The Cable

The Cable goes inside the foreign policy machine, from Foggy Bottom to Turtle Bay, the White House to Embassy Row.

Main Street Champion Trump Turns to Wall Street to Fill Treasury Post

Trump is reportedly considering two Wall Street insiders for the top job at Treasury.

gettyimages-603214976

President-elect Donald Trump won the White House by promising supporters he was an outsider who was not beholden to special interests on Wall Street. But it didn’t take long for him to look to lower Manhattan for help.

According to CNBC, Trump is considering JPMorgan Chase chief Jamie Dimon as treasury secretary. Dimon is the leader of the largest of the Big Four banks in the United States, so he’s hardly unfamiliar with how business is done on Wall Street.

Multiple reports also show that Trump is considering Steven Mnuchin, a former Goldman Sachs official, for the same post. Mnuchin served as the businessman’s campaign finance chief during the 2016 campaign.

President-elect Donald Trump won the White House by promising supporters he was an outsider who was not beholden to special interests on Wall Street. But it didn’t take long for him to look to lower Manhattan for help.

According to CNBC, Trump is considering JPMorgan Chase chief Jamie Dimon as treasury secretary. Dimon is the leader of the largest of the Big Four banks in the United States, so he’s hardly unfamiliar with how business is done on Wall Street.

Multiple reports also show that Trump is considering Steven Mnuchin, a former Goldman Sachs official, for the same post. Mnuchin served as the businessman’s campaign finance chief during the 2016 campaign.

It appears as if Mnuchin is more likely to take the job, given his prior relationship with Trump. Dimon has said repeatedly that he has no interest in the job. The banker also bashed Trump’s policies in his 2016 letter to JPMorgan Chase shareholders.

For those looking for signs that Trump’s presidency won’t be a complete departure from past administrations, these choices are good news. They’re in line with former treasury secretaries like Hank Paulson and Tim Geithner, Wall Street mavens who transitioned into Treasury’s top spot. They also might convince him to abandon some of his less traditional policies, like defaulting on American debt.

But for supporters hoping for a departure from this tradition, this could be a sign that Trump is turning his back on Main Street by pivoting to Wall Street just days after his historic upset of Democrat Hillary Clinton. He’s also signaled plans to roll back Dodd-Frank regulations, a gift to the financial industry. There are qualified candidates outside of New York, but it is unclear if Trump is has considered any from outside his hometown.

Photo credit: WIN MCNAMEE/Getty Images

More from Foreign Policy

An illustration of a captain's hat with a 1980s era Pepsi logo and USSR and U.S. flag pins.

The Doomed Voyage of Pepsi’s Soviet Navy

A three-decade dream of communist markets ended in the scrapyard.

Demonstrators with CASA in Action and Service Employees International Union 32BJ march against the Trump administration’s immigration policies in Washington on May 1, 2017.

Unionization Can End America’s Supply Chain Crisis

Allowing workers to organize would protect and empower undocumented immigrants critical to the U.S. economy.

The downtown district of Wilmington, Delaware, is seen on Aug. 19, 2016.

How Delaware Became the World’s Biggest Offshore Haven

Kleptocrats, criminals, and con artists have all parked their illicit gains in the state.