< 25 Top Pension Power Players
6. Wilbur Ross
Secretary of Commerce
If Congress approves his nomination to what some have called Donald Trump’s cabinet of deplorables, Secretary of Commerce Wilbur Ross, 79, will take center stage in the president’s plan to kick-start the U.S. manufacturing sector. But the so-called king of bankruptcy doesn’t seem to have room for pension funds in his vision of a successful turnaround. Ross made his billions by using a slash-and-burn cost-cutting strategy to drag companies back from the brink of collapse, then selling them for a profit. He punted billions of dollars in defined benefit pension liabilities to a government-owned bailout fund, the Pension Benefit Guaranty Corp. As Commerce secretary, Ross would inherit one of three seats on the PBGC’s board, where he would oversee the takeover of retirement funds when companies phased out their defined benefit plans. Ironically, Ross’s boss has his own union pension: According to his financial disclosure filings, Trump has collected more than $168,000 from his Screen Actors Guild union pension — a benefit from his work on The Apprentice. — Jess Delaney
The 2017 Pension Political Power 25
1. Andy Puzder 2. Bruce Rauner 3. Betsy DeVos 4. Laura & John Arnold 5. Steven Mnuchin |
6. Wilbur Ross 7. Tani Cantil-Sakauye 8. Paul Ryan 9. Anthony Scaramucci 10. Kevin de León |
11. Mike Enzi 12. Steve Sweeney 13. Jerry Brown 14. Corey Lewandowski 15. Paul Singer |
16. Randel Johnson 17. Joe Manchin 18. Kenneth Feinberg 19. Scott Walker 20. Richard Trumka |
21. Mike Rawlings 22. Elizabeth Warren 23. Kent Mason 24. Bernie Sanders 25. Randi Weingarten |
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