According to insiders, Trump's search for a Treasury candidate has expanded, adding Warsh and Rowan to the list

U.S. President-elect Donald Trump's search for a Treasury Secretary has expanded after it stalled over the weekend, with several new candidates now under consideration, according to two sources familiar with the matter.

Among the names being discussed are Marc Rowan, CEO of Apollo Global Management, and former Federal Reserve Governor Kevin Warsh, confirmed by a separate source. This follows earlier reports by the New York Times and the Wall Street Journal.

Numerous individuals have been speculated for the position, but no formal announcement has been made. The search team has now broadened its scope, the sources said.

Billionaire investor John Paulson, a former frontrunner, withdrew from the race last week, citing "complex financial obligations." This left investor Scott Bessent as another key contender, though banker Howard Lutnick also emerged as a top choice, according to Reuters. Other names have also been discussed.

Bloomberg reported that Bessent is being considered for the White House's National Economic Council but is holding off on any decision until the Treasury Secretary position is finalized.

Warsh, 54, is currently a Visiting Fellow at the Hoover Institution at Stanford University. He is known for his hawkish views on inflation and deficits. Prior to this role, Warsh was a mergers and acquisitions banker at Morgan Stanley and served as a White House economic policy adviser from 2002 to 2006. He was nominated by President George W. Bush to be a Federal Reserve Governor and served until 2011.

Rowan, who became CEO of Apollo Global Management in 2021, oversees one of the largest investors in alternative assets like corporate credit and private equity.

Neither Rowan nor Warsh responded immediately to requests for comment, nor did representatives for Bessent or Lutnick.

It remains unclear whether any candidates have been eliminated from consideration or if new names will be added to the pool.

The Treasury Secretary position is one of the most prestigious in the U.S. government, responsible for overseeing the country’s financial and economic policy. As such, it is a role closely watched by investors and Wall Street.

Top contenders have garnered public support as the process progresses. Bessent, for example, has been backed by U.S. Senator Lindsey Graham, investor Kyle Bass, and economist Larry Kudlow. Bass, in particular, expressed strong confidence in Bessent’s qualifications for the job, emphasizing his understanding of global markets and fiscal matters.

On the other hand, two of Trump’s prominent advisers—Tesla CEO Elon Musk and Robert F. Kennedy Jr.—have shown support for Lutnick, with both sharing positive remarks on social media.

As of Sunday, Trump was also considering Lutnick for another prominent economic role, potentially as Commerce Secretary. Additionally, former U.S. Trade Representative Robert Lighthizer has been mentioned as a candidate for the Commerce Secretary position. Lighthizer did not respond to requests for comment.

The Trump transition team has yet to provide any official comment.

 

 

 

 

 

 

 

Paraphrasing text from "Reuters" all rights reserved by the original author.