Donald Trump's key appointments share similarities with past presidents: predominantly male, wealthy, and drawn from the financial sector. However, his nominees diverge from tradition by lacking prominent bankers. Instead, they are venture capitalists, hedge fund managers, and private equity investors, many of whom are significant donors to Trump's campaign or business associates. This reliance on loyalists raises concerns about conflicts of interest and a return to the 'spoils system' of patronage.
The key nominations to Donald Trump’s top team are in some ways like those of many presidents before him — overwhelmingly male, overwhelmingly rich and significantly drawn from the financial services industry. And yet Trump’s nominees differ in one important respect. They are not mainstream. In particular the list contains no prominent bankers, breaking the tradition that financier appointments would normally be drawn from the likes of Goldman Sachs.
Strong government and regulatory support could give the platform a big boost. More profound still would be how US official attitudes to crypto finance seem set to invert. Under the leadership of Gary Gensler, the Securities and Exchange Commission has taken an openly hostile stance: multiple cases have been brought against crypto companies for fraud, so-called “wash trading” that inflates transaction volumes, registration violations, and other misconduct.
Trump Appointments Spoils System Conflicts Of Interest Financial Sector Patronage Politics
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