Transition of Power
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Will wealthy individuals from Wall Street be able to fulfill Trump’s pledge to support blue-collar workers? The incoming president has selected affluent financiers for important economic roles, leading to doubts about their commitment to assisting the working class.
Written by Alan Rappeport and Ana Swanson
Reporting live from the
During Donald J. Trump’s initial presidential campaign in 2016, his final campaign ad criticized the power of Wall Street in politics, showcasing disturbing images of large financial institutions and the wealthy liberal donor George Soros.
Currently, as the president-elect, Mr. Trump has chosen two individuals from the finance industry to oversee his economic plans. Scott Bessent, who managed investments for Mr. Soros for over ten years, is his selection for Treasury secretary, while Howard Lutnick, the CEO of Cantor Fitzgerald, is set to be nominated to head the Commerce Department. These appointments reflect the influence of wealthy investors in shaping an economic agenda that aims to boost working-class prosperity, although critics believe it will primarily favor the wealthy.
With Mr. Trump getting ready to become president in January, business owners and investors are paying close attention to see which of his economic promises he will actually fulfill. He has pledged to lower tax rates, place significant tariffs on China and other countries, and remove millions of immigrants who are employed in American farms and businesses.
The appointments of Mr. Bessent and Mr. Lutnick solidify the influence of Wall Street leaders in key economic positions within the government. Critics, particularly Democrats and left-leaning organizations, are criticizing President Trump for appointing wealthy donors to important roles and are concerned that they may prioritize creating tax cuts for the wealthy instead of helping those in need.
Tony Carrk, the executive director of the government accountability organization Accountable.US, criticized President-elect Trump for choosing a billionaire hedge fund manager to head the Treasury Department. Carrk believes this decision goes against Trump’s promises to support working-class Americans, instead favoring a system that benefits large corporations and the wealthy.
The choice to involve Mr. Bessent and Mr. Lutnick in decision-making has led to speculation that President Trump may adopt more business-friendly economic policies than expected. Despite his previous support for tariffs, there is now hope that he may avoid sparking a global trade conflict.
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