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Who will Trump choose for Treasury secretary?
While Donald Trump was quick to name several nominees for Cabinet positions last week, one of the most watched posts, Treasury secretary, is still a question mark. And the search for who will lead the countrys fiscal policy seems to be getting a lot more complicated.Some candidates have dropped out. Others are jockeying for position with Trump. New names are being floated. And Elon Musk has inserted himself into the process as well, though not everyone on Team Trump is reportedly happy about that.This added turbulence comes as Trump is already facing potential resistance even among his own party for at least two of his choices: former Congressman Matt Gaetz for Attorney General and Fox News host Pete Hegseth for Defense secretary. Heres where things stand.Who are considered the leading candidates for Treasury Secretary?At the end of last week, it seemed almost certain that the job would go to either Howard Lutnick, CEO of financial services firm Cantor Fitzgerald, and currently a co-leader of the Trump transition team; or Scott Bessent, a former Soros Fund Management executive and founder and CEO of Key Square Group.Both are still serious contenders, but according to multiple reports, in-fighting for the position has reportedly annoyed Trump to the point where he is now considering other candidates as well.Who else is Trump considering for Treasury Secretary?A few new names have entered the conversation. The Wall Street Journal reports that Trump is now also looking at Kevin Warsh, former economic-policy adviser to President George W. Bush and a one-time member of the Federal Reserves board of governors; and Apollo Global Management CEO Marc Rowan.Warsh had been previously floated as a candidate to become chairman of the Fed after Jerome Powell departs the role, whether thats when his term ends in May 2026 or if Trump will attempt to fire him. Warsh was on the short list for Fed chair in 2019, when Trump ended up picking Powell.Rowan, meanwhile, has been critical of the Fed, questioning why it was cutting rates, given the health of the economy. He has an estimated net worth of more than $8 billion and has been a supporter of Musks future role at the Department of Government Efficiency.Additionally, Bill Hagerty reportedly met with Trump at Mar-a-Lago several days ago and now could be under consideration for Treasury secretary. Hagerty is a former ambassador to Japan under the first Trump administration, and has been a senator from Tennessee since 2021. He has firmly opposed financial support for Ukraine. Hes also well-liked in the party, which could make his confirmation a very quick process. He sits on several influential Senate subcommittees, including banking and foreign relations. And Politico said Trumps longtime trade policy adviser Robert Lighthizer could be considered for the job as well.Why is this pick taking so long?There has been a lot of behind-the-scenes jockeying for this post, which has become annoying to Trump, according to reports. Trump has privately expressed frustration that Lutnick has been hanging around him too much and that he has been manipulating the transition process for his own ends, according to the New York Times.Who has backed out of consideration for Treasury Secretary?Before the current drama, several candidates for the position took their names out of consideration. John Paulson of the investment firm Paulson & Co. backed out six days ago, saying, My complex financial obligations would prevent me from holding an official position in President Trumps administration at this time. Larry Kudlow of Fox Business was considered an outside shot, but told the Trump team last Friday that he would not be returning to government work. And while he was never an official candidate, JPMorgans Jamie Dimon made it clear he had little interest in a role. Trump, last week, said Dimon would not be a part of his Cabinet.How has Elon Musk become involved in the search for a Treasury Secretary?And then theres Musk, who on Saturday, issued an endorsement on X for Lutnick to get the job, saying, Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change. Business-as-usual is driving America bankrupt, so we need change one way or another. He also encouraged his 205 million followers to weigh in on the matter, tagging Trump in the post.That post reportedly annoyed some on Trumps team, with one advisor telling the Washington Post that Musk was acting as a co-president and could be overstepping his role of advisor. But so far, there has been no evidence that Trump and Musks relationship has been strained. The two attended a UFC fight Saturday, then posed on Trumps plane (along with Don Jr. and Robert Kennedy Jr.) over a meal of McDonalds burgers and fries.What happens now?Trump will reportedly continue to meet with potential Treasury secretaries this week. Some possible candidates had already met with Trump, including Hagerty, Lutnick, and Bessent have already met with Trump.The transition team has not given any timeline for the Treasury secretary announcement. Originally, watchers had expected Trump to name someone at the end of last week.
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