• Howard Lutnick and Scott Bessent are top contenders for the Treasury Secretary role in Trump's administration.
• Lutnick, CEO of Cantor Fitzgerald, and Bessent, an economic advisor to Trump, are backed by influential members of Trump's circle.
• The Treasury Secretary role, overseeing the country's financial and economic policy, is being closely watched by global investors and Wall Street.
• The final decision lies with President-elect Trump and will be announced in due course.

In a recent turn of events, Howard Lutnick, the billionaire banker and Chairman and CEO of Cantor Fitzgerald, has emerged as a serious contender for the top Treasury job in the new Trump administration. Lutnick is now considered a top contender alongside investor Scott Bessent. The race for this high-profile role is heating up, with both Lutnick and Bessent being backed by influential members of President-elect Donald Trump's inner circle.

Lutnick, a longtime friend of Trump's and co-chair of the transition team, has received the backing of at least one influential member of Trump's inner circle for the Treasury Secretary role. On the other hand, Bessent, who served as an economic advisor to the Trump campaign in addition to being a fundraiser, remains a top contender. The sources, who asked not to be identified, said the race seemed to have narrowed to these two for now.

Trump's Second Administration: Key Roles and Contenders

Karoline Leavitt, Trump-Vance Transition spokeswoman, stated that President-Elect Trump is making decisions on who will serve in his second administration and those decisions will be announced when they are made. A spokesperson for Lutnick declined to comment, and a representative for Bessent did not immediately respond to a request for comment.

Since his win on Nov. 5, Trump has announced a series of his picks for key roles in his second presidency when he assumes office in January. Analysts have noted that he's chosen unfailingly loyal people who are unlikely to push back against his most controversial orders. The Treasury Secretary role is one of the highest profile cabinet posts, overseeing the country's financial and economic policy. As such, it is one of the key roles being watched by global investors and Wall Street.

Historical Precedence and Future Predictions

Several names have been reported by Reuters and other media in recent days as possible candidates for the job, including billionaire investor John Paulson, FOX Business Network personality and Trump adviser Larry Kudlow, Trump's former U.S. trade representative Robert Lighthizer and former Securities and Exchange Commission Chairman Jay Clayton.

Last week, sources said Paulson and Bessent had emerged as leading candidates for the job. Trump had been leaning toward Paulson initially, a source close to the Trump transition team said. But Paulson bowed out of the race on Tuesday, saying his complex financial obligations will prevent him from holding an office in the new administration.

Bessent met the president-elect on Friday. Bessent has said he has known the Trump family for 30 years through a friendship with Donald Trump's late brother, Robert Trump. He contributed to Donald Trump's inauguration following his 2016 election win and became more involved this time round. He has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.