Trump also selected Wilbur Ross Jr as his Commerce Secretary and Todd Ricketts as Deputy Secretary of Commerce.

They will be instrumental in implementing Trump's 'America First' economic plan that will create more than 25 million jobs over the next decade, the presidential transition team said.

Leading the team would be Mnuchin who has decades of financial management experience including serving as Chief Information Officer at Goldman Sachs as well as finance director for President-elect Trump's presidential campaign.