Billionaire Trump supporter drops out of running for Treasury secretary
Hedge fund manager and Trump megadonor John Paulson pulls his hat from the ring for Treasury chief
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Billionaire hedge fund manager John Paulson has chosen not to seek a job within President-elect Trump's upcoming administration, FOX News confirmed Tuesday.
Paulson, who has been an ardent supporter of Trump’s for years, was among a group of people being considered by Trump to be the next Treasury secretary.
President-elect Trump, right, and incoming first lady Melania Trump arrive at the home of John Paulson, left, with Alina de Almeida in Palm Beach, Florida, on April 6. (Alon Skuy/Getty Images / Getty Images)
"I’m ecstatic that President Trump will be back in office," the Trump megadonor said in a statement through his company, Paulson & Co. "He is off to a fast start with his appointments, and his policies will have an immensely positive impact on all Americans.
TRUMP CAN BRING DOWN INFLATION: JOHN PAULSON
"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's statement continued.
John Paulson visits "Mornings With Maria" at Fox Business Network Studios in New York City on Oct. 23. (John Lamparski/Getty Images / Getty Images)
"However, I intend to remain actively involved with the President’s economic team and helping in the implementation of President Trump’s outstanding policy proposals."
WHO MIGHT TRUMP PICK TO SERVE AS TREASURY SECRETARY?
FOX Business' Charlie Gasparino reported that according to Washington, D.C. insiders, Paulson's investments in government-sponsored enterprises (GSEs) such as Fannie Mae "played a role in his dropping out of the Treasury Secretary contention," suggesting it signals "a huge clue that privatizing the GSEs may be back on the table" for the incoming Trump Treasury.
Trump's selection of his Treasury secretary will carry a great deal of significance for his economic agenda in terms of leading negotiations with Congress and foreign governments, as well as handling the operations of the Treasury Department and subagencies like the Internal Revenue Service.
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Other names that have been floated as Trump's potential Treasury pick are JPMorgan Chase CEO Jamie Dimon; Robert Lighthizer, who served as Trump's U.S. trade representative during much of his first term; and Scott Bessent, the founder of investment firm Key Square Group.
As of Tuesday morning, the betting markets overwhelmingly favored Bessent as the clear front-runner to lead Trump's Treasury.
FOX News' Mark Meredith and FOX Business' Eric Revell contributed to this report.