Trump transition live updates: Musk, Ramaswamy outline plans for sweeping regulations cuts
Donald Trump’s transition meetings Wednesday have been focused in part on the treasury secretary role, with hedge fund manager Scott Bessent emerging as a favorite, sources with knowledge of the proceedings told ABC News.
However, the sources cautioned that no decision has been made until Trump announces it.
Bessent has been a frequent presence at Mar-a-Lago and has met with the president-elect often. He’s become a favorite pick partly because he’s viewed as a credible choice with the necessary markets and macroeconomic knowledge for the role, according to sources.
Tennessee Sen. Bill Hagerty, Apollo Global Management CEO Marc Rowan and former Federal Reserve board governor Kevin Warsh have also been in meetings with Trump about the role, according to the sources.
Veteran Investor Kyle Bass posted on X, “Scott Bessent is eminently more qualified than Howard Lutnick to run the U.S. Treasury. Scott understands markets, economics, people, and geopolitics better than anyone I’ve ever interacted with. Markets have already anticipated a Bessent choice. Lutnick is not Trump’s answer.”
In response, Trump adviser Elon Musk wrote, “Bessent is a business-as-usual choice, whereas (Lutnick) will actually enact change.”
-ABC News’ Selina Wang, Katherine Faulders and John Santucci
