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Personal fairness billionaire Marc Rowan has emerged as a high contender to be Donald Trump’s Treasury secretary and can meet the president-elect on Wednesday to make his pitch for the job, based on a number of folks aware of the matter.
The Apollo International Administration chief has ready extensively for the interview, mentioned two folks aware of the matter. He has flown again from Hong Kong to satisfy Trump in Florida.
Rowan has the help of a number of Trump confidants and Wall Avenue donors, who cited his deep expertise in monetary markets. “Marc is good, although, very unbiased,” mentioned one in every of his Wall Avenue backers.
The 62-year-old non-public capital boss faces stiff competitors for the function, nevertheless, with hedge fund investor Scott Bessent nonetheless a number one contender. Kevin Warsh, a former Federal Reserve governor advising the transition workforce on coverage, has additionally been floated for a place and stays a candidate to be the subsequent Treasury secretary.
Tennessee Senator Invoice Hagerty can be within the combine and on Tuesday travelled with Trump to a SpaceX rocket launch in Texas hosted by Elon Musk.
The prediction web site Polymarket had Warsh as outright favorite on Tuesday, with Bessent second favorite adopted by Rowan and Hagerty.
Rowan’s candidacy was boosted after Trump tapped billionaire investor Howard Lutnick to lead the commerce division earlier on Tuesday, which might put the boss of funding agency Cantor Fitzgerald answerable for imposing far-reaching tariffs on imports.
The co-chair of Trump’s transition workforce misplaced traction within the race for the Treasury submit after he and his allies turned enmeshed in a bitter battle with Bessent’s camp over the job.
Bessent can be in competition to develop into chair of the brand new administration’s Nationwide Financial Council if his bid to be Treasury secretary falls via.
Rowan’s emergence as a fundamental contender for the highest financial submit within the new administration comes after days of hypothesis about Trump’s plans. Treasury secretary is the final large cupboard place left to fill, after the president-elect raced via various nominations after successful the election earlier this month.
Throughout Trump’s first administration, Rowan performed a task in recommending to the president’s administration some emergency measures to tame monetary markets within the early levels of the Coronavirus pandemic.
Rowan’s Apollo holds greater than $700bn of belongings beneath administration. Any transfer into authorities can be complicated for the Wall Avenue govt and the agency, though Apollo insiders say it has a deep bench of management to attract from. Apollo declined to remark.
Trump’s decide for Treasury secretary will have to be confirmed by the US Senate subsequent 12 months.
