In recent weeks, it appeared investor Scott Bessent was the front-runner for the role.
But while he has visited Mar-a-Lago multiple times in recent weeks, billionaire Elon Musk, Trump’s “buddy in chief,” advocated over the weekend for Howard Lutnick, the Cantor Fitzgerald head who is co-leading Trump’s transition team.
The search has since expanded.
Trump is also considering Apollo Global Management co-founder Marc Rowan and former Federal Reserve governor Kevin Warsh for the job, a source close to the transition confirmed to The Hill.
Whoever the president-elect picks will be tasked with implementing key campaign promises including extending tax cuts set to expire next year and imposing tariffs on imports, a central to Trump’s economic pitch to voters despite concerns from economists.
“All these guys will be OK with tax cuts and reassuring the markets,” said one source close to the transition. “But he wants somebody that is a true believer in what he thinks on tariffs, and…there’s no proof for these people being pro-tariff 18 months ago or 36 months ago.”
The Treasury secretary contest had largely played out behind closed doors until this weekend, when Musk posted on X that Bessent would be a “business-as-usual” choice.
“Business-as-usual is driving America bankrupt, so we need change one way or another,” Musk wrote, encouraging others to weigh in with their opinions.
The Hill’s Brett Samuels has more here.
