On his first day as acting President, Donald Trump announced his appointees to several key finance and regulatory government positions.  Once assumed, these positions will have considerable influence over shaping the financial landscape and economy in the United States. 

  • Scott Bessent – Secretary of the Treasury
    • Scott Bessent is a finance veteran and economic advisor to Trump’s 2024 campaign.  During his Senate confirmation hearing, Bessent defended plans to impose tariffs, supported tax cut extensions, and advocated for tougher economic policies toward China and Russia. He advocates policies aimed at stimulating economic growth while addressing global trade imbalances and is a strong supporter of deficit reduction and deregulation.  He supports extending tax cuts to benefit small businesses and promote investment while backing the use of strategic tariffs to protect domestic industries and generate federal revenue.  His goal is for the Treasury Department to be proactive in working closely with other government entities to foster a stable and prosperous economic environment. His proposal of a “shadow Fed chair” to enhance transparency in monetary policy, has given some critics concern of encroaching upon the independence of the Federal Reserve. His confirmation passed the bipartisan Senate Finance Committee and will now advance to the Senate for a final vote. 
  • Caroline Pham – Acting Chair of the Commodity Futures Trading Commission (CFTC)
    • Caroline Pham, a Republican and former Citigroup executive, was appointed as the acting chair of the CFTC. Pham has been a CFTC commissioner since 2022, advocating for clearer cryptocurrency regulations and supporting market liquidity. She replaces Democratic Chair Rostin Behnam, who will remain on the Commission until February 7. The Trump administration is expected to give the CFTC a more prominent role in cryptocurrency regulation, with Pham collaborating with newly appointed pro-crypto officials to establish a regulatory framework.
  • Travis Hill – Acting Chair of the Federal Deposit Insurance Corporation (FDIC)
    • Travis Hill was appointed as the acting chair of the FDIC. Hill, who has been the vice chair of the FDIC since 2023, has extensive experience in banking policy and regulation and is considered a strong candidate for the permanent position. He has also served as a senior adviser to former FDIC Chairman Jelena McWilliams and as counsel on the Senate Banking Committee. Hill is known for his opposition to strict new capital rules for bigger banks and efforts requiring large asset managers to prove non-influence over banks. He takes over from outgoing FDIC Chairman Martin Gruenberg. As he assumes this role, Hill inherits an agency that is undergoing significant overhaul following revelations of widespread sexual harassment and employee mistreatment. Hill has called for comprehensive reforms to the FDIC’s culture and accountability mechanisms.
  • Mark Uyeda – Acting Chair of the Securities and Exchange Commission (SEC)
    • President Trump appointed Mark Uyeda, a Republican member of the SEC, as the acting chair of the agency, replacing Gary Gensler. Uyeda has supported the need to reset the regulatory agenda to foster capital formation and innovation, including easing regulatory constraints and providing clear rules on digital assets. Before joining the SEC, Uyeda worked for former Senator Pat Toomey and as an adviser to the California securities regulator. He is a graduate of Georgetown University and Duke University School of Law.

The signaling from this administration and these appointments suggest a hard shift toward deregulation,  a more industry-friendly approach, and protectionist policies for domestic industries. The administration’s appointments suggest a concerted effort to reshape the financial landscape to favor domestic industries and market-driven policies, with special emphasis on regulatory clarity for digital assets. This direction may boost economic growth and investor confidence but could face criticism for potentially undermining regulatory safeguards, particularly for consumers, and central bank independence.