Trump officially nominates Steven Mnuchin as Treasury Secretary, Wilbur Ross for Commerce

The Presidential Transition Team for Donald Trump have announced that the President-elect will officially nominate Steven Mnuchin as Secretary of the Treasury, Wilbur Ross and Secretary of Commerce and Todd Ricketts as Deputy Secretary of Commerce.

In a statement, Trump called Mnuchin a "world-class financier, banker and businessman... His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury." Though now official, the selections had been expected and extensively reported already.

Mnuchin is a former Goldman Sachs executive-turned Hollywood financier who served as finance chairman in Trump's campaign team. Some have noted that Mnuchin does not have any government experience or experience running an organisation as large as the US Treasury.

The transition team quoted Mnuchin saying that he would "implement a bold economic agenda" with President Trump.

Wilbur Ross is an industrialist with an estimated worth close to three billion dollars. Ross is known for buying assets during the steel crisis then cutting jobs and reinvigorating mills before selling them off.

Todd Ricketts, nominated for Deputy Secretary of Commerce, is part of another billionaire family and is co-owner of the baseball team, the Chicago Cubs.

The announcement comes after former Labor Secretary under George W Bush, Elaine Chao was named the nomination for Transport Secretary, and anti-abortion advocate and critic of the Affordable Care Act, Tom Price, was nominated as Secretary for Health and Human Services.

Competition for the Secretary of State job continues to stay heated with Trump meeting for a second time with former-presidential nominee Mitt Romney, a day after saying he was "very impressed" by General David Patraeus, another potential candidate.

Trump has faced criticism for some of his picks, in particular his choice of former Breitbart news Executive Editor, Steve Bannon, who is seen as linked to the alt-right movement and has been accused of racism.