Marc Rowan has emerged as a leading candidate to be Donald Trump’s Treasury Secretary
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Private equity billionaire Marc Rowan has emerged as a leading candidate to be Donald Trump’s Treasury secretary and will meet with the president-elect on Wednesday to present his proposal, according to several people familiar with the matter. express your opinion about this work.
Apollo’s global managing director carefully prepared for the interview, two people familiar with the matter said. He flew back from Hong Kong to meet Trump in Florida.
Rowan has the backing of some Trump confidants and Wall Street donors, who cite his deep experience in the financial markets. “But Marc is brilliant and very independent,” said one of his Wall Street backers.
However, the 62-year-old private equity boss faces stiff competition for the role, with hedge fund investor Scott Bessent remaining the leading candidate. Kevin Warsh, a former Federal Reserve governor who advises the transition team on policy, has also been appointed to a position and remains a candidate to be the next Treasury Secretary.
Tennessee Sen. Bill Hagerty also participated and on Tuesday accompanied Trump to one SpaceX rocket launch in Texas organized by Elon Musk.
Prediction website Polymarket announced Warsh as the outright favorite on Tuesday, with Bessent the second favourite, followed by Rowan and Hagerty.
Rowan’s candidacy was boosted after Trump tapped billionaire investor Howard Lutnick for the nomination Department of commerce leaders earlier on Tuesday, which would put investment firm boss Cantor Fitzgerald in charge of imposing sweeping tariffs on imports.
Trump’s transition team co-chair lost traction in the race for the Treasury job after he and his allies became embroiled in a bitter battle with Bessent’s camp over the job.
Bessent is also vying to become chairman of the new administration’s National Economic Council if his bid to become Finance Minister fails.
Rowan’s emergence as the main contender for the top economic job in the new administration comes after days of speculation about Trump’s plans. Finance Minister is the last major cabinet position still to be filled, after the president-elect raced through a number of nominations after winning the election earlier this month.
During Trump’s first administration, Rowan played a role in recommending to the presidential administration a number of emergency measures to tame financial markets during the early stages of the Corona pandemic.
Rowan’s Apollo holds more than $700 billion in assets under management. Any move to join the government would be complicated for Wall Street executives and the company, although Apollo insiders say it has a deep leadership pool to draw from. Apollo declined to comment.
Trump’s choice for Treasury secretary will need to be confirmed by the US Senate next year.
