Trump's Transition Team Works to Form Cabinet
November 11 2016 - 7:40AM
Dow Jones News
WASHINGTON—Donald Trump's transition team raced to form his
cabinet on Thursday as more names were floated for some of the
biggest jobs in the president-elect's administration, including a
foe of financial regulation for the powerful position of Treasury
secretary.
U.S. Rep. Jeb Hensarling, a Texas Republican known for his sharp
criticism of the 2010 financial regulatory overhaul, is among a
growing list of potential nominees for the cabinet as speculation
increased about who would surround the new president in office,
people familiar with the discussions said.
The transition process has ramped up in recent days, people
familiar with the matter said, adding that the team is far from
making final recommendations to Mr. Trump. An initial website for
the transition went online on Wednesday, and Mr. Trump has yet to
name a chief of staff, which is typically the first announcement
for a new administration.
The time between Election Day and Inauguration Day in January is
often turbulent as an incoming administration faces a multitude of
critical decisions in a tight span. In addition, to picking his top
staff, the president-elect must vet and fill a cabinet composed of
15 executive departments and a host of other aides who have cabinet
rank.
The incoming administration also must begin selecting about
1,000 top positions that require Senate confirmation, sketch out an
agenda for the first few months of its term, write an inauguration
speech and plan the ceremony.
In a sign of the fluidity of the situation, senior staff is
still being added to the transition team. For example, PayPal
co-founder and tech billionaire Peter Thiel is under consideration
to play a senior role on that team, a person familiar with the
matter said. The consideration of Mr. Thiel was reported by the
Huffington Post.
In addition to Mr. Hensarling, Sen. Jeff Sessions (R., Ala.) was
being discussed as a potential defense secretary or attorney
general, several people familiar with the process said.
Former New York Mayor Rudy Giuliani, who played a prominent role
in the Trump campaign, is also expected to have a place in the next
administration. Mr. Giuliani has also been discussed as a possible
attorney general or secretary of state, people familiar with the
discussions said.
Dan DiMicco, a former steel executive who has been sharply
critical of U.S. trade policies, has been an influential voice on
Mr. Trump's policy team and may find a high-profile job in the
administration, two transition team members said. A potential
commerce secretary is Ray Washburne, a Dallas-based investor and
former finance chairman of the Republican National Committee.
Mr. DiMicco told The Wall Street Journal he was running the
transition team for U.S. trade, but "nothing more at this
point."
U.S. Rep. Michael McCaul, a Texas Republican and chairman of the
House Homeland Security Committee, is in the running for homeland
security secretary, people familiar with the matter said.
Mr. Hensarling's Texas roots could offer a contrast to other
potential picks to run Treasury, particularly those with the kind
of Wall Street ties about which Mr. Trump railed during the
campaign. Mr. Hensarling said in an interview on Thursday that he
would "certainly have the discussion" if the Trump administration
came calling.
"But I'm not anticipating the telephone call," he added. "It is
not something I've indicated interest in. It is not something I am
pursuing.…I think I'm in a pretty good position now to advance the
cause."
Mr. Hensarling, a former congressional aide who now represents
the Dallas area, is chairman of the House Financial Services
Committee, a panel on which he has served for more than a decade.
He has pursued top GOP priorities such as rolling back the 2010
Dodd-Frank law.
Vice President-elect Mike Pence, a former member of the House
and Indiana governor, and Rep. Hensarling worked closely together
in Congress and their views on many financial issues are closely
aligned. Mr. Hensarling had backed Sen. Ted Cruz (R., Texas) for
president during the Republican primary, but he praised Mr. Trump
for selecting Mr. Pence as his running mate.
Mr. Hensarling has been a leading critic of the U.S.
Export-Import Bank, which finances American exports. The
Export-Import Bank's charter lapsed for nearly five months last
year after Mr. Hensarling led a campaign to block its
reauthorization.
The bank has been unable this year to back deals larger than $10
million because the Senate hasn't filled vacant board
positions.
Mr. Hensarling also sought to pass legislation in 2013 that
would phase out government-controlled mortgage companies Fannie Mae
and Freddie Mac, a piece of unfinished business from the 2008
financial crisis that the Trump administration is likely to
inherit.
Ryan Tracy and William Mauldin contributed to this article.
Write to Michael C. Bender at Mike.Bender@wsj.com and Damian
Paletta at damian.paletta@wsj.com
(END) Dow Jones Newswires
November 11, 2016 07:25 ET (12:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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