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This is our look at President-elect Donald Trump's transition and the outgoing Obama administration. Here's what's happening:

Trump names billionaire investor Wilbur Ross as Commerce secretary

President-elect Donald Trump and Vice President-elect Mike Pence greet investor Wilbur Ross, left, in New Jersey on Sunday. (Carolyn Kaster / Associated Press)
President-elect Donald Trump and Vice President-elect Mike Pence greet investor Wilbur Ross, left, in New Jersey on Sunday. (Carolyn Kaster / Associated Press)

President-elect Donald Trump has chosen billionaire financier Wilbur Ross, known as the king of bankruptcy for his investments in distressed properties, to serve as Commerce secretary, according to a person familiar with the decision.

If confirmed, Ross would become the Trump administration’s chief liaison with the business community and a leading advocate for U.S. trade abroad.

Ross, 80, who was a senior policy advisor to Trump’s campaign, is worth $2.9 billion, according to Forbes magazine.

Like Trump, Ross has been critical of U.S. trade deals. He sharply criticized trade negotiators and called for the U.S. to withdraw from the yet-to-be-ratified Trans-Pacific Partnership and to renegotiate the North American Free Trade Agreement. Trump has pledged to do both upon taking office.

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