John Paulson Withdraws as Trump's Treasury Secretary Pick; Scott Bessent Now Favored

Nov 12, 2024, 04:20 PM

Billionaire investor John Paulson has withdrawn from consideration to become President-elect Donald Trump's Treasury Secretary, citing his complex financial obligations. “Although various media outlets have mentioned me as a candidate for Secretary of the Treasury, my complex financial obligations would prevent me from holding an official position in President Trump's administration at this time,” Paulson said in a statement to the Wall Street Journal. His investments in government-sponsored enterprises like Fannie Mae may have influenced his decision. Paulson added that he will remain actively involved with the economic team. His withdrawal potentially clears the way for investor Scott Bessent to be nominated for the role.