2 weeks Ago
Following Donald Trump's victory over Kamala Harris , speculation has intensified over how he will staff his next administration. Among the president-elect's most critical hires is the U.S.
Secretary of the Treasury , the federal government's chief financial officer who will be tasked with setting the fiscal tone for economic policy. Pursuing economic growth and managing inflation while keeping the federal budget in check are among the usual duties of the position, currently held under the Biden administration by Janet Yellen , but the next finance czar will also have to carry out Trump's plans for revitalizing America's global economic leadership. To remain in line with Trump's campaign promises , the next treasury secretary will need to cut corporation tax from 21 percent to 15 and pay for this by imposing significant tariffs on foreign goods entering the U.
S. They will also have to liaise with the Federal Reserve to ensure neither of these policies results in higher costs for the American consumer. The task is a challenging one, and so whoever Trump picks will need to demonstrate financial expertise that can match these ambitious economic plans.
Newsweek has contacted the Trump campaign for comment on the contenders for the role of treasury secretary. Here are five candidates currently vying for the job. Who Will Trump Pick for Treasury Secretary? Scott Bessent Bessent is an American hedge fund manager and the founder, CEO and chief investment officer of the investment firm Key Square Group.
He also served as an economic adviser to Trump's presidential campaign, according to Bloomberg Businesweek , and was one of the president elect's most successful fundraisers. Reuters reported on Saturday, citing sources close to the president-elect, that Bessent met with Trump last week to discuss his potential role in the next administration. According to bettors on the prediction market Polymarket, Bessent is currently the heavy favorite, given a 78 percent chance of being Trump's pick.
The only thing appearing to run against him is his long-term business relationship with George Soros , having once served as the chief investment officer of the Hungarian-American's hedge fund, Soros Fund Management. He was once described by the Washington Post as a "protégé of the billionaire Democratic donor," who has been considered a bogeyman by the Trump wing of the Republican Party . On Sunday, Bessent wrote an article for The Wall Street Journal that appeared to be his statement of intent should he be selected.
He hailed the way the financial markets reacted to news of Trump's victory, while criticizing the economists who said Trump's win would throw the country into economic free fall. "The failure of Bidenomics is clear," Bessent added. "But Mr.
Trump has turned around the economy before, and he is ready to do so again." John Paulson Another hedge fund manager and fundraiser for Trump's campaign, Paulson has also been floated as a potential pick for the job. Paulson was one of the president-elect's top economic advisers to his 2016 campaign, and hosted an event at his own home this April that raised north of $50 million for the campaign for Trump's reelection.
On Friday, Reuters reported that Paulson and Bessent were the leading candidates. Paulson has said previously he would work with Tesla CEO Elon Musk to enact spending cuts in the future administration, and has long advocated for extending Trump's 2017 tax cuts, financing these by reducing government subsidies for green energy. In a January campaign speech, Trump floated Paulson as his potential pick to lead the Treasury Department, while praising the billionaire's financial acumen.
"John Paulson, the great John Paulson made plenty of money in Nevada," Trump said. "Doesn't live there, but he makes a hell of a lot of money. He makes money everywhere he goes, actually.
So, money machine." Robert Lighthizer An attorney by occupation, Lighthizer already has experience in a Trump cabinet, having served as Trump's U.S.
Trade Representative between 2017 and 2021. Described by some as the "architect" of Trump's trade policies, Lighthizer led the implementation of tariffs, the "trade war" against China, and the renegotiation of the North American Free Trade Agreement (NAFTA) during the president-elect's first term. However, the Financial Times reported on Saturday, citing those close to the Trump transition team, that Lighthizer was more likely to return to his old role in the cabinet, once again helping Trump carry out his protectionist policies.
Howard Lutnick The cochair of Trump's transition team, Lutnick has been a key figure in the president-elect's campaign, both in a fundraising capacity and as a vocal proponent. The billionaire CEO of financial services firm Cantor Fitzgerald was one of the speakers at Trump's rally at Madison Square Garden in New York last month. Lutnick has been named as a potential candidate for treasury secretary by The Washington Post, Reuters and several other outlets, and is the second most likely choice behind Bessent, according to current Polymarket odds.
Larry Kudlow The TV financial analyst, who commonly appears on Fox Business Network, previously served as the Director of the National Economic Council during the first Trump administration. Kudlow has been named as a potential pick for treasury secretary by Reuters and Politico, but his odds are currently hovering below one percent, according to Polymarket. Do you have a story we should be covering? Do you have any questions about this article? Contact LiveNews@newsweek.
com..
