The competition behind the scenes for the first Treasury Secretary to lead the economic policy of the second Trump administration is fierce. Even Donald Trump, the president-elect who has been decisively making key appointments since his election victory, appears to be deliberating over the nomination for Treasury Secretary.
According to major foreign media on the 18th, it was predicted that Trump would nominate either Scott Bessent, founder of the hedge fund 'Key Square Group,' or Howard Lutnick, CEO of the investment bank 'Cantor Fitzgerald,' as Treasury Secretary last week. However, local media such as The New York Times (NYT) reported that Trump is reconsidering these two candidates and will delay the selection process. The NYT reported, "This week, candidates will be called to Mar-a-Lago, Trump’s residence, for interviews." It also explained that Trump wants a "big figure" as Treasury Secretary and tends to place importance on Wall Street’s status.
Elon Musk, Tesla CEO, who has rapidly risen as a close aide to Trump, publicly endorsed CEO Lutnick on X (formerly Twitter) on the 16th.
Besides these two, former Federal Reserve (Fed) Governor Kevin Warsh and Wall Street billionaire Mark Rowan are also being mentioned as new candidates for Treasury Secretary, broadening the pool of candidates. Warsh is also consistently considered a candidate for Fed Chair.
Compared to the swift appointments of other key ministers, the nomination for Treasury Secretary is notably delayed. Some speculate that a completely new figure from Trump’s close circle might emerge as a surprise candidate.
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