BREAKING NEWS

Trump Commerce nominee Ross to divest assets worth up to $187 million

By REUTERS

JANUARY 17, 2017 20:30

WASHINGTON - Wilbur Ross, President-elect Donald Trump's nominee for Commerce Secretary, has pledged to divest assets worth about $62 million to $187 million and resign his corporate board seats, but the billionaire investor intends to retain his interests in mortgage lending and transoceanic shipping.

In an ethics agreement made public on Tuesday, Ross said he would divest financial interests in some 80 entities, including specific stocks, bonds and investment partnerships.

He said he will resign from positions in seven business entities that he is retaining. He will resign positions at 20 business entities that he is divesting, including his board seats at steelmaker ArcelorMittal, Bank of Cyprus and chemicals and plastics distributor Nexeo Solutions

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