Donald Trump Confirms Steven Mnuchin as Treasury Secretary, Wilbur Ross as Commerce Secretary

November 30, 2016 7:05 AM EST

Steven Mnuchin, the Trump campaign's finance director, arrives at U.S. President-elect Donald Trump's Trump Tower in New York, U.S., November 29, 2016. REUTERS/Mike Segar

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Donald Trump confirmed the nominations of Steven Mnuchin as Treasury Secretary and Wilbur Ross as Commerce Secretary, with both men appearing on CNBC for interviews this morning.

Both men addressed fears of trade wars, saying they believe in 'fair' trade, not the 'dumb' trade the U.S. has been engaged in. Ross said tariffs are the last thing, but could be part of the negation.

On Dodd Frank, Mnuchin said they want to strip back parts of Dodd Frank that limit loan growth. Commenting on the Volcker Rule, Mnuchin said the number one problem with the is it's too complicated and people don't know what to do with it.

On the mortgage interest tax deduction, Mnuchin said they'll cap mortgage interest, but we'll allow some deductibility.

On Janet Yellen, both men complimented her but wouldn't comment on if she will serve out her term as Fed Chairwomen.

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