By Svea Herbst-Bayliss and Alexandra Ulmer
(Reuters) – Billionaire banker Howard Lutnick has emerged as a severe contender alongside investor Scott Bessent for the highest Treasury job within the new Trump administration, two sources acquainted with the matter stated, because the race for the excessive profile position heats up.
Lutnick, a longtime good friend of Trump’s and co-chair of the transition group, had obtained the backing of at the least one influential member of President-elect Donald Trump’s internal circle for the Treasury Secretary position, one of many sources stated.
Bessent, who served as an financial advisor to the Trump marketing campaign along with being a fundraiser, stays a prime contender, stated the sources, who requested to not be recognized speaking about positions forward of them being introduced.
Whereas the sources stated the race appeared to have narrowed to the 2 for now, it’s doable that different severe contenders might emerge as Trump in the end decides who he needs.
“President-Elect Trump is making choices on who will serve in his second administration,” stated Karoline Leavitt, Trump-Vance Transition spokeswoman. “These choices will likely be introduced when they’re made.”
A spokesperson for Lutnick declined to remark. A consultant for Bessent didn’t instantly reply to a request for remark.
Since his win on Nov. 5, Trump has introduced a sequence of his picks for key roles in his second presidency when he assumes workplace in January. To date, analysts have stated he is chosen unfailingly loyal people who find themselves unlikely to push again in opposition to his most controversial orders.
The Treasury Secretary position is without doubt one of the highest profile cupboard posts, overseeing the nation’s monetary and financial coverage. As such, it is without doubt one of the key roles being watched by international traders and Wall Avenue.
A number of names have been reported by Reuters and different media in latest days as doable candidates for the job, together with billionaire investor John Paulson, FOX Enterprise Community persona and Trump adviser Larry Kudlow, Trump’s former U.S. commerce consultant Robert Lighthizer and former Securities and Change Fee Chairman Jay Clayton.
Kudlow didn’t instantly reply to a request for remark. Lighthizer couldn’t instantly be reached for remark. When requested earlier on Wednesday about any plans to affix the Trump administration, Clayton declined to touch upon specifics however stated: “If requested for a job the place I could possibly be efficient, I am going to say sure.”
Final week, sources stated Paulson and Bessent had emerged as main candidates for the job.
Trump had been leaning towards Paulson initially, a supply near the Trump transition group stated. However Paulson bowed out of the race on Tuesday, saying his “advanced monetary obligations” will stop him from holding an workplace within the new administration.
Bessent met the president-elect on Friday. Bessent has stated he has identified the Trump household for 30 years by means of a friendship with Donald Trump’s late brother, Robert Trump. He contributed to Donald Trump’s inauguration following his 2016 election win and have become extra concerned this time spherical.
He has advocated for tax reform and deregulation, significantly to spur extra financial institution lending and vitality manufacturing, as famous in a latest opinion piece he wrote for The Wall Avenue Journal.
The market’s surge after Trump’s election victory, he wrote, signaled investor “expectations of upper development, decrease volatility and inflation, and a revitalized financial system for all Individuals.”
The connection between Lutnick, CEO of New York-based Cantor Fitzgerald, and Trump spans many years as properly. After 658 Cantor staff died within the Sept. 11, 2001 assaults, Trump provided assist to Lutnick because the CEO rebuilt the agency by hiring 1000’s of individuals.
He instructed Reuters in August he was tapping his community from a profession on Wall Avenue to construct a roster of 1000’s of candidates to serve in a possible administration as a part of his position as co-chair of the transition group.
Based on on-line betting web site Polymarket, Bessent is the lead candidate for Treasury Secretary at 68%, with Lutnick subsequent probably at 31%.
