Presidential Transition (US)

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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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      Trump Picks Russell Vought, Key Figure in Project 2025, to Lead OMB

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      President-elect Donald J. Trump on Friday picked a key figure in Project 2025 to lead the Office of Management and Budget, elevating a longtime ally who has spent the last four years making plans to rework the American government to enhance presidential power.The would-be nominee, Russell T. Vought, would oversee the White House budget and help determine whether federal agencies comport with the president’s policies. The role requires Senate confirmation unless Mr. Trump is able to make recess appointments.The choice of Mr. Vought would bring in a strongly ideological figure who played a pivotal role in Mr. Trump’s first term, when he also served as budget chief. Among other things, Mr. Vought helped come up with the idea of having Mr. Trump use emergency power to circumvent Congress’s decision about how much to spend on a border wall.Mr. Vought was a leading figure in Project 2025, the effort by conservative organizations to build a governing blueprint for Mr. Trump should he take office once again. Mr. Trump tried to distance himself from the effort during his campaign, but he has put forward people with ties to the project for his administration since the election.Mr. Vought’s role in Project 2025 was to oversee executive orders and other unilateral actions that Mr. Trump could take during his first six months in office, with the goal of tearing down and rebuilding executive branch institutions in a way that would enhance presidential power.In an interview with The New York Times in 2023, Mr. Vought laid out an agenda of eliminating the independence of certain regulatory agencies that operate outside the direct control of the White House, such as the Federal Communications Commission and the Securities and Exchange Commission.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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      Pam Bondi, a $25,000 Donation and Trump University: Questions Remain

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      While Ms. Bondi, President-elect Donald J. Trump’s pick for attorney general, served as attorney general of Florida, her office declined to investigate allegations of fraud against his for-profit school.Reports of deceptive practices and fraud by Donald J. Trump and his Trump University business unit had been piling up for several years in states across the nation, including in Florida.The state attorney general in New York moved in, filing a lawsuit in 2013 that accused Mr. Trump and his for-profit trade school of “engaging in persistent fraudulent, illegal and deceptive conduct,” even though by that point Trump University was already out of business.The Florida attorney general’s office, which Pam Bondi had taken over in 2011, handled it differently.She publicly acknowledged that her office was examining complaints about Trump University, but it decided against a formal investigation.The decision came soon after Mr. Trump, through his family foundation, sent a check for $25,000 to a political action committee associated with Ms. Bondi, who was running for a second term.Florida’s was not the only state attorney general’s office to decide against taking up the Trump University matter. Mr. Trump also donated to Kamala Harris while she was attorney general of California, and after reviewing the matter, her office also did not pursue.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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      Bondi Worked as Lobbyist in Recent Years, With Clients Including Amazon, G.M., Uber and Qatar

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      President-elect Donald J. Trump’s pick to be attorney general, Pam Bondi, is a lobbyist for a powerhouse Republican firm, for which she represented major corporations and foreign governments with interests before the U.S. government.Ms. Bondi joined the lobbying firm of the Republican fund-raiser Brian Ballard after finishing her second term as Florida attorney general in January 2019.Among the clients for which she was registered to lobby were major companies, including Amazon, General Motors and Uber, as well as the Qatari government and various financial firms.Those registrations are no longer active, but Ms. Bondi is currently registered as a lobbyist for law enforcement-related clients, including an association representing some of the country’s largest sheriff’s offices and another group representing sheriffs in Florida, as well as the Florida sheriffs’ self-insurance program.A person familiar with the firm confirmed that Ms. Bondi was still affiliated with it and those clients as of Thursday.The firm’s website indicates that she is the chairwoman of its corporate regulatory compliance practice, focusing on helping Fortune 500 companies implement policies to fight human trafficking, opioid abuse and data breaches.Another veteran of Mr. Ballard’s firm, Susie Wiles, was tapped by Mr. Trump to be the White House chief of staff. Ms. Wiles will be the first woman to hold that job. Mr. Ballard helped to bring in more than $50 million for committees supporting Mr. Trump’s campaign. More

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      Marjorie Taylor Greene to Lead ‘DOGE’ Panel and Work With Elon Musk and Vivek Ramaswamy

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      When she arrived in Congress in 2021, Representative Marjorie Taylor Greene, Republican of Georgia, was quickly stripped of her two committee assignments by Democrats and shunned by her colleagues on Capitol Hill.Almost three years later, Ms. Greene is poised to hold a gavel for the first time, a sign of the ascendancy of the MAGA wing of the G.O.P. in Congress, where President-elect Donald J. Trump’s most loyal allies will occupy prominent posts next year.Representative James Comer of Kentucky, chairman of the House Oversight Committee, is planning to create a new subcommittee to partner with Elon Musk and Vivek Ramaswamy to “eliminate government waste.” The committee, which has yet to be created, will work with the new Department of Government Efficiency, known as “DOGE,” and leading Republicans have agreed to allow Ms. Greene to serve as its chairwoman.Republicans said the committee would be charged with investigating waste and corruption within the federal government.Representative Marjorie Taylor Greene during a House Homeland Security Committee meeting on Capitol Hill, in Washington, in January.Kenny Holston/The New York TimesEven though she is not yet the chairwoman of a committee that does not yet exist, Ms. Greene’s new position appeared to be a done deal, with top Republicans confirming it would be hers to lead when the new Congress convenes in January.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