Concise look at Trump appointments that impact the business community

Thank you for joining us this Saturday morning.

Today we’re providing a concise snapshot of the change coming to Washington, D.C.’s core government agencies. Specifically, the presidential cabinet, which includes the vice president and the heads of 15 executive departments (George Washington’s cabinet had just four members). A few nominees for President-elect Donald Trump’s cabinet have received the lion’s share of press attention, and even then the state of play is muddled and hard to track.

So this morning we’re offering a broad non-political overview, a state of things if you will, of the cabinet nominees that have the most impact on the business community – who are they, what’s their outlook, and how might their tenure impact the business climate?

We’ll get right to it.

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Secretary of the Treasury
Trump nominated South Carolina billionaire and financier Scott Bessent to lead the Treasury Department, a role that’s traditionally served as the president’s chief advisor on fiscal and economic policy.

Bessent, 62, spent much of his career as an investor, including as a partner at Soros Fund Management. Bessent was a Democratic donor and boosted Al Gore’s run for president. In recent years, he’s burnished a reputation as a deficit hawk and Trump ally. He supported the Tax Cut and Jobs Act of 2017, the Associated Press reported, and has spoken in media appearances about negotiating plans for extending the tax cuts.

Bessent has been bullish on tariffs as an effective foreign policy tool. In a November op-ed for Fox News, Bessent wrote, “Tariffs have a long and storied history as both a revenue-raising tool and a way of protecting strategically important industries.”

He went on to argue that the post-World War II era of free trade failed to deliver on its promises to coax autocratic countries toward to democracy and to offset domestic job losses with “increased prosperity for all.”

Administrator of the EPA
The EPA administrator is not a formal member of the president’s cabinet, but the post is considered “cabinet-level.” Regardless, the EPA has expansive influence on business activity, especially through its rule-making authority.

Trump nominated Lee Zeldin, a former New York state senator, congressman, and candidate for governor. Zeldin is not liked by environmental and climate change activists. In 2011, when Zeldin served in the New York Senate, the left-wing group Environmental Advocates NY gave Zeldin its “Oil Sick Award” for what they claim were policy positions adverse to environmental protection.

Zeldin has promised to prioritize deregulation to “unleash economic prosperity.”

Secretary of Labor 
While Trump’s pick for EPA Administrator angered left-wing advocates and excited business interests, his choice for Labor Secretary has done the precise opposite.

His nominee, Rep. Lori Chavez-DeRemer (R-OR), is one of the few pro-union Republicans in Congress. She supported the PRO Act, which undermines right-to-work laws, and another bill “to strengthen public-sector unions,” The Hill reported.

The move comes after Teamsters President Sean O’Brien spoke at the Republican National Convention, and exit polls suggested Trump won close to half of union voters. Trump’s choice for Labor Secretary adds yet more to the growing pile of evidence foreshadowing a major realignment in American labor politics.

Attorney General
Trump’s first choice for attorney general, Rep. Matt Gaetz (R-FL), withdrew amid a media circus over his checkered past. In his place, Trump nominated former Florida Attorney General Pam Bondi.

Bondi, or whoever leads the Department of Justice, will enter as the nation’s justice system faces questions of legitimacy and politicization. President Joe Biden pardoned his son, Hunter Biden, for any and all crimes that may have been committed between 2014 and 2024. Trump has claimed the various legal cases against him are “witch hunts” and manifestations of a deep state out to get him. He has promised to overhaul the Department of Justice.

Bondi currently chairs the America First Policy Institute, and she helped defend Trump during his first impeachment trial, BBC reported. Before Bondi became Florida Attorney General, she spent 18 years as a prosecutor. She’s considered a close Trump ally.

Secretary of Agriculture 
The Department of Agriculture oversees hundreds of billions of dollars in federal programs, from crop insurance to nutrition assistance.

Trump surprised some in nominating Brooke Rollins to lead the department. Rollins is CEO of the America First Policy Institute and served in Trump’s first administration as acting director of the Domestic Policy Council, Agriculture Dive reported.

Politico called Rollins “one of the most important Republicans operatives you’ve probably never heard of.” The story, which published a week before the election, suggested that Rollins might be in line for chief of staff should Trump win.

Rollins does not have the type of extensive agricultural experience some might expect for someone chosen to lead the Department of Agriculture – but she does appear to have Trump’s trust and confidence. Like Susie Wiles, who Trump tapped as his chief of staff, Rollins seems to operate outside of the spotlight, and to do so with great effect.

Secretary of Energy
The Department of Energy is charged with providing nuclear security and promoting energy access.

Trump nominated fossil fuel executive Chris Wright as his nominee for the Secretary of Energy.

Wright serves as the CEO of the Denver-based Liberty Energy and regularly advocates for increased domestic production of oil and natural gas. He earned a reputation as one of the chief advocates against climate change activists’ “top-down” approach toward energy management and believes that the policies will eventually falter. In contrast, Wright argued that the globe needs more energy, including fossil fuels, to lift people across the world out of poverty.

Senator John Barrasso of Wyoming, who is expected to chair the committee tasked with vetting, said Wright’s nomination delivered on President Trump’s promise of bold leaders to promote American energy.

Small Business Administration administrator
Former Senator Kelly Loeffler was named as Trump’s nominee to lead the Small Business Administration, the agency tasked with running programs that support small businesses including administering billions in disaster recovery loans.

Loeffler build a successful career in the private sector before being appointed to the United States Senate. Notably, in 2018, she was named the CEO of Bakkt, a subsidiary of the Intercontinental Exchange and purchased the WNBA Team the Atlanta Dream in 2011. 

She was appointed to the United States Senate in 2020 to fill a vacancy and quickly became a key ally of President Donald Trump. After losing the election in 2020, she worked to start a number of nonprofits focused on pushing a conservative policy agenda.

An effective executive at the Small Business Administration will play a vital role in helping Western North Carolina quickly recover from Helene.