Trump's search for Treasury Secretary expands amid tight competition

US President-elect Donald Trump has broadened his search for a Treasury secretary after initial efforts stalled over the weekend, according to sources familiar with the process.

High-profile contenders now include Apollo Global Management CEO Marc Rowan and former Federal Reserve Governor Kevin Warsh, multiple sources confirmed, Caliber.Az reports, citing foreign media.

The expanded search follows the withdrawal of billionaire investor John Paulson, who cited "complex financial obligations." This leaves investor Scott Bessent and banker Howard Lutnick as frontrunners, alongside Rowan and Warsh, with speculation continuing about other potential candidates.

A Key Role in Focus

The Treasury Secretary is a pivotal Cabinet position, tasked with shaping US financial and economic policy—a post closely watched by Wall Street and global investors.

Warsh, 54, is a Hoover Institution fellow and a former Federal Reserve governor known for his hawkish views on inflation and deficits. A former mergers and acquisitions banker, he served as a White House economic adviser under George W. Bush before joining the Federal Reserve Board in 2006.

Rowan, who succeeded Leon Black as Apollo CEO in 2021, leads one of the world's largest alternative asset management firms. Both Rowan and Warsh declined to comment on their potential candidacies.

Supporters Rally Behind Bessent

Scott Bessent, a former chief investment officer at Soros Fund Management, has garnered significant support. Prominent backers include Republican Senator Lindsey Graham, investor Kyle Bass, and economist Larry Kudlow.

Bass, who lauded Bessent’s expertise in bond markets and global financial flows, called him “far and above the best candidate” for Treasury. Kudlow, a former Trump economic adviser, has also publicly endorsed Bessent as his top pick.

Investor Stanley Druckenmiller, a former colleague of Bessent, praised his unique blend of market expertise and academic fluency. Conservative economist Steve Moore added that Bessent enjoys broad support from free-market advocates.

Lutnick Gains Momentum

Banker Howard Lutnick, CEO of Cantor Fitzgerald, is another strong contender. Lutnick has received public endorsements from Tesla CEO Elon Musk and Robert F. Kennedy Jr., Trump’s nominee for Health and Human Services Secretary.

Sources suggest Lutnick is also under consideration for another economic role, such as Commerce secretary, alongside Trump’s former US Trade Representative Robert Lighthizer.

A Decision Looms

As the Trump transition team evaluates candidates, the Treasury post remains one of the most scrutinized picks of the new administration. With a final decision expected soon, the outcome will signal Trump’s economic priorities as he prepares to take office.

By Khagan Isayev