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    Stock for Sale by Cabinet Members

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    Trump’s picks for Treasury secretary and commerce secretary both lead Wall Street firms. Here’s what that could mean for their finances and businesses.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. And Lutnick is inextricably linked with Cantor Fitzgerald: He was named its president in 1991 and steered the firm after it was ravaged by the Sept. 11 attacks in 2001.Here is what we know — and don’t know — about how Bessent and Lutnick plan to unwind.Lutnick would leave Cantor Fitzgerald. He said Thursday that, upon Senate confirmation, he would step down from the company and the two firms it spun out: BGC Group, a brokerage firm, and Newmark, a real estate firm.He’d be leaving during BGC’s ambitious push to take on the exchange giant CME Group — likely a reason that BGC’s shares were down 8 percent for the week. Shares of Newmark were up 1 percent.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Picks Rep. Lori Chavez-DeRemer for Labor Secretary

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      Lori Chavez-DeRemer, a first-term Republican representative from Oregon who narrowly lost her House seat this month, was chosen on Friday to serve as labor secretary in the coming Trump administration.“Lori has worked tirelessly with both business and labor to build America’s work force, and support the hardworking men and women of America,” President-elect Donald J. Trump said in a statement.A moderate from a swing district that includes parts of Portland, Ms. Chavez-DeRemer, 56, is not a major figure in American labor politics. But she was one of only a few House Republicans to support major pro-union legislation, and she split her district’s union endorsements with her Democratic opponent, Janelle Bynum, earning nods from ironworkers, firefighters and local Teamsters.When the House speaker, Mike Johnson, spoke at a Chavez-DeRemer rally in October, he said, “She’s got more labor union endorsements than any Republican I’ve ever seen in my life.”Labor leaders criticized Mr. Trump’s policies during his first term as president, and at one point in the race this year, he praised Elon Musk for a willingness to fire workers who go on strike. But Mr. Trump also proposed ending taxes on tips and overtime, and many rank-and-file union members embraced his pro-tariffs economic agenda.After Ms. Chavez-DeRemer’s defeat this month, the president of the Teamsters, Sean O’Brien, urged Mr. Trump to consider her for the labor secretary role, Politico reported. On Friday, Mr. O’Brien praised her selection, posting a photograph on X of himself standing with Mr. Trump and Ms. Chavez-DeRemer.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Dr Martin Makary Chosen to Head the FDA

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      President-elect Donald J. Trump announced on Friday that he would nominate Dr. Martin A. Makary, a Johns Hopkins University surgeon with a contrarian streak, to be commissioner of the Food and Drug Administration.In a post on social media, Mr. Trump said: “F.D.A. has lost the trust of Americans and lost sight of its primary goal as a regulator.” He said that Dr. Makary would work under Robert F. Kennedy Jr., the president-elect’s choice for the cabinet-level role as health secretary, to “properly evaluate harmful chemicals poisoning our nation’s food supply and drugs.”“I am confident that Dr. Makary, having dedicated his career to high-quality, lower-cost care will restore the F.D.A. to the gold standard of scientific research and cut the bureaucratic red tape at the agency to make sure Americans get the medical cures and treatments they deserve,” Mr. Trump said in a statement.Mr. Trump announced two other top health picks on Friday evening as well. He chose Dr. Dave Weldon, a physician and former congressman from Florida, to lead the Centers for Disease Control and Prevention.For years, Dr. Weldon championed the notion that thimerosal, a preservative once used widely in vaccines, caused an explosion of autism cases around the world. In 2007, he backed a bill proposing to take vaccine safety research out of the hands of the C.D.C. Health officials reject the idea that research shows any link between thimerosal and autism.Mr. Trump also put forward Dr. Janette Nesheiwat, a physician and Fox News contributor, to be surgeon general. She worked caring for patients after Hurricane Katrina, an announcement from Mr. Trump said, and on the front lines of the Covid pandemic in New York City. She also markets vitamin B and vitamin C dietary supplements.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Candidatos anteriores se vieron perjudicados por menos de lo que rodea a los elegidos de Donald Trump

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      Impuestos atrasados, consumo de marihuana y niñeras indocumentadas descalificaron a anteriores elecciones presidenciales para altos cargos. Algunos de los candidatos del presidente electo enfrentan mayores cuestionamientos.Un aspirante a la Corte Suprema se retiró tras revelarse que había fumado marihuana en su juventud. Dos candidatos a fiscal general fueron eliminados cuando salió a la luz que habían empleado a inmigrantes indocumentadas como niñeras. Un tercer candidato al gabinete —nada menos que un exlíder del Senado— fue rechazado por no pagar impuestos sobre un automóvil y un chofer que le había prestado un socio. Incluso unos tuits malintencionados bastaron para hundir a un candidato.Los problemas legales y éticos que rodean a algunas de las personas seleccionadas por el presidente electo Donald Trump para ocupar altos cargos en el gobierno, por no hablar de su historial de declaraciones públicas que levantan cejas, son mucho más profundos que el tipo de revelaciones que han acabado con candidaturas en el Senado en el pasado.Lo que antes se consideraba descalificante para un candidato presidencial parece francamente benigno en comparación con las acusaciones de conducta sexual inapropiada y consumo de drogas ilícitas por parte de su candidato a fiscal general, detalladas en un informe secreto del Congreso, una acusación de agresión sexual seguida de un acuerdo pagado por su elección para dirigir el Pentágono y una antigua adicción a la heroína reconocida por el futuro secretario de salud.No hace tanto tiempo que los candidatos a puestos de alto nivel, e incluso algunos de los menos conocidos, tenían que ser irreprochables, hasta el punto de que una cuestión fiscal relativamente menor podía hacerlos fracasar. Pero es evidente que los tiempos están cambiando en lo que respecta a los nombramientos en los albores del segundo gobierno de Trump.“Los estándares aparentemente están evolucionando”, dijo el senador John Cornyn, republicano por Texas y miembro principal del Comité Judicial. El panel consideraría la nominación del exrepresentante Matt Gaetz, republicano de Florida, para fiscal general si se presenta formalmente.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Chooses Linda McMahon, a Longtime Ally, for Education Secretary

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      President-elect Donald J. Trump on Tuesday tapped Linda McMahon, a former professional wrestling executive who ran the Small Business Administration for much of his first term, to lead the Education Department, an agency he has routinely singled out for elimination in his upcoming term.A close friend of Mr. Trump’s and a longtime booster of his political career, Ms. McMahon had been among his early donors leading up to his electoral victory in 2016 and has been one of the leaders of his transition team, vetting other potential appointees and drafting potential executive orders since August.In Ms. McMahon, 76, Mr. Trump has elevated someone far outside the mold of traditional candidates for the role, an executive with no teaching background or professional experience steering education policy, other than an appointment in 2009 to the Connecticut State Board of Education, where she served for just over a year.But Ms. McMahon is likely to be assigned the fraught task of carrying out what is widely expected to be a thorough and determined dismantling of the department’s core functions. And she would assume the role at a time when school districts across the country are facing budget shortfalls, many students are not making up ground lost during the pandemic in reading and math, and many colleges and universities are shrinking and closing amid a larger loss of faith in the value of higher education.“We will send Education BACK TO THE STATES, and Linda will spearhead that effort,” Mr. Trump said in a statement announcing the decision on Tuesday.Ms. McMahon led the Small Business Administration during Mr. Trump’s first term and resigned in 2019 without a public fallout or rift with Mr. Trump, who praised her at her departure as “one of our all-time favorites” and a “superstar.” She stepped down from that role to help with Mr. Trump’s re-election campaign and became the chairwoman of the pro-Trump super PAC America First Action.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Picks Sean Duffy, Fox Business Host, for Transportation Secretary

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      A former Wisconsin congressman and Fox Business host, Sean Duffy, was selected by President-elect Donald J. Trump on Monday to lead the Transportation Department.In a statement announcing his choice, Mr. Trump praised Mr. Duffy as a “tremendous and well-liked public servant” with the experience needed to lead the department, which has an annual budget of more than $100 billion and a vast work force.“Sean will use his experience and the relationships he has built over many years in Congress to rebuild our nation’s infrastructure and usher in a golden age of travel,” Mr. Trump said in a statement.Mr. Duffy served in Congress from 2011 to 2019 as a Republican. He resigned in September 2019 to help care for a newborn daughter with a birth defect, according to The Milwaukee Journal Sentinel.Mr. Duffy resigned from Fox News Media on Monday, according to a spokeswoman for the network. He had joined as a contributor in 2020, offering political analysis across all Fox News Media platforms, and had hosted “The Bottom Line” on Fox Business with Dagen McDowell since 2023. He originally rose to fame on the MTV reality show “The Real World: Boston.”If confirmed, Mr. Duffy will oversee a Federal Aviation Administration struggling with air traffic control and a Federal Railroad Administration still pushing for safety reforms after a fiery derailment in East Palestine, Ohio, in 2023. He will also be in charge of assessing how to rebuild the country’s crumbling infrastructure.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The Race to Lead Trump’s Treasury Dept. Is Becoming a Cliffhanger

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      Howard Lutnick? Scott Bessent? Marc Rowan? Kevin Warsh? The president-elect’s list of candidates has grown longer, clouding the future of the department.Who will get the key to head up the Treasury Department?Kevin Lamarque/ReutersRowan and Warsh shake up Treasury raceFew of the unfilled positions in Donald Trump’s cabinet are as important as Treasury secretary. But the question of who will fill the role is only getting cloudier.Allies of two candidates, Howard Lutnick, the transition co-chair, and Scott Bessent, a top economic adviser, publicly stumped for them this weekend. But The Times reports that the president-elect himself wants somebody “big” for the role and is now considering Marc Rowan, the C.E.O. of Apollo Global Management, and Kevin Warsh, a former Fed governor.Elon Musk, Dan Loeb and others are weighing in. Musk threw his support behind Lutnick over the weekend, calling Bessent “business as usual,” an especially cutting criticism in the Trump camp. That said, The Times reports that Trump has privately griped about Lutnick hanging around too much and potentially manipulating the transition process for his own benefit.Loeb backed Bessent, arguing that choosing Lutnick might rattle investors, including in the $28 trillion market for Treasury bonds and notes. That said, Bessent is also being floated for positions such as chair of the White House’s National Economic Council.Trump has told associates that he is impressed by Rowan, The Times reports. The president-elect tends to value wealth and status on Wall Street, and Rowan, a co-founder of Apollo who helped turn the firm into a $733 billion investment giant, has plenty of both.Rowan would be likely to reassure many on Wall Street, particularly given how unorthodox some of the other cabinet choices have been. But it’s unclear whether he would want to take such a public role, especially given his current work at Apollo. (How hard it would be to extricate Rowan from any “key man” provisions in the firm’s funds is another question.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Stands by Defense Pick Who Says Encounter With Woman Was Not Sexual Assault

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      A detailed memo sent to the Trump transition team claims the incident occurred when Pete Hegseth, President-elect Donald J. Trump’s choice for defense secretary, spoke in Monterey, Calif., in 2017.President-elect Donald J. Trump has told advisers he is standing by his nominee for defense secretary, Pete Hegseth, after the transition team was jolted by an allegation he had sexually assaulted a woman in an interaction he insists was consensual.Mr. Trump made his view plain to aides after a conversation with Mr. Hegseth days ago, after the team learned that a woman had accused him of assault in 2017, according to two people briefed on the discussion. They also learned that Mr. Hegseth had entered into a financial settlement with the woman that had a confidentiality clause.On Sunday, Steven Cheung, the president-elect’s communications director, did not address Mr. Trump’s thinking, but said, “President Trump is nominating high-caliber and extremely qualified candidates to serve in his administration.”He added, “Mr. Hegseth has vigorously denied any and all accusations, and no charges were filed. We look forward to his confirmation” by the Senate.Last week, the Monterey Police Department in California said it had investigated an allegation of sexual assault involving Mr. Hegseth in 2017 at the address of the Hyatt Regency Monterey Hotel and Spa. The statement released by the police said the department had filed no charges against Mr. Hegseth.Mr. Trump announced on Tuesday that Mr. Hegseth, a former Fox News personality, was his choice to lead the Pentagon, setting off a wave of resistance from many corners of Washington. Mr. Hegseth has criticized some in the Pentagon leadership as too “woke,” and he pushed for Mr. Trump to intervene when he was president on behalf of three members of the military accused or convicted of war crimes, which Mr. Trump did.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Picks Brendan Carr to Lead F.C.C.

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      President-elect Donald J. Trump on Sunday chose Brendan Carr to be chairman of the Federal Communications Commission, naming a veteran Republican regulator who has publicly agreed with the incoming administration’s promises to slash regulation, go after Big Tech and punish TV networks for political bias.Mr. Carr, who currently sits on the commission, is expected to shake up a quiet agency that licenses airwaves for radio and TV, regulates phone costs, and promotes the spread of home internet. Before the election, Mr. Trump indicated he wanted the agency to strip broadcasters like NBC and CBS of their licensing for unfair coverage.Mr. Carr, 45, was the author of a chapter on the F.C.C. in the conservative Project 2025 planning document, in which he argued that the agency should also regulate the largest tech companies, such as Apple, Meta, Google and Microsoft.“The censorship cartel must be dismantled,” Mr. Carr said last week in a post on X.Mr. Carr could drastically reshape the independent agency, expanding its mandate and wielding it as a political weapon for the right, telecommunications attorneys and analysts said. They predicted Mr. Carr would test the legal limits of the agency’s power by pushing to oversee companies like Meta and Google, setting up a fierce battle with Silicon Valley.Mr. Carr has “proposed to do a lot of things he has no jurisdiction to do and in other cases he’s blatantly misreading the rules,” said Jessica Gonzalez, co-chief executive of the nonpartisan public interest group Free Press.“Commissioner Carr is a warrior for free speech, and has fought against the regulatory lawfare that has stifled Americans’ freedoms, and held back our economy,” Mr. Trump said in a statement.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More