Tags: Trump | Wealthy | Nominees | Confirmation | Hearings

WSJ: Wealthy Trump Nominees Face Costly Confirmation Hearings

Image: WSJ: Wealthy Trump Nominees Face Costly Confirmation Hearings

Steven Mnuchin. (AP)

By    |   Monday, 26 Dec 2016 09:18 AM

President-elect Donald Trump's picks for his Cabinet so far have a collective net worth of close to $10 billion, according to a Wall Street Journal analysis.

They are said to be working hard to get their books in order during the holiday break as they likely will face tough questions about whether their wealth will present potential conflicts of interest.

So far, Trump has named five billionaires and six multimillionaires to serve in his administration, the newspaper reports.

The Journal notes that Henry Paulson, a Goldman Sachs chief executive, was worth nearly $130 million when he was named treasury secretary in 2006 by President George W. Bush.

Paulson is said to have spent as much on professional fees to meet federal ethics and conflicts rules as he earned during his two-and-a half year stint in the administration, according to the Journal.

"Some of these folks are going to have to leave a lot of money on the table," the paper quotes Doug Graham, who served as a vetting adviser to the Office of Presidential Personnel from 2012 until 2015.

"There are going to be a lot of tax attorneys working overtime this break to try to get them ready for their January hearings."

The Journal  notes the wealthy Trump nominees will face "one of the most arduous and expensive Senate confirmation processes in recent political history." They will likely be required to disclose financial holdings and get rid of any assets that could prove to be a conflict of interest.

The newspaper also notes that Wilbur Ross Jr. and Steven Mnuchin, Trump's picks to head to Commerce and Treasury departments, have a collective net worth of $3 billion.

The two will face the most stringent divestiture requirements because of their positions, according to the Wall Street Journal.

Meanwhile, Politico reports that Trump's transition team has already recruited dozens of Republican public relation experts to convince the public and Senate that the president-elect's picks are good for the nation.

"One of the things Americans wanted was a change election, so you have some unconventional candidates," said a senior transition official is quoted by the website.

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President-elect Donald Trump's picks for his Cabinet so far have a collective net worth of close to $10 billion, according to a Wall Street Journal analysis.
Trump, Wealthy, Nominees, Confirmation, Hearings
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2016-18-26
Monday, 26 Dec 2016 09:18 AM
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