President-elect Donald J. Trump is considering two additional names for Treasury Secretary amidst ongoing infighting between the camps supporting current transition chair Howard Lutnick and Scott Bessent. Lutnick, backed by Elon Musk, has allegedly fallen out of favor due to concerns over possible manipulation of the presidential transition process.
The new names under consideration are former Federal Reserve governor Kevin Warsh and Marc Rowan, CEO of Apollo Global Management. Warsh has deep ties to Wall Street, acting as the central bank’s liaison to investors and major financial firms in the wake of the 2008 financial crisis. The former Fed governor also has extensive experience with Asian economies, meaning he could prove a valuable asset if the U.S. pushes further with decoupling from China.
In addition to Warsh, Trump is considering Marc Rowan, a major market investor and donor to Trump’s presidential campaign. Rowan currently serves as the Chair of the Board of Advisors of the Wharton School of Business and led the campaign to have then-President of the University of Pennsylvania, Liz Magill, and then-chairman of the Board of Trustees, Scott Bok, fired over their lack of response to antisemitism on campus following Hamas’s October 7 terrorist attacks against Israel.
Billionaire Trump backer Elon Musk publicly supports Lutnick, calling him a change agent and contrasting him with Bessen, whom he labeled a “business-as-usual choice.” Lutnick is also backed by Secretary of Health and Human Services nominee Robert F. Kennedy Jr.
Notably, candidates such as Larry Kudlow and John Paulson have withdrawn from consideration.