As Trump prepares to begin his second presidential term, key candidates for the new U.S. administration's cabinet are gradually emerging. Among them, the competition for the much-watched position of Treasury Secretary is particularly fierce. According to media reports, Trump recently included former Federal Reserve governor Kevin Warsh and investment tycoon Marc Rowan on the candidate list, further expanding the selection range.
The 54-year-old Warsh, a former Federal Reserve governor, is notable for his hawkish stance and advocacy for savings policies. Rowan is a co-founder of Apollo Global Management and possesses extensive experience in the financial industry, making him a well-known figure on Wall Street. Additionally, Tennessee Republican Senator Bill Hagerty is on the shortlist, having met with Trump last week at Mar-a-Lago.
Previous frontrunners included Cantor Fitzgerald CEO Howard Lutnick and Key Square Group hedge fund founder Scott Bessent. Lutnick, a co-chairman of Trump's transition team, supports his economic policies, while Bessent is a key economic advisor to Trump and enjoys a close relationship with him.
Although Lutnick and Bessent are seen as strong contenders, Trump has expressed "some doubts" about their capabilities, slowing down the selection process. It is reported that Trump will hold meetings with more potential Treasury Secretary candidates this week at Mar-a-Lago in Florida to make a careful decision.
Notably, billionaire Musk recently expressed support for Lutnick on social media, which is seen as a move to pressure Trump and has caused dissatisfaction among supporters of other candidates.
Trump has stated that the role of Treasury Secretary requires "influence and wealth," and he tends to prefer individuals with close ties to Wall Street. As the selection range expands and more candidates join, this "battle for the Treasury" is attracting significant external attention, and the final choice could profoundly impact the Trump administration's economic policy and market outlook.
