As President-elect Donald Trump takes an unconventional approach to stocking his cabinet, he’s also embracing one candidate pool that has plenty of precedent: Wall Street chief executives.
On Friday, Trump picked Scott Bessent, a top economic adviser and the founder of Key Square Group, a hedge fund, to be his Treasury secretary.
He previously tapped Howard Lutnick, the chief executive of the financial services firm Cantor Fitzgerald, for commerce secretary.
Executives appointed to government positions are often required to make extensive stock divestitures, so the path from Wall Street to Washington can be particularly complex (while also offering an opportunity to avoid certain taxes).
Bessent’s potential departure from Key Square may trigger “key man provisions” that often protect clients of hedge funds if top executives leave.
Persons:
Donald Trump, he’s, Trump, Scott Bessent, Howard Lutnick, Cantor Fitzgerald
Organizations:
Wall Street, Key Square
Locations:
Washington