Faction Fight Over Trump's Second Term First Treasury Secretary... Will a Third Candidate Be Selected?

Scott Bessent and Howard Lutnick's Behind-the-Scenes Competition
Musk Publicly Supports Lutnick
Trump, Lighthizer, and Others Also Considered

The appointment of the Secretary of the Treasury, who will oversee the economic policy of President-elect Donald Trump's second administration, is being delayed. Scott Bessent, CEO of the hedge fund Key Square Group, has been considered a leading candidate, but infighting among Trump’s close aides over the Treasury position has caused a stalemate. As a result, it is reported that Trump may select a third candidate for the Treasury Secretary role.

On the 16th (local time), Elon Musk posted on his social media platform X (formerly Twitter), which he owns, expressing support for Howard Lutnick, CEO of investment bank Cantor Fitzgerald and co-chair of Trump’s transition team, calling him "a person who can actually bring about change" and endorsing him for Treasury Secretary. Musk downplayed Bessent, who had been a strong contender for the Treasury position, describing him as "the usual choice."

On the same day, Robert Kennedy Jr., who is slated to be the Secretary of Health and Human Services in the new administration, also expressed support for Lutnick on X, calling him "the strongest supporter of the free currency Bitcoin."

Bessent is regarded as a stable figure in the economic sector. In contrast, Lutnick is known to have the backing of hardline factions among Trump’s close aides. However, there is analysis that Lutnick’s past donations to politicians from both the Republican and Democratic parties?including former Secretary of State Hillary Clinton and Vice President Kamala Harris?could complicate his appointment to the next administration. Additionally, the Republican Party’s selection of Senator John Thune, rather than Rick Scott?whom Musk supported?as the next Senate Majority Leader has been pointed out as exposing Musk’s political limitations.

Accordingly, there is speculation that Trump may choose a third candidate. Former U.S. Trade Representative Robert Lighthizer, Senator William Hagerty, and Mark Rowan, CEO of Apollo Global Management, are among the candidates reportedly being considered.

Bloomberg News reported, "Trump also seems frustrated by the infighting over the Treasury Secretary position," adding, "As supporters of Bessent and Lutnick put pressure on Trump, tensions are rising, increasing the likelihood of another candidate emerging."