Several candidates are vying for one of the most critical roles in the upcoming administration.
Following Donald Trump’s victory over Kamala Harris, speculation has intensified over how he will staff his next administration.
Among the president-elect’s most critical hires is the U.S. Secretary of the Treasury, the federal government’s chief financial officer who will be tasked with setting the fiscal tone for economic policy.
Pursuing economic growth and managing inflation while keeping the federal budget in check are among the usual duties of the position, currently held under the Biden administration by Janet Yellen, but the next finance czar will also have to carry out Trump’s plans for revitalizing America’s global economic leadership.
To remain in line with Trump’s campaign promises, the next treasury secretary will need to cut corporation tax from 21 percent to 15 and pay for this by imposing significant tariffs on foreign goods entering the U.S. They will also have to liaise with the Federal Reserve to ensure neither of these policies results in higher costs for the American consumer.
The task is a challenging one, and so whoever Trump picks will need to demonstrate financial expertise that can match these ambitious economic plans.
Newsweek has contacted the Trump campaign for comment on the contenders for the role of treasury secretary.
Here are five candidates currently vying for the job.Who Will Trump Pick for Treasury Secretary?Scott Bessent
Bessent is an American hedge fund manager and the founder, CEO and chief investment officer of the investment firm Key Square Group.
He also served as an economic adviser to Trump’s presidential campaign, according to Bloomberg Businesweek, and was one of the president elect’s most successful fundraisers.
Reuters reported on Saturday, citing sources close to the president-elect, that Bessent met with Trump last week to discuss his potential role in the next administration.
