WEST PALM BEACH, Florida, SAN FRANCISCO (Reuters) – Prominent investors Scott Bessent and John Paulson have emerged as the leading candidates for the key role of U.S. Treasury Secretary since Donald Trump won the election this week, according to a donor and two people close to the president-elect.
Bessent and Paulson are among several names that have been reported in the media as potential candidates for the role in recent days. A final decision rests with Trump, and Reuters was unable to learn whether others had been ruled out or were still in contention.
Trump’s spokespeople did not respond to a request for comment. Spokespeople for Bessent and Paulson declined to comment.
Trump, who is set to return to the White House on Jan. 20, has begun the process of choosing a Cabinet and selecting high-ranking administration officials. The Treasury Secretary job is a key Cabinet position, with vast influence over economic, regulatory and international affairs. Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs.
Bessent and Paulson, both campaign financial backers, have long been in Trump’s sights for such a role. During a January campaign speech, Trump floated Paulson as a potential Treasury Secretary. A source familiar with the matter at the time said Trump wanted Paulson to lead Treasury, and if not him, Bessent.
A longtime hedge fund investor who taught at Yale University for several years, Bessent has a warm relationship with the president-elect and has spoken highly of Trump’s use of tariffs as a negotiating tool. Paulson, a billionaire investor and major Trump donor, is a longtime proponent of tax cuts and deregulation.
Other names that have been speculated about for the role are FOX Business Network personality Larry Kudlow, Trump’s former U.S. trade representative Robert Lighthizer and Howard Lutnick, the co-chair of Trump’s transition team.
Corporate attorney Jay Clayton, former head of the U.S. Securities and Exchange Commission during Donald Trump’s presidency, is meanwhile in talks for several potential roles in a second Trump term, although is seen as less likely for Treasury Secretary.
JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon, who has also been speculated, has no plans to join Donald Trump’s administration, a source said earlier this week.
According to online betting website Polymarket, Bessent is the lead candidate for Treasury Secretary, with Paulson next likely and Clayton and Kudlow at smaller odds.
Trump on Thursday announced that Susie Wiles, one of his two campaign managers, will be his White House chief of staff, in what is expected to be a flurry of staffing announcements. (This story has been refiled to fix punctuation in paragraph 4)