President-elect Donald Trump is set to narrow his list of candidates for Treasury Secretary this week, with a focus on individuals with a Wall Street background, according to sources familiar with the process, Bloomberg reports.
The position holds significant influence over economic, tax, and banking policy, making it a critical appointment in the Trump administration.
Names being considered include Howard Lutnick, CEO of Cantor Fitzgerald LP, hedge fund billionaire John Paulson, former George Soros money manager Scott Bessent, and Virginia Governor Glenn Youngkin, a former Carlyle Group Inc. executive. Bessent met with Trump at Mar-a-Lago on Friday, although the meeting was not an interview for the Treasury position.
Trump’s Wall Street allies are urging him to appoint someone with deep finance industry knowledge to serve as Treasury Secretary, advice that his team appears to be following. With a wide swath of tax breaks set to expire next year, the position will allow Trump to shape fiscal policy broadly, similar to his 2017 tax cuts.
The transition process is moving swiftly, with Trump already appointing Susie Wiles as his first female White House Chief of Staff. Wiles, who ran his winning campaign, is expected to oversee the transition, utilizing a database of potential appointees compiled by Lutnick, a transition co-chair.
While the Treasury Secretary and Secretary of State are typically the first positions filled by presidents-elect, Trump is taking a meticulous approach to these appointments. The President-elect has expressed disappointment over his first-term choices for Attorney General and Secretary of Defense, indicating that he will prioritize these picks carefully.
Senator Bill Hagerty is under consideration for both Treasury and Secretary of State, but Trump’s team is hesitant to appoint senators to top jobs due to concerns about diminishing the Republican majority in the Senate.
The appointment process will take place at Mar-a-Lago, with Trump expected to receive lists of five to eight names for each cabinet position, accompanied by PowerPoint presentations outlining each candidate’s qualifications. The lists will include recommendations from Trump’s family members, donors, and former White House aides.
Robert Lighthizer, Trump’s former US Trade Representative, is also in the running for Treasury. However, a recent report suggesting Lighthizer was offered his previous position is seen by some as an attempt to remove him from the Treasury race. While Trump did not offer him the USTR post, Lighthizer may be tasked with overseeing trade policy across the administration.
Should Trump appoint a finance industry veteran as Treasury Secretary and grant Lighthizer control over trade, policy battles similar to those seen during his first term are likely to unfold. These clashes often played out in the Oval Office, with Trump actively engaging in discussions before making decisions.
Linda McMahon, another transition co-chair, is working on drafting executive orders for Trump to issue on immigration, trade, energy, and other areas. She is also a candidate for the position of Commerce Secretary.
Despite the swift pace of the transition, a sense of anticipation permeates the process. With a potential for large-scale turnover in the administration in 2026, the team is focusing on completing Trump’s agenda before the midterm elections.
