The Senate Commerce Committee holds a confirmation hearing for Wilbur Ross to be the next U.S. Secretary of Commerce. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: 79-year-old billionaire investor Wilbur Ross has arrived for his Senate confirmation hearing to be commerce secretary. Ross, chosen by Donald Trump to help implement the president-elect's trade agenda, earned his fortune in part by running businesses that have offshored thousands of U.S. jobs, according to Labor Department data attained by Reuters. As a high-stakes investor a decade ago, Ross specialized in turning around troubled manufacturing companies at a time when the U.S. economy was losing more than 100,000 jobs yearly due to global trade Supporters say Ross saved thousands of U.S. jobs by rescuing firms from failure. Data attained by Reuters through a Freedom of Information Act request shows that rescue effort came at a price: textile, finance and auto-parts companies controlled by the private-equity titan eliminated about 2,700 U.S. positions since 2004 because they shipped production to other countries, according to a Labor Department program that assists workers who lose their jobs due to global trade.