Trump’s Treasury Battle: Wall Street Titans Vie for Treasury Post as New Contenders Emerge
In a dramatic turn of events, Donald J. Trump’s search for a Treasury Secretary has taken an unexpected twist, with new candidates emerging amid growing tensions between frontrunners.
The president-elect is now expanding his search beyond initial favorites, bringing fresh faces into consideration for one of the most powerful economic positions in his upcoming administration.
Kevin Warsh, a former Federal Reserve governor, and Marc Rowan, the billionaire CEO of Apollo Global Management, have emerged as surprise contenders in what has become an increasingly heated selection process.
This development marks a significant shift from earlier expectations that the choice would come down to either Howard Lutnick of Cantor Fitzgerald or Scott Bessent of Key Square Capital Management.
The drama intensified over the weekend at Mar-a-Lago, Trump’s Florida resort, where the selection process has turned into what one insider described as a “knife fight” between candidates. The situation has grown so complex that Trump has decided to slow down the selection process and conduct additional interviews this week.
Behind the scenes, multiple factors are driving this shake-up:
- Personal Dynamics: Trump has reportedly grown frustrated with Lutnick’s constant presence and perceived manipulation of the transition process, despite Lutnick’s role as transition operation chief.
- Market Considerations: Trump is especially concerned about the impact of his selection on the stock market, as he has excluded candidates such as Robert Lighthizer, whose strong stance on tariffs may upset investors.
- Endorsement Battle: Tech mogul Elon Musk supports Lutnick, characterizing Bessent as a “business-as-usual” choice on his social media platform X.
The expanding candidate pool reflects Trump’s specific requirements for the position. He has expressed his desire for someone “big”—valuing Wall Street status and wealth. His interest in Rowan stems from the candidate’s impressive business background, while Warsh has caught Trump’s attention for both his intelligence and presentation.
The Treasury Secretary role carries significant responsibilities, including:
- Overseeing the $28 trillion Treasuries market
- Managing economic sanctions
- Shaping key economic policies
- I am serving as the administration’s primary economic spokesperson.
Trump’s careful consideration also stems from his previous experience with Treasury Secretary Steven Mnuchin, who often opposed Trump’s populist economic approaches. This time, Trump appears determined to find someone who will align more closely with his economic vision while maintaining market stability.
The selection process has created ripple effects throughout Trump’s transition team, with other economic positions also in play. The National Economic Council directorship has emerged as another key position, with several candidates, including Peter Navarro, being considered for the role.
Karoline Leavitt, the incoming White House press secretary, maintained an official line of discretion, stating only that “President-elect Trump is making decisions on who will serve in his second administration. He will continue to announce those decisions as they occur.
As the selection process continues, Wall Street and Washington insiders remain on edge, watching closely for signals about Trump’s eventual choice. The decision could have far-reaching implications for U.S. economic policy, international trade relations, and financial markets in the years ahead.
The contrast between this deliberate approach to selecting a Treasury Secretary and Trump’s swift decisions on other cabinet positions highlights the crucial nature of this appointment.
As markets react and candidates jockey for position, the financial world watches with keen interest to see who will ultimately emerge as America’s next Treasury Secretary.