BREAKING NEWS: Steve Mnuchin, Wilbur Ross confirm Cabinet nominations

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Steven Mnuchin confirmed he has been tapped to serve as President-elect Donald Trump's Treasury Secretary Wednesday morning, while Wilbur Ross confirmed he has been selected to lead the Commerce Department. The confirmations came on CNBC's "Squawk Box."

Mnuchin is a 17-year-veteran of Goldman Sachs and was an early supporter of Trump.
"I did this because I believed in him," Mnuchin said Wednesday morning.

Ross is a billionaire who earned his fortune in private equity and is known for restructuring companies in struggling industries.

"Wilbur and I are going to work very closely together," Mnuchin said.

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