Investor John Paulson has removed himself from consideration as President-elect Donald Trump’s choice for Treasury secretary, he confirmed in a statement to The Wall Street Journal.
A long-time supporter of Trump, Paulson pointed to his “complex financial obligations” as the primary factor behind his decision, saying that these commitments would impede his ability to take on an official role within the administration.
“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 stated.
Despite stepping back, Paulson remains dedicated to aiding Trump’s economic initiatives, telling the Journal: “I intend to remain actively involved with the President’s economic team and helping in the implementation of President Trump’s outstanding policy proposals.”
With Paulson’s withdrawal, the leading contender for the Treasury spot is now Scott Bessent, another prominent investor who has reportedly become a favored choice for the position. Bessent’s alignment with Trump’s economic goals and his innovative proposals for how to advance the administration’s agenda has won him support among several allies, reports from Bloomberg and the Journal indicate.
The Journal also noted that Senator Bill Hagerty of Tennessee, a Republican, has also been reported to be under consideration.