Trump to tap former banker Mnuchin as Treasury Secretary

The nomination of Steven Mnuchin as Treasury Secretary is expected to be formally announced later today.

Trump is also expected to name Wilbur Ross Jr as his Commerce Secretary.

Trump yesterday nominated Elaino Chao as his Transportation Secretary, hinting that he was on a fast track mode to fill up his Cabinet-level positions as quickly as possible.

He is yet to name two major Cabinet positions the Secretary of State and the Defence Secretary.

Mnuchin, 53, was a trusted aide of Trump during the elections as he was his national finance chairman.

"When Trump is sworn on January 20, the success of his presidency will rest as much in Mnuchin's hands as those of any other presidential appointee," The Wall Street Journal said.

"Mnuchin's longtime Wall Street ties his father spent his entire career at Goldman make him a traditional pick for the Treasury spot. But the choice is at odds with Trump s message that economic and political elites have left the country damaged. Still, his establishment profile may sit more comfortably with the Republicans in the Senate, which decides whether to confirm the nominee," the daily said.

Mnuchin met Trump in New York yesterday.

Trump's Treasury pick was criticized by the Democrats.

"Trump is giving Republicans and their special interest friends an early Christmas gift by tapping a former Wall Street executive to lead the US Treasury Department," said Nancy Pelosi, Democratic leader in the Congress.

"By selecting a Wall Street banker who profited from the financial crisis to serve as America's chief tax regulator and main overseer of our financial system, President-elect Trump is handing over the keys to the same players who drove our economy into a ditch," Pelosi alleged.

"Nominating Steve Mnuchin to be Treasury Secretary a billionaire hedge fund manager and Goldman Sachs alumnus who preyed on homeowners struggling during the recession is a slap in the face to voters who hoped he would shake up Washington," said the Democratic National Committee Communications Director Adam Hodge.