From Investing.com: 2024-11-13 23:41:00

Billionaire banker Howard Lutnick is a top contender for the Treasury Secretary role in the new Trump administration, alongside investor Scott Bessent. Both have received significant backing, with Lutnick having the support of influential members within Trump’s inner circle. The final decision rests with Trump, who has made key appointments for his second presidency.

The Treasury Secretary position is highly coveted, overseeing the country’s financial and economic policy. Global investors and Wall Street are closely watching for Trump’s selection. Other possible candidates include John Paulson, Larry Kudlow, Robert Lighthizer, and Jay Clayton. Paulson recently withdrew from consideration due to financial obligations.

Bessent, who has known the Trump family for 30 years, met with the president-elect recently. He has been a major contributor to Trump’s campaigns and advocates for tax reform and deregulation to stimulate bank lending and energy production. Lutnick, CEO of Cantor Fitzgerald, has a longstanding relationship with Trump dating back to the aftermath of 9/11.

According to betting website Polymarket, Bessent is the frontrunner for the Treasury Secretary role at 68%, followed by Lutnick at 31%. The decision on who will serve as Treasury Secretary in Trump’s second administration is eagerly awaited, as it will have significant implications for the country’s financial and economic policies.



Read more at Investing.com: Lutnick now a top contender alongside Bessent, sources say By Reuters