President-elect Donald Trump is set to return to the White House in January following his victory over Vice President Harris in the presidential election, and he will soon begin the process of putting forward nominations to key positions in his cabinet.
Trump’s selection of his Treasury secretary will carry a great deal of significance for his economic agenda in terms of leading negotiations with Congress and foreign governments, as well as handling the operations of the Treasury Department and subagencies like the Internal Revenue Service (IRS).
In Trump’s first term, Steven Mnuchin served as Treasury secretary for the duration of the four-year term after being confirmed on a 53-47 vote a few weeks after Trump’s inauguration. He came into the role with a background in investment banking and film production, and was a prominent fundraiser for the 2016 Trump campaign.
Trump’s Treasury secretary nominee will also have to go through the Senate confirmation process, which will be aided by a Republican majority, although it’s unclear at this time how large the majority and margin for GOP senators to oppose the nominee will be. Here is a look at some of the figures who have been mentioned as potential Treasury secretary picks.
HARRIS CAMPAIGN AND ALLIES SPENT MORE THAN $1.4B ON POLITICAL ADS IN LOSING RACE AGAINST TRUMP
JPMorgan Chase CEO Jamie Dimon has been considered a potential pick for the Treasury secretary role by both Republican and Democratic administrations, though it’s uncertain whether he would take the job if an offer is extended.
Dimon has been a vocal opponent of burdensome financial regulations and would likely look to ease those if he were to join the incoming Trump administration. However, the New York Times reported last month that Dimon said privately that he favored Harris for the presidency and opposed Trump’s actions in the wake of his defeat in the 2020 election.
Dimon and JPMorgan Chase are in the process of formulating a succession plan for when he chooses to retire. While the 68-year-old Dimon hasn’t set a date for his retirement from the bank, he has previously signaled that it was likely to be less than five years and could be as soon as two-and-a-half years.
GREEN ENERGY STOCKS DOWN FOLLOWING TRUMP ELECTION WIN
Bessent, the founder of investment firm Key Square Group who previously taught at Yale University, has been a key adviser to Trump’s campaign. He has long supported the economic policies that comprised the Republican Party’s platform prior to Trump’s rise, but has also been supportive of Trump’s use of tariffs in trade negotiations.
At an event hosted by the Manhattan Institute earlier this year, he suggested that Trump should pursue a three-point plan of targeting 3% economic growth, reducing the deficit to 3% of U.S. gross domestic product, and to boost domestic energy production by 3 million barrels of oil a day.
TESLA STOCK SURGES AFTER TRUMP WINS PRESIDENCY
Paulson, a billionaire hedge fund manager and major donor to Trump’s campaign, is another leading contender for the Treasury secretary role and has reportedly told associates that he would be interested in the job.
Paulson is a longtime advocate for tax cuts and deregulation and has also supported targeted tariffs as a means of ensuring national security and countering unfair trade practices overseas. Earlier this year, Paulson hosted a high-profile fundraiser that brought in over $50 million for Trump’s campaign.
KEVIN O’LEARY DECLARES TRUMP ‘SAVED ENTREPRENEURSHIP’ AND THE ‘ENTIRE’ S&P MODEL
Lighthizer served as Trump’s U.S. trade representative for much of the president-elect’s first term and could join the administration for the second Trump term. He’s a firm believer in tariffs and also shares Trump’s skepticism of trade.
During Trump’s first term, Lighthizer was a prominent figure in Trump’s trade war with China and played a key role in the renegotiation of the North American Free Trade Agreement (NAFTA) and its replacement with the U.S.-Mexico-Canada Agreement (USMCA).
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Reuters contributed to this report.
