Wilbur Ross: From 'King of Bankruptcy' to U.S. Secretary of Commerce
- Ruxandra
- Mar 27
- 4 min read
Wilbur Louis Ross Jr., born on November 28, 1937, in Weehawken, New Jersey, is a prominent American investor and politician renowned for his expertise in restructuring failing companies and his tenure as the 39th United States Secretary of Commerce under President Donald Trump from 2017 to 2021.
Early Life and Education of Wilbur Ross
Ross grew up in North Bergen, New Jersey. His father, Wilbur Louis Ross Sr., was a lawyer who later became a judge, and his mother, Agnes O'Neill, was a dedicated third-grade teacher in North Bergen for 40 years. Ross attended Xavier High School, a Catholic preparatory school in Manhattan, where he excelled in track and served as captain of the rifle team, graduating in 1955.
He pursued higher education at Yale University, earning a bachelor's degree in 1959. During his time at Yale, Ross edited a literary magazine and worked at the campus radio station. Initially aspiring to become a writer, he enrolled in an intensive English course but soon realized his passion lay elsewhere. With guidance from his faculty advisor, Ross secured his first summer job on Wall Street, igniting his interest in finance. He furthered his education at Harvard Business School, obtaining a Master of Business Administration in 1961.
Career in Finance
Ross began his career in finance at N M Rothschild & Sons in New York during the late 1970s, where he led the bankruptcy restructuring practice. Over the years, he gained a reputation as the "King of Bankruptcy" for his adeptness in acquiring and revitalizing distressed companies across various industries, including steel, coal, telecommunications, and textiles. His strategy involved purchasing failing businesses, restructuring their operations, and selling them at a profit once they returned to stability.
In 2000, Ross founded WL Ross & Co. LLC, where he served as Chairman and Chief Strategy Officer. The firm focused on private equity investments and continued Ross's approach to restructuring distressed companies. Throughout his career, he has chaired or served as lead director for over 100 companies operating in more than 20 countries.
Political Involvement and Views
Ross's political affiliations evolved over time. Initially a Democrat, he served under President Bill Clinton on the board of the U.S.-Russia Investment Fund and advised New York City Mayor Rudy Giuliani on privatization efforts. He was also a registered Democratic Party officer in New York State and hosted fundraisers for Democratic candidates. However, since at least 2011, Ross began donating to Republican candidates and organizations, officially registering as a Republican in November 2016.
On trade, Ross has expressed support for "sensible trade," advocating for fair competition and adherence to international rules. He has emphasized the importance of providing market access to countries that play fair while suggesting punitive measures for those that do not. Initially supportive of the Trans-Pacific Partnership, Ross later opposed it after further examination, finding it inconsistent with its advertised benefits.
Tenure as U.S. Secretary of Commerce
In November 2016, President-elect Donald Trump announced his intention to nominate Ross as the U.S. Secretary of Commerce. The Senate confirmed his appointment on February 27, 2017, with a 72-27 vote, and he was sworn in the following day. At 79, Ross became the oldest first-time Cabinet appointee in U.S. history.
During his tenure, Ross played a significant role in shaping the administration's trade policies, emphasizing the reduction of trade deficits and the renegotiation of existing trade agreements to better serve American interests. He was instrumental in the renegotiation of the North American Free Trade Agreement (NAFTA), leading to the United States-Mexico-Canada Agreement (USMCA). Ross also advocated for tariffs on steel and aluminum imports, aiming to protect domestic industries.
Post-Administration Activities
After leaving office on January 20, 2021, Ross continued to be active in business and international affairs. In July 2021, the Chinese government imposed sanctions on him as part of "reciprocal counter-sanctions" following U.S. sanctions on Hong Kong officials.
Honors and Recognitions
Throughout his career, Ross has received several honors. In 1999, South Korean President Kim Dae Jung awarded him the Order of Industrial Service Merit medal for his assistance during the 1997 Asian financial crisis. In 2014, he received the American Irish Historical Society Gold Medal for his contributions to Ireland and Irish-American causes. The Japanese government honored him with the Order of the Rising Sun, Gold and Silver Star, recognizing his efforts to strengthen U.S.-Japan relations and his relief work following the 2011 Tōhoku earthquake and tsunami.
Personal Life and Interests
Ross has been married three times and has two daughters from his first marriage. In 2004, he married Hilary Geary, a writer for Quest magazine. An avid art collector, Ross's collection is valued at approximately $150 million and includes works ranging from Western surrealists to contemporary Eastern sculptures. Notably, he owns 25 pieces by René Magritte, including some of the artist's most valuable works.
Conclusion
Wilbur Ross's journey from an investment banker to the U.S. Secretary of Commerce reflects a career marked by strategic acumen in revitalizing distressed companies and influencing trade policies. While his tenure has been accompanied by controversies, his impact on both the private sector and public service underscores a complex legacy of financial expertise and political involvement.
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