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Todd Ricketts withdraws from nomination as Commerce Department Deputy Secretary

April 20, 2017: Unable to untangle his complex financial holdings to the satisfaction of the U.S. Office of Government Ethics, Chicago Cubs board member Todd Ricketts, who was nominated by President Trump to be the Deputy Secretary of the U.S. Department of Commerce, yesterday, Wednesday, April 19, 2017, withdrew his nomination from consideration. Ricketts, a Wilmette resident who is a member of the billionaire Ricketts clan, was willing to divest his considerable personal portfolio of holdings, but that was apparently not enough. Some of the Ricketts investments are in family enterprises, including the Cubs. Trump nominated Ricketts on Nov. 30, 2016. Ricketts filed a required financial disclosure statement with the U.S. Senate Commerce Committee, but the panel would not set a hearing date until Rickets obtained clearance from the Office of Government Ethics, which oversees the executive branch, with the exception of the President. Ricketts has varied business interests, from his Higher Gear bike store in Wilmette to his position on the TD Ameritrade board. The Ricketts family are large shareholders of the company that Joe Ricketts founded in 1975. Ricketts and his three siblings are on the Cubs board, legally known as Chicago Baseball Holdings LLC.

Attribution: The Chicago Sun-Times

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