Wilbur Ross facts for kids
Quick facts for kids
Wilbur Ross
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Official portrait, 2017
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| 39th United States Secretary of Commerce | |
| In office February 28, 2017 – January 20, 2021 |
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| President | Donald Trump |
| Deputy | Karen Dunn Kelley |
| Preceded by | Penny Pritzker |
| Succeeded by | Gina Raimondo |
| Personal details | |
| Born | November 28, 1937 Weehawken, New Jersey, U.S. |
| Political party | Republican (2016–present) |
| Other political affiliations |
Democratic (before 2016) |
| Spouses |
Judith Nodine
(m. 1961; div. 1995)Betsy McCaughey
(m. 1995; div. 2000)Hilary Geary
(m. 2004) |
| Children | 2 |
| Education | Yale University (BA) Harvard University (MBA) |
Wilbur Louis Ross Jr. (born November 28, 1937) is an American businessman. He served as the 39th United States Secretary of Commerce from 2017 to 2021. Before this, Ross was the chairman and CEO of his own company, WL Ross & Co, from 2000 to 2017. He is a member of the Republican Party.
Ross was known for helping companies that were in financial trouble. He would buy them, make them better, and then sell them for a profit. This earned him the nickname "King of Bankruptcy." He has been a leader in over 100 companies in more than 20 countries. In 2017, at 79 years old, he became the oldest person to be appointed to a U.S. Cabinet position for the first time.
Contents
- Early Life and Education
- His Business Journey
- Serving as Commerce Secretary (2017–2021)
- After His Time in Office (2021–Present)
- Honors and Awards
- Groups He Belongs To
- His Political Views
- Personal Life
- See also
- Images for kids
Early Life and Education
Wilbur Ross was born on November 28, 1937, in Weehawken, New Jersey. He grew up in nearby North Bergen. His father, Wilbur Louis Ross, was a lawyer who later became a judge. His mother, Agnes, was a teacher for 40 years.
Ross went to Xavier High School, a Catholic school in Manhattan. He was on the track team and captain of the rifle team. He graduated in 1955. In 1959, he earned a bachelor's degree from Yale College, his father's old school. At Yale, he worked at the radio station and edited a literary magazine. He had dreamed of being a writer. In 1961, he received a master's degree in business from Harvard Business School.
His Business Journey
Starting His Career
In 1963, Ross joined a company that later became Wood, Struthers & Winthrop. There, he helped sell off investments from a venture capital group.
He then worked for Faulkner, Dawkins & Sullivan, a company that researched investments. He became the president of its investment banking part. This company was later sold to what became Shearson Lehman.
Working at Rothschild
In 1976, Ross started working at the New York City office of Rothschild & Co. He stayed there for 24 years. He led the team that helped companies deal with bankruptcy. By 1998, Ross had worked on many large bankruptcy cases.
In the 1980s, Donald Trump's casinos in Atlantic City were having money problems. Ross helped investors in the casino. He worked with Carl Icahn to convince lenders to make a deal. This deal allowed Trump to keep control of his casinos.
Founding WL Ross & Co.
In 2000, Ross left Rothschild & Co to start his own company, WL Ross & Co. He raised $450 million to buy a fund from Rothschild and make new investments. By 2003, his fund was doing very well.
In 2006, Ross sold WL Ross & Co to a company called Amvescap (now Invesco).
Helping Steel Companies
In 2002, WL Ross & Co started International Steel Group. Ross bought the assets of a bankrupt company called Ling-Temco-Vought. A year later, he bought the assets of another bankrupt company, Bethlehem Steel. As part of these deals, the companies' large pension debts were moved to a government agency.
Ross worked with the United Steelworkers union to save some jobs. In 2005, WL Ross & Co sold International Steel Group for $4.5 billion. Ross made a large profit from this sale and joined the board of directors of Mittal Steel.
Working with Textile Companies
WL Ross & Co bought Burlington Industries in 2004. They combined it with Cone Mills to create International Textile Group.
In 2016, International Textile Group was bought by another company.
Helping Automotive Companies
International Automotive Components Group was created in 2006 by WL Ross & Co. This company bought parts of other automotive businesses.
Working with Coal Companies
WL Ross & Co started International Coal Group in 2004. They bought assets from several coal companies that were in financial trouble.
In 2006, there was a terrible accident at the Sago Mine disaster, which was partly owned by International Coal Group. An explosion led to the deaths of 12 miners. The mine had faced safety concerns before this event. Ross defended his company's management of the mine.
In 2011, another company bought International Coal Group.
Investing in Shipping
By 2016, WL Ross & Co was a major investor in Navigator Gas. This company ships liquefied gas.
About His Wealth
In 2017, Forbes magazine reported that Ross had a net worth of $2.5 billion. However, financial documents he filed later showed he had less than $700 million in assets. Forbes then updated his estimated wealth to $600 million.
Serving as Commerce Secretary (2017–2021)
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On November 30, 2016, President-elect Donald Trump announced he would nominate Ross to be Secretary of Commerce. The Senate confirmed Ross on February 27, 2017, and he was sworn in the next day.
Ross was 79 years old when he took office. This made him the oldest person to be appointed to a U.S. Cabinet position for the first time in history.
Trade Discussions
UK Trade After Brexit
In December 2016, Ross said that Brexit (the UK leaving the European Union) was a "God-given opportunity" for other countries to attract business away from the United Kingdom. In 2017, he stated that a trade deal with the UK was not a top priority for the Trump administration.
Tariffs and Trade
In 2017, Ross traveled to Beijing to help calm trade tensions between the U.S. and China. In 2018, the Commerce Department suggested increasing taxes (tariffs) on imported aluminum and steel. On March 1, 2018, President Trump put a 25% tariff on steel and a 10% tariff on aluminum imports. Ross said these tariffs were meant to "change China's behavior."
In 2018, the U.S. also placed tariffs on steel and aluminum from the European Union, Canada, and Mexico. Ross said these tariffs were small issues and that the EU would "get over this."
Huawei Ban
In January 2019, Ross was present when charges were announced against the Chinese company Huawei and its CFO, Meng Wanzhou. These charges included financial fraud and other serious issues. In July 2019, Ross said the U.S. would keep Huawei on a special list but allow some sales with licenses.
Public Perception
In May 2017, Ross visited Saudi Arabia with President Trump. He caused some discussion when he said the visit was successful because there were no protests. He seemed unaware that public protests had been banned in Saudi Arabia since 2011.
During a government shutdown in 2018-2019, Ross was criticized for seeming out of touch. He wondered why government workers who weren't getting paid would go to food banks instead of getting a loan.
Financial Disclosures
In 2019, Ross's financial report was questioned by the government ethics office. He had reported selling bank stock, but he still owned it.
Ross also settled a lawsuit with a former business partner for $9 million. He had not shared details about this lawsuit on his financial forms.
Avoiding Conflicts of Interest
In 2018, an investigation found that Ross still owned parts of companies that could create conflicts of interest while he was Secretary of Commerce. These included companies connected to the Chinese government and a shipping firm linked to Russian figures. Ross had said he would sell all his financial holdings, but he put some into a trust for his family.
Ross was confirmed in February 2017 and agreed to sell his stocks by May 2017. However, he sold his stock in Invesco in December 2017. He said he "mistakenly believed" all his Invesco stock was sold earlier. In July 2018, after being warned by an ethics watchdog, Ross announced he would sell all his remaining stock.
In October 2018, documents showed Ross met with executives from Chevron Corporation to discuss oil, gas, and trade. At that time, Ross's wife owned a significant amount of stock in Chevron.
It was also reported in 2020 that Ross continued to serve on the board of a Chinese company until January 2019. This was nearly two years into his time as Commerce Secretary, while the U.S. and China were in a trade dispute.
2020 Census Citizenship Question
As Secretary of Commerce, Ross was in charge of the Census Bureau and the 2020 Census. In December 2017, he approved adding a question about U.S. citizenship to the Census. This question had not been on the Census since the 1940s.
Many states and cities sued to stop this question. A federal judge ruled against Ross, saying he had not followed federal rules. The judge also said Ross and his team had made misleading statements. The House of Representatives later accused Ross of not being truthful about why the question was added.
Supreme Court Decision
On June 27, 2019, the Supreme Court decided that the citizenship question could not be added to the 2020 Census. The Court found that the government's reason for adding the question did not match Secretary Ross's actual decision.
In November 2017, leaked documents called the Paradise Papers showed that Ross had not fully shared his financial interest in Navigator Gas during his confirmation hearings. This shipping company transports chemicals for a Russian company. Ross had promised to cut ties with many financial groups, which helped him get confirmed. However, the documents showed he kept some ties.
Ross said the media was making "a lot more out of it than it deserves" and that there was "nothing wrong with it."
Challenges at the Commerce Department
In July 2019, a report said that the Commerce Department under Ross was facing difficulties. Some staff felt Ross was "irrelevant" and that morale was low. It was also reported that Ross sometimes fell asleep in meetings.
Hurricane Dorian Controversy
On September 1, 2019, President Donald Trump incorrectly said that Hurricane Dorian was a big threat to Alabama. Soon after, the National Weather Service (NWS) in Alabama said the state was not at risk. Reports later said that Ross had threatened to fire high-level staff at the National Oceanic and Atmospheric Administration (NOAA), which oversees the NWS, unless they supported Trump's claim. NOAA then issued a statement that seemed to agree with Trump.
The Commerce Department denied that Ross threatened to fire anyone. However, later reports suggested Ross made the call from Greece after being told to "fix the problem" by White House staff. Scientists and others were upset, saying NOAA's actions hurt its trustworthiness.
An investigation later found that NOAA's leaders did not follow their own rules by releasing a statement that supported Trump's incorrect claim.
In January 2020, when asked if the COVID-19 outbreak in China would harm the U.S. economy, Ross said it might "help to accelerate the return of jobs to North America." He added that it gave businesses "another thing to consider" about their supply chains. The outbreak later became a worldwide pandemic and caused a major economic downturn in the U.S.
2020 Census Count Changes
Because of delays from the COVID-19 pandemic, Ross and the Census Bureau director announced in April 2020 that they would extend the time for collecting Census data until October 31, 2020. However, on August 3, 2020, they moved the deadline up to September 30, 2020. Many groups worried this shorter time would lead to incomplete data, especially for minority groups and young adults.
A federal judge blocked the plan to end counting early. Ross then announced the count would end on October 5. The judge called this a "violation" of her order. The Census Bureau later said the count would continue until October 31. However, the count finally ended on October 15 after the Supreme Court allowed it to finish early.
After His Time in Office (2021–Present)
On July 23, 2021, the Chinese government placed sanctions on Ross. This was in response to the U.S. government placing sanctions on Hong Kong officials.
Honors and Awards
In 1999, Ross received a medal from the South Korean president for his help during the 1997 Asian financial crisis. He also received the Gold Medal from the American Irish Historical Society in 2014 for his work related to Ireland and Irish-American causes. The Japanese government gave Ross the Order of the Rising Sun award. This was for his work as chairman of the Japan Society in New York, his efforts to help the Japanese economy, and his support after the 2011 earthquake and tsunami.
Groups He Belongs To
Ross has been a director of the Turnaround Management Association and is in its hall of fame. He was also the vice-chairman of the board of Bank of Cyprus, the largest bank in Cyprus. As of 2012, Ross was a leader in a secret Wall Street group called Kappa Beta Phi. He has served on the board of trustees for the Brookings Institution. He is also on the board of advisors for the Yale School of Management and was a board member of the Yale University Art Gallery. Ross has been on the board of directors of Navigator Gas since March 2012.
His Political Views
Supporting Democrats and Switching Parties
Wilbur Ross was an early supporter of Donald Trump's presidential campaign. However, he was previously a registered Democrat. He served as an officer for the New York State Democratic Committee and hosted fundraisers for Democratic candidates. He also worked under President Bill Clinton on the board of the U.S. Russia Investment Fund.
In 1998, he provided money for his then-wife, Betsy McCaughey, when she sought the Democratic nomination for Governor of New York. Since at least 2011, Ross has given money to Republican candidates and groups.
Ross officially became a registered Republican in November 2016.
Privatization Ideas
In the 1990s, New York City mayor Rudy Giuliani appointed Ross as his advisor on privatization. Ross helped push to privatize the city's public broadcasting stations and the Port Authority of New York and New Jersey. He also worked to sell empty land to businesses.
Trade Policy Views
Ross has described himself as "pro-sensible trade." He believes the U.S. should allow access to its markets for countries that "play fair" and follow the rules. He thinks countries that do not should be "punished." Ross initially supported the Trans-Pacific Partnership trade agreement, but later said it was "not consistent with what was advertised."
In 2004, The Economist magazine described Ross as someone who supports protectionism, which means protecting a country's own industries through tariffs or other controls.
At the 2018 World Economic Forum, Ross responded to concerns about trade wars by saying, "There have always been trade wars. The difference now is U.S. troops are now coming to the ramparts."
Personal Life
Ross married Judith Nodine in 1961, and they divorced in 1995. They had two daughters, Jessica and Amanda. Amanda became a baker, and Jessica worked for Sotheby's. In 1995, Ross married his second wife, Lieutenant Governor of New York Betsy McCaughey. They divorced in 2000. On October 9, 2004, Ross married his third wife, Hilary Geary Ross, who is a society writer.
In 2016, Ross bought a large house in Washington, D.C. He also owns properties in The Berkshires and Palm Beach, Florida.
Ross has an art collection worth a lot of money. It includes 25 works by René Magritte, a famous surrealist painter.
Giving Back
Ross donated $10 million to help build the new campus for the Yale School of Management.
See also
In Spanish: Wilbur Ross para niños
- List of people and organisations named in the Paradise Papers
Images for kids
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The leaked documents showed that Secretary of Commerce Wilbur Ross held stakes in businesses connected to sanctioned Russian figures, which he did not fully disclose.
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Ross speaking at a political conference in December 2018
