WEST PALM BEACH, Fla., SAN FRANCISCO – Prominent investors Scott Bessent and John Paulson are emerging as the leading contenders for the key job of U.S. Treasury secretary since Donald Trump won the election this week, according to a campaign donor and two sources close to the elected president.
Bessent and Paulson are among several names that have been mentioned in the press as possible candidates for the role in recent days. The final decision rests with Trump. Reuters was unable to confirm whether other candidates have been ruled out or are still in the running.
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Spokespeople for Trump did not respond to a request for comment, while spokespeople for Bessent and Paulson declined to comment.
Trump, who is expected to return to the White House on January 20, has already begun the process of choosing his cabinet and senior administration officials. The role of Treasury Secretary is a key Cabinet position, with vast influence over economic, regulatory and international affairs. Wall Street is closely watching who Trump will pick, especially given his plans to reshape global trade through tariffs.
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Bessent and Paulson, both financial supporters of his campaign, had long been in Trump’s sights for this position.
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In a January campaign speech, Trump mentioned Paulson as a possible Treasury secretary. A source familiar with the matter at the time said Trump wanted Paulson at the head of the Treasury, and, if not him, Bessent.
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A longtime hedge fund investor and former Yale University professor, Bessent has a good relationship with the president-elect and has praised Trump’s use of tariffs as a negotiating tool. Paulson, a billionaire investor and major donor to Trump, is a longtime supporter of tax cuts and deregulation.
