Wall Street Titans Called In To Advise Trump's Transition Team

President-elect Donald Trump is turning to Wall Street veterans for advice on assembling his forthcoming administration.

What Happened: Trump’s triumph has been met with a positive reaction from the stock market, with U.S. stocks recording their fifth-highest single-day performance. According to a report, Howard Lutnick, co-chair of Trump’s transition team and CEO of Cantor Fitzgerald, is consulting Wall Street stalwarts on potential nominees.

Key figures providing guidance include Scott Bessent, founder of Key Square Capital Management, and billionaire investor John Paulson, reports Business Insider.

Bessent, a major donor to Trump’s campaign, has been sharing Trump’s economic strategies at several forums. He advocates for the gradual implementation of tariffs to lessen the inflationary impact. Bessent is also a contender for the Treasury Secretary role.

Paulson, renowned for his successful gamble against mortgage-backed securities prior to the Great Recession, is advocating for the extension of Trump’s tax cuts and supports deregulation. He is also being considered for the Treasury Secretary position.

Also Read: Trump’s Fortune Skyrockets With $4B Stake In Trump Media & Technology Group

Additional advisors include Gary Cohn, vice chairman of IBM and former president of Goldman Sachs, and Marc Rowan, CEO of Apollo Global Management.

Both have participated in discussions regarding Trump’s financial strategies. Furthermore, Stephen Schwarzman, Blackstone cofounder, chairman, and CEO, and Kevin Warsh, former Federal Reserve Governor, are providing their expertise on finance and economics.

Charles Schwab, co-chairman and founder of the brokerage firm that bears his name, and Ross Perot Jr., chairman of the Perot Group, are also participating in the transition team’s deliberations.

Why It Matters: The involvement of Wall Street heavyweights in Trump’s transition team signals a potential shift in economic policy.

Their influence could shape the future of US economic policy, with potential impacts on tariffs, tax cuts, and deregulation. The stock market’s positive response to Trump’s election suggests that investors may be anticipating business-friendly policies.

However, the final impact will depend on the decisions made by Trump’s administration, guided by these advisors.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.