One of the less-publicized aspects of how President-elect Donald Trump will run the economy is the influence of those who don't officially hold positions of power but remain in Trump's kitchen. Probably.
People close to him say it's a loosely defined group of outsiders, some Democrats but mostly Republicans, who he's focused on, including issues affecting the $27 trillion U.S. economy. He is seeking advice on the matter.
That's why the front-runners for key positions at the Treasury Department and the Securities and Exchange Commission, which have yet to be announced, could be dropped at any moment.
On the Money was told by a top Trump transition official that as Trump taps into this advisory network, he shouldn't be surprised if a “dark horse” candidate emerges, especially at the Treasury Department.
So who are these backchannel advisors? I don't know all of them, but one name I do know is Larry Fink, the non-MAGA CEO of BlackRock. Mr. Fink is often associated with the Democratic Party because of his support for investments in progressive environmental and social governance, but he is close to Mr. Trump. He managed Donald's vast fortune in the past, and the two still talk.
On the Money reported earlier this week that in the midst of the Treasury scrum (which, like I said, there are a lot of people vying for the job), the Trump campaign and Mr. Fink communicated on various issues. I learned that there was. I heard that Fink immediately removed his name from the Treasury Department investigation.
Mr. Fink's ESG proselytizing often overshadows his impressive skill set as a risk manager and market expert. If he's not good at his job, he won't be able to build his company from zero to $10 trillion in assets under management.
He and Trump are likely to have more conversations over the next few years.
