Trump’s Treasury pick: Lutnick now a top contender alongside Bessent, sources say

By Svea Herbst-Bayliss and Alexandra Ulmer

(Reuters) – Billionaire banker Howard Lutnick has emerged as a serious contender alongside investor Scott Bessent for the top Treasury job in the new Trump administration, two sources familiar with the matter said, as the race for the high profile role heats up.

Lutnick, a longtime friend of Trump’s and co-chair of the transition team, had received the backing of at least one influential member of President-elect Donald Trump’s inner circle for the Treasury Secretary role, one of the sources said.

Bessent, who served as an economic advisor to the Trump campaign in addition to being a fundraiser, remains a top contender, said the sources, who asked not to be identified talking about positions ahead of them being announced.

While the sources said the race seemed to have narrowed to the two for now, it is possible that other serious contenders could emerge as Trump ultimately decides who he wants. 

“President-Elect Trump is making decisions on who will serve in his second administration,” said Karoline Leavitt, Trump-Vance Transition spokeswoman. “Those decisions will be announced when they are made.”

A spokesperson for Lutnick declined to comment. A representative for Bessent did not immediately respond to a request for comment. 

Since his win on Nov. 5, Trump has announced a series of his picks for key roles in his second presidency when he assumes office in January. So far, analysts have said he’s chosen unfailingly loyal people who are unlikely to push back against his most controversial orders.

The Treasury Secretary role is one of the highest profile cabinet posts, overseeing the country’s financial and economic policy. As such, it is one of the key roles being watched by global investors and Wall Street.

Several names have been reported by Reuters and other media in recent days as possible candidates for the job, including billionaire investor John Paulson, FOX Business Network personality and Trump adviser Larry Kudlow, Trump’s former U.S. trade representative Robert Lighthizer and former Securities and Exchange Commission Chairman Jay Clayton.

Kudlow did not immediately respond to a request for comment. Lighthizer could not immediately be reached for comment.     When asked earlier on Wednesday about any plans to join the Trump administration, Clayton declined to comment on specifics but said: “If asked for a role where I could be effective, I’ll say yes.”

Last week, sources said Paulson and Bessent had emerged as leading candidates for the job.

Trump had been leaning toward Paulson initially, a source close to the Trump transition team said. But Paulson bowed out of the race on Tuesday, saying his “complex financial obligations” will prevent him from holding an office in the new administration.

Bessent met the president-elect on Friday. Bessent has said he has known the Trump family for 30 years through a friendship with Donald Trump’s late brother, Robert Trump. He contributed to Donald Trump’s inauguration following his 2016 election win and became more involved this time round.

He has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.

The market’s surge after Trump’s election victory, he wrote, signaled investor “expectations of higher growth, lower volatility and inflation, and a revitalized economy for all Americans.”

The relationship between Lutnick, CEO of New York-based Cantor Fitzgerald, and Trump spans decades as well. After 658 Cantor employees died in the Sept. 11, 2001 attacks, Trump offered support to Lutnick as the CEO rebuilt the firm by hiring thousands of people.

He told Reuters in August he was tapping his network from a career on Wall Street to build a roster of thousands of candidates to serve in a potential administration as part of his role as co-chair of the transition team.

According to online betting website Polymarket, Bessent is the lead candidate for Treasury Secretary at 68%, with Lutnick next likely at 31%.