Commerce nominee Wilbur Ross vows to be 'quite scrupulous'


Billionaire investor Wilbur Ross, President-elect Donald Trump's choice for commerce secretary, faced the Senate Commerce, Science, and Transportation Committee for his confirmation hearing Wednesday. Last week, the Senate committee announced it was delaying Ross' hearing due to ethics considerations, as Ross' team had not yet submitted required paperwork.
On Wednesday, Ross addressed his potential conflicts of interests, vowing to be "quite scrupulous about recusal on any topic where there's the slightest scintilla of doubt." But while being questioned by Sen. Maria Cantwell (D-Wash.), Ross admitted he would not be divesting all of his shipping interests:
As commerce secretary, Ross would oversee both domestic and foreign commerce — including international shipping. On Tuesday, Ross filed to divest at least 80 of his assets, The New York Times reported, as well as resign from "positions with more than two dozen funds or companies in which he has a financial interest." The Office of Government Ethics, which had objected to Ross' scheduled hearing last week due to a lack of completed ethics paperwork, subsequently released a 57-page disclosure of Ross' holdings Tuesday. Included in the OGE's Tuesday releases was an agreement it had struck with Ross "spelling out his plans for the divestiture of holdings that could pose a conflict with running the Commerce Department," the Times wrote.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
CNN Money noted that while he is seeking to avoid conflicts of interest through the actions announced Tuesday, Ross will retain interests in 40 assets for up to six months after his confirmation, due to the fact that they are "illiquid" and will take longer to divest. There are also several assets in which Ross will retain financial interest "as a passive investor," as detailed in the OGE agreement; these holdings concern "transoceanic shipping, mortgage lending, and real estate financing."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kimberly Alters is the news editor at TheWeek.com. She is a graduate of the Medill School of Journalism at Northwestern University.
-
The Miami Showband massacre, 50 years on
The Explainer Unanswered questions remain over Troubles terror attack that killed three members of one of Ireland's most popular music acts
-
Tea app hack: user data stolen from women's dating safety app
In The Spotlight Data leak has led to fears users could be targeted by men angered by the app's premise
-
The Assassin: action-packed caper is 'terrific fun'
The Week Recommends Keeley Hawes stars as a former hitwoman drawn out of retirement for 'one last job'
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement