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Private equity billionaire Mark Rowan has emerged as Donald Trump’s top contender to be Treasury secretary and will meet with the president-elect on Wednesday to discuss the matter, according to several people familiar with the matter.
The head of Apollo Global Management had extensively prepared for the interview, two people familiar with the matter said. He has returned from Hong Kong to meet with Trump in Florida.
Rowan has the backing of several Trump confidants and Wall Street donors, who cited his deep experience in financial markets. “Mark is brilliant, though, very independent,” said one of his Wall Street backers.
The 62-year-old private equity boss faces stiff competition for the role, however, with hedge fund investor Scott Besant still a leading contender. Kevin Warsh, a former Federal Reserve governor who is advising the transition team on policy, has also been tapped for a position and is a candidate to become the next Treasury secretary.
Tennessee Senator Bill Hagerty is also in attendance and traveled with Trump to a SpaceX rocket launch hosted by Elon Musk in Texas on Tuesday.
Prediction site Polymarket had Warsh as the outright favorite on Tuesday, with Besant second favorite followed by Rowan and Hagerty.
Rowan’s candidacy received a boost after Trump tapped billionaire investor Howard Litnick to lead the Commerce Department early Tuesday, giving the boss of investment firm Cantor Fitzgerald a chance to impose far-reaching tariffs on imports. will be held responsible.
The co-chair of Trump’s transition team lost traction in the race for the Treasury post after he and his allies got into a bitter battle with Besant’s camp over the job.
Besant is also in contention to become the chair of the new administration’s National Economic Council if his bid to become Treasury secretary is successful.
Rowan’s emergence as a leading contender for the top economic post in the new administration comes after days of speculation about Trump’s plans. Treasury secretary is the last major cabinet post left to be filled, with the president-elect battling through multiple nominations after winning the election earlier this month.
During Trump’s first administration, Rowan played a role in recommending some emergency measures to the president’s administration to control financial markets in the early stages of the coronavirus pandemic.
Rowan’s Apollo has more than $700bn in assets under management. Any move into government would be complicated for Wall Street executives and the firm, although Apollo insiders say it has a deep leadership bench. Apollo declined to comment.
Trump’s pick for Treasury secretary will require confirmation by the US Senate next year.
