In the nearly two weeks since he won the election, President-elect Donald Trump has been on the hunt for a Treasury secretary without much luck. He has struggled to find a candidate that he is compatible with who also has an impressive enough name and the credentials to boot, resulting in a furious search that was still underway Monday night, according to several sources familiar with the ongoing saga.
The search has generated intense infighting behind the scenes.
Trump is expected to interview Kevin Warsh, a former Federal Reserve governor who was once considered for the Federal Reserve chair during Trump’s first term. Trump went with Jay Powell at the time, a decision he later regretted and blamed on his first Treasury secretary, Steve Mnuchin, who pushed for Powell. Now, Trump is considering Warsh alongside several other names, including Marc Rowan, the Wall Street billionaire, and Scott Bessent, who still remains in the mix.
Rowan, who previously supported South Carolina Sen. Tim Scott in the GOP primary, had lamented the 2024 race when it came down to Biden and Trump.
“It’s hard to believe with 350 million people in this country that we’re down to two,” Rowan told Bloomberg last December. “Personally, I’m disappointed.”
Trump has interviews lined up throughout the week but could make a snap decision any time, one person noted. Trump is searching for “a big name,” another said, but coming up short. He prioritizes the Treasury Department, wants to impress Wall Street and doesn’t want to rock the stock market with his announcement.
Treasury was one of few roles with relative stability during Trump’s first term.
As of Monday evening, Trump appeared unlikely to go with Howard Lutnick, his transition co-chair who made a push for the job that was so obvious, it could have been fatal for his chances. Several people in Trump’s inner circle grew irritated with Lutnick’s blatant lobbying for himself, two people said, and Trump did, too.
One person noted the race between Lutnick and Bessent could end up as a “murder-suicide,” with neither ultimately succeeding in being named as his Treasury secretary.