Former President Donald Trump appears to have already given much thought to who will join his economic team if he wins this November.
The ongoing flow of semi-official candidates by former presidents is new in that it started much earlier than in past elections.
What is well known is that Donald Trump is once again embracing both loyalists and the world's richest and most famous figures on Wall Street and Washington.
In 2017, Trump himself said of his criteria for selecting officials to oversee the economy: “I love all people, rich and poor, but I don't want poor people in certain positions.'' It was impressive.
In recent days, a complete picture of President Trump's potential economic team has begun to emerge through public comments, signals, and leaks to the Wall Street Journal and Bloomberg.
Billionaire hedge fund manager John Paulson appears, at least for now, to be the frontrunner among various Treasury officials to become Treasury secretary.
At the Federal Reserve, a number of Trump supporters appear to be in the running for several spots that could become vacant during President Trump's second term.
The process, at least so far, has focused on a similar mix of evergreen Trump supporters and billionaires, some of whom may not even want the job, as in past President Trump job searches. evoked.
Much of the process so far has clearly been driven by Trump, but other dynamics remain reminiscent of the past few years. For example, the Treasury Department often opens its doors to Washington, D.C., outsiders, such as Robert Rubin and Henry Paulson, who can fly directly from Wall Street to Treasury headquarters on Pennsylvania Avenue. can.
By contrast, Fed chairs often take years in DC or academia to steer the economy.
Trump's aides have often sought to publicly downplay the legitimacy of the various names being bandied about, and Yahoo Finance's request to confirm who may be under consideration did not respond.
Here's a closer look at some of the most frequently mentioned names and how the process has played out in ways similar or different to President Trump's job searches over the past few years.
Ministry of Finance
Apparently at the top of the list at the moment is hedge fund billionaire John Paulson, who recently co-hosted a major fundraiser at President Trump's Florida home. President Trump has even publicly announced that he will nominate Paulson for the job.
In January, President Trump told a New Hampshire audience that Paulson “makes a hell of a lot of money,” adding, “You know what? Put him in the Treasury. Do you want to make some money?” .
Reporters at a recent fundraiser (which Trump said raised $50.5 million) sought updates on Paulson's possible bid to become Treasury secretary, to no avail.
Paulson is apparently not the only financial figure being considered.
and former Soros Fund Management investment chief Scott Bessent, who co-sponsored the recent fundraiser. The various lists also include Blackstone CEO Stephen A. Schwartzman and billionaire Jeff Yass, known for his large stake in TikTok.
All have had contact with Trump over the years, but none have long-term working relationships with the former president.
President Trump recently said of his meeting with Yas: “I said hello to him, and my wife was nice,” and said the purpose of the meeting was about education.
Trump followed a similar pattern in 2016, focusing primarily on the names of major financial institutions as he entered the job. At the time, former BB&T CEO John Allison and Blackstone's Jonathan Gray were reportedly in the running.
Trump ultimately settled on Steven Mnuchin, whose resume includes 17 years at Goldman Sachs.
Also on the list then and now is JPMorgan Chase's Jamie Dimon, a man who has repeatedly said he would never take the job.
The powerful CEO raised eyebrows with recent comments that President Trump is right on some important issues, but the longtime Democrat has repeatedly removed himself from consideration.
He has also recently become a politically notable shareholder for further emphasizing politically contentious issues such as diversity, equity and inclusion, and for outlining a foreign policy more in line with Mr. Biden than Mr. Trump. A letter was published.
For Trump, the main difference between then and now is probably timing.
The most aggressive nominee for the Treasury in 2016 was the candidate who ran as a populist outsider seeking wealthy financiers for the most prominent economic positions at the time, shortly after his campaign ended. The political reaction was clear.
Compass Point analyst Isaac Boltanski told Politico at the time that Mnuchin, who did end up winning the presidential election, was “a second-generation Goldman Sachs partner who rode the populist wind into the administration.'' “It's difficult to understand how someone could secure such an important position.” work.
This time, Mr. Trump is apparently comfortable bringing these names up, because coincidentally, these numbers are not enough to fund his cash-hungry campaign.
FRB
When it comes to the Fed, the names most often mentioned in news reports tend to be Washington insiders and allies who have worked more closely with President Trump over the years.
One is former Federal Reserve Board member Kevin Warsh. He appears to be on the list of candidates and was reportedly in the running for the Fed chair position last time, but a 2017 Wall Street Journal article said the then-47-year-old was a “younger candidate.” It was said that what got in the way was that people thought it was too much.
The process dates back to 2017 and ended with President Trump's selection of Jerome Powell as his nominee.
All of the names that have come up so far are well known to President Trump. In addition to Warsh, other names mentioned include Kevin Hassett, a former senior adviser to President Trump, and David Malpass, Trump's choice to head the World Bank.
The other two names include Arthur Laffer, whom Trump awarded the Presidential Medal of Freedom, and Judy Shelton, whom Trump unsuccessfully tried to nominate to the Fed board in 2020.
Similar to Treasury deliberations, President Trump's Fed trial balloon apparently took place much earlier this time, as opposed to 2016 and 2017, when the list was narrowed down after President Trump took office.
What could be accelerating this timeline is the current hostile relationship between President Trump and Chairman Powell.
Regarding the deliberations, President Trump has only made clear that he will not reappoint Powell, but he has not indicated whether he will consider replacing Powell before his term as chairman ends in May 2026.
Ben Werschkul is Yahoo Finance's Washington correspondent.
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