Paulson exits race for US Treasury Secretary, Bessent in focus

(Reuters) - Billionaire investor John Paulson said on Tuesday he was dropping out of contention for U.S. Treasury Secretary in Donald Trump's new cabinet, putting the focus squarely on fellow investor Scott Bessent, the other main candidate in the race.

Paulson, who had been one of the frontrunners for the role under President-elect Trump, said on Tuesday his "complex financial obligations" will prevent him from holding an office in the new administration.

"I intend to remain actively involved with the president's economic team and helping in the implementation of President Trump's outstanding policy proposals," Paulson said in a statement. The Wall Street Journal earlier reported the statement.

Wall Street has been closely watching Trump's plans for the Treasury Secretary role, especially as he has said he plans to reshape global trade through tariffs.

Paulson and Bessent had emerged as the top contenders for the crucial job, which has vast influence over economic, regulatory and international affairs, sources said on Friday.

Both were financial backers of Trump's campaign.

A longtime hedge fund investor who taught at Yale University for several years, Bessent has a warm relationship with the president-elect and has spoken highly of Trump's use of tariffs as a negotiating tool. Paulson, a billionaire investor and major Trump donor, is a longtime proponent of tax cuts and deregulation.

Representatives for Bessent did not immediately respond to a request for comment.



The president-elect, who is set to return to the White House in January, has begun the process of choosing a cabinet and selecting high-ranking administration officials.

Professional wrestling magnate and former Small Business Administration director Linda McMahon is being viewed as the frontrunner to lead the Department of Commerce, while Susie Wiles, one of Trump's two campaign managers, has been picked to be his White House chief of staff.

Source: Investing.com

Последние публикации
BofA raises 2025 year-end S&P 500 target to 6666
26.11.2024 - 13:00
Exclusive-Wells Fargo asset cap likely to be lifted next year, sources say
26.11.2024 - 13:00
Obesity stocks gain on Biden's Medicare proposal
26.11.2024 - 13:00
UK police forces quietly withdraw from X platform amid content concerns
26.11.2024 - 13:00
Exxon executive highlights focus on capital discipline over production surge
26.11.2024 - 13:00
Roche set to acquire Poseida Therapeutics for up to $1.5 billion
26.11.2024 - 13:00
European stocks lower on trade war concerns; Halfords soars
26.11.2024 - 13:00
Tencent to end Nintendo Switch eShop sales and services in China from 2026
26.11.2024 - 13:00
ProShares Bitcoin short funds see record inflows
26.11.2024 - 13:00
US Senate panel criticizes rising airline seat fees, will call execs to testify
26.11.2024 - 12:00
US finalizes $7.86 billion chips manufacturing award for Intel
26.11.2024 - 12:00
European stocks echo global market downturn on tariff risk; auto shares slump
26.11.2024 - 12:00
US oil firms unlikely to go 'drill, baby, drill' under Trump, says Exxon executive
26.11.2024 - 12:00
Compass reports in-line results, flags charges
26.11.2024 - 12:00
Explainer-What's behind the private equity battle for Fuji Soft?
26.11.2024 - 12:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?