Donald Trump Narrows Treasury Secretary Selection As He Meets With Billionaire Marc Rowan

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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November 21, 2024 15:03 EST

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President-elect Donald Trump has reportedly narrowed his candidates for U.S. Treasury Secretary during meetings at his Mar-a-Lago estate this week, with Apollo Global Management CEO Marc Rowan seen as a leading choice.

Donald Trump Narrows Treasury Secretary Selection Amid Mar-a-Lago Meetings

According to Fox Business reporter Charles Gasparino, Rowan has held multiple meetings with Trump that reportedly “went very well,” with the two aligning on fiscal policy mandates.

Gasparino noted on social media that Trump and Rowan appeared to have “jelled,” boosting the CEO’s chances of securing the position.

However, Rowan’s association with Leon Black, a former associate of Jeffrey Epstein, could draw scrutiny if he secures the Treasury Secretary role.

Black’s controversial history may create challenges for Rowan’s nomination.

Other reported contenders for the position include Tennessee Senator Bill Hagerty, Key Square Group founder Scott Bessent, and former Federal Reserve Governor Kevin Warsh.

These candidates are vying for a role pivotal to shaping economic policy under Trump’s administration.

Who Will Take the Coveted Treasury Secretary Role?

The Mar-a-Lago meetings follow reports that Trump has chosen Cantor Fitzgerald CEO Howard Lutnick to serve as Commerce Secretary.

Lutnick, known for supporting Trump’s controversial tariff proposals, has reportedly been vying for the Treasury role as well.

According to The New York Times, tensions escalated between Lutnick and fellow candidate Scott Bessent, with an insider describing the competition as a “knife fight.”

Lutnick’s aggressive lobbying efforts have reportedly caused Trump to reconsider his initial shortlist.

Bessent and Lutnick have been vocal in their support for Bitcoin, a stance that sets them apart from Warsh and Rowan.

Warsh, in particular, has endorsed the idea of a Central Bank Digital Currency (CBDC) in a recent op-ed, while Rowan has expressed skepticism about alternative currencies, citing concerns over anti-money laundering and know-your-customer requirements.

Trump’s Vision for a Crypto-Friendly Economy

Trump has consistently voiced his support for a regulatory framework that embraces the cryptocurrency industry.

At the Bitcoin 2024 Conference in Nashville earlier this year, he remarked, “We will have regulations. But from now on, the rules will be written by the people who love your industry, not hate your industry.”

While Trump has already filled several key cabinet positions, the Treasury Secretary role remains undecided, keeping speculation alive about his final choice.