after his experience in a fiction class requiring 500 words daily, he concluded that he had "run out of material." His faculty adviser at Yale helped him get his first summer job on Wall Street. He earned his MBA degree at Harvard Business School.
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