Speed Reads

Money Matters

Trump defends billionaires in his Cabinet: 'I want people that made a fortune!'

President-elect Donald Trump took a moment at his victory tour rally Thursday night to defend his selection of several billionaires and millionaires for his Cabinet. "One newspaper criticized me: 'Why can't they have people of modest means?'" Trump said, while speaking in Des Moines, Iowa. "Because I want people that made a fortune! Because now they're negotiating with you, okay?"

Trump has not yet finished making appointments, but already his Cabinet is shaping up to be one of the wealthiest ever. Trump's pick for commerce secretary, Wilbur Ross, is worth an estimated $2.5 billion; Betsy DeVos, who Trump tapped for education secretary, comes from a family worth $5.1 billion; and Trump's pick for head of the Small Business Administration, Linda McMahon, and her husband have an estimated net worth of $1.16 billion.

But, Trump said Thursday, these billionaires are going to put money-making on hold to join his administration. "These people have given up fortunes of income in order to make a dollar a year, and they're so proud to do it, and you watch, you watch what's gonna happen," he said. "It's gonna happen fast, too."

Watch Trump make his case below. Becca Stanek