Politics
Trump’s bringing several billionaires — and their conflicts — to Washington
Donald Trump has reshaped the Republican Party to embrace a brand of populism that prioritizes its working-class base and is at least outwardly skeptical of corporate power.
But since his second election last month, Trump has leaned heavily on aides and Cabinet picks who share a distinctive characteristic with him: wealth from complex business entanglements.
Trump has appointed a raft of rich business people and investors — including several billionaires and multiple Wall Street executives with complex financial interests — to fill out top roles in his administration, raising a vast array of potential conflicts of interest that could span the federal government and complicate Senate confirmations.
The billionaires set to join the second Trump administration include Howard Lutnick, a Wall Street CEO who Trump tapped to be Commerce secretary; Warren Stephens, the CEO of an Arkansas financial services firm who he picked to be ambassador to the United Kingdom; presumptive NASA administrator nominee Jared Isaacman; and deputy Defense secretary Steve Feinberg.
“It opens up the door for there being a lot more possible conflicts of interest because their personal wealth is so vast,” said Delaney Marsco, director of ethics at the Campaign Legal Center.
The potential for conflicts cover a wide variety of industries from health and defense to the financial and cryptocurrency sectors.
The selections exemplify how Trump’s brand of economic populism has still carved out room for the ultra-wealthy. Despite running as a critic of corporate power and economic elites, several of the people Trump has chosen and considered for top roles come from backgrounds in business and finance.
With so many nominees presenting such conflicts of interest — and the general indifference from both Trump and his supporters — the ho-hum response to a new administration populated with so many ultra-wealthy picks is yet another example of how Trump has shattered the Overton window on ethics.
Morgan Ackley, a spokeswoman for the transition team, defended Trump’s appointments and said delivering on the campaign’s promises means “appointing respected professionals and industry leaders to usher America into a new Golden Age. These highly qualified men and women have the talent, experience, and necessary skill sets to Make America Great Again.”
To be sure, the president-elect is expected to pursue policies from trade to labor to antitrust that align with the populist vision he ran on. Some selections — like presumptive Labor secretary nominee Lori Chavez-DeRemer, who is seen as an ally to unions — represent shifts from the pre-Trump GOP orthodoxy.
The wealthy picks and their potential conflicts have become an early focus for the left, including Democratic lawmakers who are fighting the nominees.
One target: Trump’s pick to run Medicare and Medicaid, heart surgeon and TV personality Dr. Mehmet Oz. Democrats argued in a letter Tuesday to Oz that he has many conflicts of interest, including “deep financial ties to private health insurers” — documented in the disclosures he filed in his failed 2022 Pennsylvania Senate bid — and “previous advocacy for Medicare privatization.” The lawmakers asked him to provide assurances that he will “commit to fully divesting of any and all financial holdings related to the insurance industry if you are confirmed.”
Trump’s economic picks are also expected to face scrutiny. Sen. Elizabeth Warren (D-Mass.), who is poised to become the top Democrat on the Senate Banking Committee, has criticized Treasury pick Scott Bessent, a hedge fund executive, as having “expertise [in] helping rich investors make more money, not cutting costs for families squeezed by corporate profiteering.”
Lutnick, the Commerce pick who also co-chairs the Trump transition team, has said he will step down from his companies and divest his interests upon Senate confirmation. He has close ties through his firm Cantor Fitzgerald to a controversial foreign cryptocurrency firm called Tether. The connection could become a focus given Trump’s pledge to overhaul crypto regulations in his second term.
And then there’s Elon Musk, the world’s richest man with a net worth now estimated at more than $400 billion, who could have an opportunity to shape regulations, contracts and budgets in a way that benefits his own interests. Because his Department of Government Efficiency, or DOGE, will be set up outside of the federal government, the Tesla, SpaceX and Starlink CEO won’t be subject to conflict of interest laws. But by deploying his own wealth to serve as the president’s political enforcer, Musk may be able to maintain his proximity to the president for some time — and to push policies that could improve his own bottom line.
Still, while several of Trump’s picks are facing questions about whether they can be confirmed by a GOP Senate that includes several moderates who will be up for reelection in 2026, conflict of interest issues haven’t been a major focus.
Sen. Mike Rounds, a moderate Republican from South Dakota who is seen as a swing vote on some controversial nominees, said Trump’s wealthy picks “have been successful and they have a different way of looking at things outside of government.”
“The founding fathers wanted folks coming from the business communities to be a part of this process, and that’s healthy,” he said. “You want individuals that get it from the inside, that understand it, and can see what’s going on in the industry. So no, I don’t have a concern in that regard.”
Like this content? Consider signing up for Blue Light News’s West Wing Playbook newsletter.
Top Democrats are using 2026 as a launching pad for potential 2028 presidential runs.
From progressive Reps. Ro Khanna (D-Calif.) and Alexandria Ocasio-Cortez (D-N.Y.) to the more moderate Pete Buttigieg and Pennsylvania Gov. Josh Shapiro, Democrats have sought to shape their party by endorsing in contested primaries this year. They’ve traveled the country to raise their own profiles and elevate candidates they see as the future of the party.
Their strategies have not always been successful — but they have been revealing: Some endorsed against incumbents based on generational or ideological differences. Some weighed in early to give candidates credence, while others waited until the last minute to help them close out the race. And some have focused on purple districts and other competitive races that could determine control of Congress in the fall.
“If you’re thinking about running for president, you need allies,” said Mike Nellis, a Democratic strategist whose firm works with House and Senate campaigns across the country. “The more that you’re out there, trying to get people elected and making a meaningful difference, voters are going to remember that.”
Appearing with candidates on the campaign trail is an opportunity for potential 2028 candidates to create social media buzz, Nellis noted. Traveling gives them opportunities to connect with donors and elected officials across the country who might be helpful for a future presidential run and pressure test how messages work in various parts of the country. For those not up for an election of their own this year, it’s also a way to stay relevant.
Some potential presidential candidates have been particularly prolific, while others have been more cautious or stuck to their home states, according to a Blue Light News review of endorsements in House, Senate and gubernatorial races. And a handful mostly stayed out of this year’s primaries.
The most prolific endorsers
Few members of Congress threw out as many endorsements as Khanna.
The California representative, who has said he is “seriously considering” running for president in 2028, endorsed in more than a dozen races, often serving as one of the earliest national backers of progressive candidates such as Kat Abughazaleh in Illinois’ 9th District and Analilia Mejia in New Jersey’s 11th District. Abughazaleh lost her race, while Mejia won.
Khanna also backed left-wing candidates that other national progressives shied away from, most notably democratic socialist state Rep. Francesca Hong in the Wisconsin gubernatorial race.
His record is mixed. Hong lost and former Maine Senate Democratic nominee Graham Platner, who Khanna stood by despite a series of controversies, had to drop out after winning a primary but facing an allegation of sexual assault, which he denies — at which point Khanna, like many others, withdrew his endorsement.
Khanna told Blue Light News he likes “endorsing early when an insurgent candidate is a bit of a longshot because that is when they need the endorsement most.” He looks for candidates who support Medicare for All and taxing billionaires and are opposed to foreign wars.
“My philosophy is to give those who are outsiders and have to scrape their way in — like I had to — a fair shot,” he said in a text message.
Ocasio-Cortez also endorsed a large slate of progressive candidates, but she’s been more selective than Khanna — a difference in approach that’s sparked some infighting within the Bernie Sanders wing of the progressive movement.
Critics have argued she’s played it too safe. But her selectivity has also meant she avoided high-profile stumbles.
Ocasio-Cortez has positioned herself as more of a closer this cycle. In California’s 22nd District, a battleground in the Central Valley, Khanna endorsed progressive professor Randy Villegas last September, while Ocasio-Cortez dropped her endorsement in May — about a month before the primary. Villegas ultimately defeated a moderate lawmaker backed by the Democratic Congressional Campaign Committee and is among the progressives who will now try to knock off an incumbent Republican in November.
Ocasio-Cortez actively campaigned for progressives in several contested battleground primaries, rallying with Sam Forstag in Montana and alongside Sanders with Abdul El-Sayed, who narrowly won the Democratic Senate nomination in Michigan.
She recently threw her support behind Sen. Ed Markey (D-Mass.), who faces a primary challenge from Rep. Seth Moulton next week.
The other most frequent endorser among potential Democratic 2028ers this cycle played in a different lane. Former Transportation Secretary Pete Buttigieg, a moderate, has been active on the campaign trail, visiting most presidential battleground states and endorsing in key Senate primaries, including Rep. Angie Craig in Minnesota’s Democratic Senate primary — which she lost to progressive Peggy Flanagan — and state Rep. Josh Turek in Iowa’s Democratic Senate primary, which he won.
Buttigieg, who has said he is “more inclined than not” to run for president again in 2028, has also notched endorsement wins with Rebecca Cooke in Wisconsin’s battleground 3rd District and former Hartford Mayor Luke Bronin in Connecticut, who defeated incumbent Rep. John Larson earlier this month.
Most governors stuck close to home
Governors eyeing White House runs kept their endorsements closer to home, largely trying to play kingmaker within state lines as they face their own reelection fights.
The local focus allows them to flex their influence while avoiding criticism for nationalizing their own states’ politics. And they’ve campaigned aggressively for their chosen candidates — political power plays that not only strengthen their standing on home turf but could also serve as springboards for national bids.
Illinois Gov. JB Pritzker pumped $10 million into a super PAC supporting his lieutenant governor, Juliana Stratton, in the contentious Senate primary to replace retiring Sen. Dick Durbin, and appeared alongside her on the campaign trail. He described the race as “personal” to him; Stratton won by 7 points.
Pennsylvania Gov. Josh Shapiro expended significant political capital in one of Democrats’ top House targets in his state, helping recruit longtime ally and firefighter union chief Bob Brooks into the race against GOP Rep. Ryan Mackenzie in the state’s swingy 7th District and then working to elevate him out of a four-way primary. Shapiro fundraised for Brooks, cut an ad for him and joined him on the stump ahead of Election Day; Brooks won by nearly 20 points.
Shapiro was also one of a handful of Democratic attorneys-general-turned-governors who backed Colorado Attorney General Phil Weiser in his gubernatorial primary against Sen. Michael Bennet. Weiser won by 14 points.
In Maryland, Gov. Wes Moore backed state Del. Adrian Boafo in the crowded race to replace retiring Rep. Steny Hoyer and boosted Rep. April McClain Delaney in her bruising primary against former Rep. David Trone — including recording a robocall on her behalf. An adviser to Moore said the governor had preexisting relationships with both candidates he endorsed, and that he prioritizes local and in-state races as he seeks to make endorsement decisions that will benefit his constituents.
Michigan Gov. Gretchen Whitmer also stuck to her state, only really playing in Michigan’s high-profile Senate race. She endorsed Rep. Haley Stevens in the final stretch of the race, although she wasn’t active on the campaign trail in the same way Pritzker was for Stratton or Shapiro for Brooks.
Disagreements among moderates
Even among candidates occupying a more centrist lane heading into 2028, there was room for disagreement.
Sen. Elissa Slotkin (D-Mich.), a former national security official, endorsed retired Navy SEAL Matt Maasdam, a moderate in Michigan’s 7th district, which she previously represented. Several Democrats had hoped she’d back former foreign service officer Bridget Brink, a fellow moderate — and as they split the centrist vote, progressive William Lawrence ascended to the nomination in the toss-up district instead.
A person familiar with Slotkin’s thinking, granted anonymity to speak candidly about internal deliberations, said that she connected better with Maasdam and saw him as a stronger general election candidate.
The person also acknowledged that Slotkin’s decision to wait to issue her endorsement until three weeks before the primary didn’t leave enough time for voters and party leaders to coalesce around Maasdam.
Sen. Mark Kelly (D-Ariz.) rolled out a slate of endorsements of veteran candidates, mostly for the general election, but has backed a range of other Democrats in primaries. That includes DCCC-backed political novice Marlene Galan-Woods in his home state, only for her to lose the primary in Arizona’s 1st District.
“As Navy combat veteran and former NASA astronaut, Mark Kelly knows the country is best served by leaders who represent their communities and bring a range of different backgrounds and experiences to the job. It’s why he’s endorsed candidates in competitive primaries and campaigned for Democrats up and down the ballot,” Kelly spokesperson Marisol Samayoa said.
In next week’s primary in New Hampshire’s 1st District, Kelly is supporting Stefany Shaheen, the daughter of his Senate colleague Jeanne Shaheen, praising her as a “fearless leader” who would stand up to President Donald Trump.
New Jersey Gov. Mikie Sherrill also went on a recent endorsement spree focused on military veterans. But she’s backing Maura Sullivan in the race against Shaheen next week, along with Rep. Seth Moulton in his primary against Sen. Ed Markey, who has gotten backing from progressives including Ocasio-Cortez.
“The fight isn’t moderates versus DSA candidates,” Sherrill told POLITICO earlier this month. “The fight is if we are going to have strong people in the Democratic Party that are going to actually make change to make people’s lives better, or people who you can just expect more of the same.”
The ones who (mostly) sat it out
Not every potential presidential candidate was eager to endorse this cycle.
Even after working to redraw boundaries in his home state to create more safely blue seats, California Gov. Gavin Newsom stayed out of the federal races — and the contest to succeed him. Kentucky Gov. Andy Beshear endorsed after primaries in his home state were complete. Former White House Chief of Staff Rahm Emanuel, who is considering his own White House bid, also eschewed endorsements.
And Kamala Harris declined to weigh in on the majority of competitive primaries because of her high profile, according to a person familiar with her thinking who was granted anonymity to speak candidly. The exceptions were “based on the closeness” of the former vice president’s relationships with the people she did endorse.
Harris recorded a robocall for Rep. Jasmine Crockett in the Texas Senate primary before Crockett eventually lost to James Talarico. She backed Del. Stacey Plaskett ahead of her U.S. Virgin Islands’ gubernatorial primary victory earlier this month. She has also endorsed Dan Koh in next week’s primary for Massachusetts’ 6th District.
All three candidates have close ties to Harris. Crockett served as co-chair of Harris’ 2024 presidential campaign, Plaskett endorsed Harris when she first ran for president in the 2020 primary, and Koh is a former Biden administration official.
Iowa’s last Democrat on how he can win in Trump country
lead image
Alaska GOP Sen. Dan S. Sullivan can’t shake his same-name challenger.
Retired teacher Dan J. Sullivan punched a ticket out of the state’s top-four, all-party primary early Wednesday morning. He could now play spoiler in a high-stakes Senate clash between the Republican senator and former Democratic Rep. Mary Peltola that could help swing control of the upper chamber.
Republicans fought and failed to keep Dan J. Sullivan off the primary ballot, arguing he was a Democratic plant designed to boost Peltola. Both Dan J. Sullivan and Peltola’s campaign have denied any coordination.
The senator’s allies have already taken steps to mitigate the second Sullivan’s potential vote siphoning, in some cases running ads using the senator’s middle initial to help differentiate between the same-named candidates.
Supporters of the state’s ranked-choice voting system, which kicks in for the general election, argue the process helps curtail the spoiler effect. But the presence of other candidates could still skew the results of the battleground race. Outside groups flooded the primary with more than $2 million to boost myriad fringe candidates — and could do so again ahead of November.
It’s not smooth sailing for Peltola, either, as she wages an uphill battle to flip a red seat in a state President Donald Trump won by 13 percentage points in 2024. She recently replaced her campaign manager in a staffing shakeup ahead of the primary, among other internal moves.
-
Uncategorized2 years ago
Bob Good to step down as Freedom Caucus chair this week
-
The Josh Fourrier Show2 years agoDOOMSDAY: Trump won, now what?
-
Politics2 years agoFormer ‘Squad’ members launching ‘Bowman and Bush’ YouTube show
-
The Dictatorship2 years agoLuigi Mangione acknowledges public support in first official statement since arrest
-
Politics2 years agoFormer Kentucky AG Daniel Cameron launches Senate bid
-
Politics2 years agoBlue Light News’s Editorial Director Ryan Hutchins speaks at Blue Light News’s 2025 Governors Summit
-
The Dictatorship2 years agoPete Hegseth’s tenure at the Pentagon goes from bad to worse
-
The Dictatorship12 months agoMike Johnson sums up the GOP’s arrogant position on military occupation with two words