Donald Trump’s administration is shaping up to be one of the wealthiest in history, drawing scrutiny from ethics watchdogs and lawmakers. The president-elect has handpicked a group of ultra-rich individuals to fill top roles, raising concerns about potential conflicts of interest. From hedge fund billionaires to defense contractors, Trump’s choices have sparked questions about how these picks will balance their massive financial interests with their government duties.
Scott Bessent, a hedge fund executive, is Trump’s pick for treasury secretary. He owns hundreds of millions in assets, with properties spanning North Dakota to the Bahamas. His confirmation hearing is set for Thursday, but concerns about his financial holdings and the necessary ethics paperwork could delay his confirmation.
A billionaire-laden team
Trump’s Cabinet picks include not just Bessent, but also Steve Feinberg, a billionaire private equity co-founder, chosen as the No. 2 official at the Pentagon. Feinberg’s firm has a history of working with companies holding federal defense contracts, raising alarms about potential conflicts with his new government role.
Trump’s choice for energy secretary, Chris Wright, is the CEO of Liberty Energy, a company focused on fracking services. Another pick, Doug Burgum, former governor of North Dakota, founded a software company sold to Microsoft. Burgum’s confirmation hearing is scheduled for Thursday, though delays due to paperwork holdups have already postponed some hearings.
The many billionaires in Trump’s circle worry ethics experts. They argue his picks lack government experience. Jeff Hauser warns they may favor private interests.
Delays and last-minute scrutiny
The new administration is struggling with deadlines, delaying Senate hearings. South Dakota Governor Kristi Noem’s Homeland Security hearing was postponed due to FBI vetting delays. Her financial disclosures also drew criticism after revealing a $140,000 book advance during her governorship.
Senator Martin Heinrich criticized late financial paperwork for Chris Wright’s hearing. Despite objections, the hearing proceeded, with Wright promising to address conflicts of interest.
Elon Musk’s potential role
Perhaps the most controversial of Trump’s picks is Elon Musk, the billionaire CEO of Tesla and SpaceX. Musk has invested heavily in Trump’s political campaign and has become a key adviser during Trump’s transition. His role in a new Department of Government Efficiency has raised questions, especially given his business dealings with federal contracts. Critics, including Donald Sherman of Citizens for Responsibility and Ethics, warn that Musk’s close ties to Trump could lead to potential conflicts of interest, particularly regarding Tesla and SpaceX’s federal contracts.
Shedding assets to avoid conflicts
Trump’s wealthy appointees must disclose assets and divest to avoid conflicts. Bessent pledged to sell his hedge fund and stakes in several firms, including Verizon.
Other wealthy picks include Howard Lutnick for Commerce and Linda McMahon for Education. Jared Isaacman, a Musk ally, will oversee NASA despite his fortune.
Feinberg’s Pentagon role is controversial due to his history with defense contracts.
Billionaire president, unclear plans
While Trump’s Cabinet picks have been the focus of attention, the president himself is also under scrutiny. Federal laws meant to prevent conflicts of interest do not apply to the president or vice president. The Trump Organization has pledged to distance itself from Trump’s presidency, but ethics experts argue that the plan doesn’t go far enough. Critics like Richard Painter, former White House ethics lawyer under George W. Bush, argue that Trump should follow the same standards required of other public officials.
Trump will host one of his first return-to-office events at his Virginia golf club. The reception and fireworks along the Potomac River will spotlight his business empire and raise more conflict-of-interest questions.
Concerns persist
As Trump prepares to enter the White House for a second term, his administration’s makeup has already caused waves. The unprecedented wealth of his Cabinet members, their ties to business empires, and their lack of government experience continue to raise alarms. Whether these issues will be fully addressed before their confirmations remains to be seen, but one thing is clear: Trump’s wealthy circle is ready to take charge, and ethics will continue to be a major point of contention.
