Trump and Todd Ricketts

President-elect Donald Trump and Todd Ricketts, a co-owner of the Chicago Cubs, shake hands in 2016 as Ricketts leaves the Trump National Golf Club Bedminster clubhouse in Bedminster, N.J.

President-elect Donald Trump appeared to be focusing on core economic issues in his emerging Cabinet on Wednesday, while he prepared to step aside from his sprawling businesses.

Trump officially announced key members of his economic team, choosing former banker and Hollywood financier Steven Mnuchin as treasury secretary and billionaire industrialist Wilbur Ross to run the Commerce Department. As Ross's deputy, Trump turned to Chicago Cubs co-owner Todd Ricketts, whose family members are powerful conservative donors.

After meeting with Trump last week, Todd Ricketts told Politico that he believes there is a mandate to address working class wages.

"We've seen wages stagnate among working class Americans and those are the people who put (Trump) into office," he said. "So the first thing we need to do is generate some economic growth. I think the quickest way to do that would be some tax reform: We need Dodd-Frank reform, we need 'Obamacare' reform. And with those things I think we're in the right direction."

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Todd Ricketts is the son of billionaire TD Ameritrade founder Joe Ricketts and the brother of Nebraska Gov. Pete Ricketts.

Gov. Ricketts said his brother "will be a great addition to the Trump administration."

"He will use his experience in small, medium and large businesses to help President-elect Donald Trump's administration encourage job growth as well as cut regulation and red tape for entrepreneurs and job-creators," the governor said.