In a recent report, it has been revealed that President-elect Donald Trump is actively selecting cabinet members and senior officials for the White House, with particular attention being given to the Treasury Secretary nominee. The latest news indicates that Trump has expanded the list of candidates for this crucial government position.
The role of the Treasury Secretary is of utmost importance, overseeing areas such as financial markets, US debt issuance, economic national security matters, tax policies, and even the strength of the US dollar. Other key economic positions in the US government include the Chairman of Trump’s National Economic Council, Secretary of Commerce, and US Trade Representative, for which Trump has not yet announced nominees.
Currently, bankers Howard Lutnick and investor Scott Bessent are the primary candidates for the position of Treasury Secretary in Trump’s new administration.
Sources revealed to The Wall Street Journal that Trump’s advisors are currently discussing potential candidates such as Kevin Warsh, who served as an economic policy advisor to President George W. Bush and later as a member of the Federal Reserve Board, and Marc Rowan, the CEO of Apollo Global Management.
Previous reports by The Wall Street Journal indicated that Trump’s aides have reached out to Rowan to gauge his interest, which Rowan confirmed. However, it has been disclosed that Rowan has not yet directly discussed the role with Trump or actively campaigned to become the Treasury Secretary. Earlier this year, Trump’s economic advisors had considered Warsh as a potential candidate for the Federal Reserve Chairman position, and discussions had also taken place to nominate Warsh as the Treasury Secretary.
“President-elect Trump is in the process of deciding who will serve in his second-term administration,” said Trump transition spokesperson Karoline Leavitt in a statement, adding that “these decisions will be disclosed once made.”
Some close associates of Trump have advocated for Republican Senator from Tennessee Bill Hagerty to be appointed as Treasury Secretary.
According to sources speaking to The Wall Street Journal, Hagerty met with Trump at Mar-a-Lago several days ago. It remains unclear whether Hagerty discussed Treasury-related issues with Trump during the meeting, but the source noted that Hagerty privately expressed to allies his belief that he is well-suited to lead the Treasury Department.
The Treasury Secretary is one of the most prominent positions in the Cabinet, responsible for overseeing the nation’s financial and economic policies. Therefore, the Treasury Secretary is a crucial position of interest for global investors and Wall Street.
Elon Musk, founder of Tesla and a senior advisor to Trump, believes Lutnick is a more suitable choice for Treasury Secretary. Musk expressed his views on X, stating that Bessent represents maintaining the status quo, implying the need for some sort of change. He later added that he is open to learning more about Bessent, with reports indicating that Musk and Bessent had a conversation last Saturday evening.
Robert F. Kennedy Jr., the nominee for Secretary of Health and Human Services by Trump, also supports Lutnick.
On the other hand, Bessent has garnered support from allies on Wall Street, as they consider his experience as the CEO of a macro hedge fund essential for understanding the markets and aiding in policy execution without causing excessive disruption to the financial markets or the overall economy.
“I’ve known Scott Bessent for nearly forty years, he was the first professional hire I made at Chanos & Co,” said renowned short-seller Jim Chanos to POLITICO. “While we may have political differences, his character, patriotism, and intelligence are beyond question. He would make an excellent Treasury Secretary.”
The Financial Times reported on Sunday that Trump’s advisors have been seeking assurances from top candidates for Treasury Secretary that they will fully support Trump’s comprehensive tariff plans. The report also mentioned that Robert Lighthizer, Trump’s first-term Trade Representative and tariff architect, “had expressed interest in becoming Treasury Secretary.”
Furthermore, an anonymous source disclosed to Reuters that as of Sunday, Trump is still considering having Lutnick take on another economic role, possibly as Secretary of Commerce.