{"id":1050763,"date":"2025-01-13T10:12:00","date_gmt":"2025-01-13T15:12:00","guid":{"rendered":"https:\/\/democrats.org\/?p=1050763"},"modified":"2025-01-13T10:24:02","modified_gmt":"2025-01-13T15:24:02","slug":"donald-trumps-stacking-his-cabinet-with-billionaires-who-will-put-wall-street-over-main-street","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/donald-trumps-stacking-his-cabinet-with-billionaires-who-will-put-wall-street-over-main-street\/","title":{"rendered":"Donald Trump\u2019s Stacking His Cabinet With Billionaires Who Will Put Wall Street Over Main Street"},"content":{"rendered":"\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p><strong>MEMORANDUM<\/strong><br>TO: Interested Parties<br>FROM: Rosemary Boeglin, DNC Communications Director\u00a0<br>DATE: January 13, 2024<br>RE: Donald Trump\u2019s Stacking His Cabinet With Billionaires Who Will Put Wall Street Over Main Street<\/p>\n<\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Donald Trump\u2019s Cabinet is on track to be the wealthiest in American history, stacked with out-of-touch, special interest billionaires who are looking out for themselves and their balance sheets over working families. From tax handouts to the ultra-rich and big corporations, to price hikes that would devastate working families, Trump is making no secret of the fact that his administration will serve the wealthy and well-connected \u2014 not hardworking Americans.<\/p>\n\n\n\n<p>As the American people are gearing up for a transfer of power from the most pro-worker administration in American history to the most pro-billionaire administration, it\u2019s becoming painfully clear that Americans voted for Trump on false economic promises that he\u2019s already <a href=\"https:\/\/www.huffpost.com\/entry\/donald-trump-walks-back-prices-down_n_675af8f3e4b04606476ba6cd?d_id=8482451&amp;ncid_tag=tweetlnkushpmg00000016&amp;utm_medium=Social&amp;utm_source=Twitter&amp;utm_campaign=us_politics\">walking back<\/a> before Day One.&nbsp;<\/p>\n\n\n\n<p>When Trump heads to the Oval Office in January and Republicans on the Hill begin negotiating a tax deal, their primary focus will be the balance sheets of Trump\u2019s mega-donors and ultra-rich Cabinet secretaries, not the checkbooks of working families across the country.<\/p>\n\n\n\n<p>As Trump\u2019s billionaire Cabinet begins confirmation hearings this week, Democrats will hold them accountable for their lies.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Trump is stacking key positions in his administration with billionaire loyalists \u2014 from the Treasury Department and the so-called Department of Government Efficiency to the Office of Management and Budget.<\/span><\/strong><\/p>\n\n\n\n<p>Trump\u2019s administration includes <a href=\"https:\/\/www.usatoday.com\/story\/news\/politics\/elections\/2024\/11\/21\/trump-administration-cabinet-picks-wealthy\/76433245007\/\">more billionaires<\/a> than any other in American history, with a combined net worth that <a href=\"https:\/\/www.usnews.com\/news\/national-news\/articles\/2024-11-25\/how-many-billionaires-are-in-trumps-administration-and-what-is-their-worth\">exceeds the GDP of 172 different countries<\/a>.&nbsp;<\/p>\n\n\n\n<p><span style=\"text-decoration: underline;\">Here are some of the billionaires Trump has tapped to join his administration:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Trump\u2019s Wall Street pick to lead the Commerce Department, Howard Lutnick, has a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-09-20\/lutnick-now-a-billionaire-bets-own-fortune-on-bold-growth-plan\">net worth<\/a> of more than $1.5 billion.\u00a0<br><\/li>\n\n\n\n<li>Trump\u2019s choice to lead the Department of Education, mega-donor Linda McMahon, has a <a href=\"https:\/\/www.the-independent.com\/news\/world\/americas\/us-politics\/trump-billionaires-white-house-b2660235.html\">net worth<\/a> of over $2.5 billion.<br><\/li>\n\n\n\n<li>Trump also tapped billionaires Elon Musk and Vivek Ramaswamy to lead his so-called Department of Government Efficiency, with Musk\u2019s <a href=\"https:\/\/www.forbes.com\/profile\/elon-musk\/\">net worth<\/a> estimated at $417.8 billion and Ramaswamy\u2019s <a href=\"https:\/\/www.forbes.com\/sites\/saradorn\/2024\/12\/22\/the-billionaires-trumps-picked-for-next-administration-elon-musk-tilman-fertitta-and-more\/\">net worth<\/a> at $1.1 billion.<br><\/li>\n\n\n\n<li>Trump also chose hedge fund founder and <a href=\"https:\/\/www.usnews.com\/news\/national-news\/articles\/how-many-billionaires-are-in-trumps-administration-and-what-is-their-worth\">\u201cwidely reported\u201d<\/a> billionaire Scott Bessent to run his Treasury Department.\u00a0<br><\/li>\n\n\n\n<li>Trump\u2019s pick to lead the Department of Interior, Big Oil shill Doug Burgum, has an <a href=\"https:\/\/finance.yahoo.com\/news\/rich-wealthiest-governors-150108514.html?guccounter=1\">estimated<\/a> net worth of $1.1 billion.<br><\/li>\n\n\n\n<li>Kelly Loeffler, Trump\u2019s pick to head the Small Business Administration, has a <a href=\"https:\/\/www.forbes.com\/sites\/saradorn\/2024\/12\/04\/the-billionaires-in-trumps-next-administration-elon-musk-jared-isaacman-warren-stephens-and-more\/\">net worth<\/a> of $1.1 billion.\u00a0<br><\/li>\n\n\n\n<li>Trump chose defense contractor Jared Isaacman, with a <a href=\"https:\/\/www.forbes.com\/profile\/jared-isaacman\/\">net worth<\/a> of $1.8 billion, to serve as the NASA administrator.<br><\/li>\n\n\n\n<li>Trump offered the number two position at the Pentagon to Stephen Feinberg, whose <a href=\"https:\/\/www.forbes.com\/profile\/stephen-feinberg\/\">net worth<\/a> is $5 billion.<br><\/li>\n\n\n\n<li>Trump rewarded top donor Warren Stephens, whose <a href=\"https:\/\/www.forbes.com\/profile\/warren-stephens\/\">net worth<\/a> is around $3.4 billion, with the role of ambassador to the United Kingdom.<br><\/li>\n\n\n\n<li>Trump\u2019s nomination for envoy to the Middle East, real estate investor Steve Witkoff, has a <a href=\"https:\/\/www.newsweek.com\/donald-trump-cabinet-billionaires-net-worth-1994494\">net worth<\/a> of at least $1 billion.<\/li>\n<\/ul>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Trump\u2019s billionaire Cabinet will help him roll back progress made under the Biden-Harris administration and enact an expensive Project 2025 economic agenda that would rig the economy for the ultra-rich and big corporations, hike costs, and skyrocket inflation.<\/span><\/strong><\/p>\n\n\n\n<p>The Biden-Harris administration built <a href=\"https:\/\/www.telegraph.co.uk\/business\/2024\/12\/09\/donald-trump-policies-tip-us-into-recession\/\">\u201cstrong\u201d<\/a> and <a href=\"https:\/\/www.politico.com\/newsletters\/playbook-pm\/2024\/12\/06\/the-economy-biden-is-leaving-behind-00132333\">\u201chealthy\u201d<\/a> economic growth over the last four years, creating over 16 million jobs, overseeing the lowest unemployment rate of any administration in 50 years, and lowering costs of essentials like prescription drugs. But Trump and his billionaire Cabinet are threatening to put all this progress at risk \u2014 and stick hardworking Americans with the bill.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Trump is already <a href=\"https:\/\/www.huffpost.com\/entry\/donald-trump-walks-back-prices-down_n_675af8f3e4b04606476ba6cd?d_id=8482451&amp;ncid_tag=tweetlnkushpmg00000016&amp;utm_medium=Social&amp;utm_source=Twitter&amp;utm_campaign=us_politics\">walking back<\/a> promises to lower costs, instead <a href=\"https:\/\/www.youtube.com\/watch?v=6HvF0xNakgI&amp;feature=youtu.be\">pledging<\/a> a <a href=\"https:\/\/x.com\/JStein_WaPo\/status\/1861206638864036154\">$100 billion national tax<\/a> on Americans.<br><\/li>\n\n\n\n<li>Trump\u2019s disastrous plans would raise prices on necessities like groceries and gas, costing American families an <a href=\"https:\/\/www.usatoday.com\/story\/money\/2024\/11\/26\/trumps-tariffs-raise-inflation\/76600310007\/\">extra $1,300 a year<\/a>.<br><\/li>\n\n\n\n<li>Trump and his incoming team are also threatening <a href=\"https:\/\/www.youtube.com\/watch?v=l7N0Ibo7n7o&amp;feature=youtu.be\">access to health care<\/a> and critical earned benefits like <a href=\"https:\/\/www.youtube.com\/watch?v=TQ1FNlqaraE\">Social Security<\/a> \u2014 after Trump tried to <a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/02\/09\/trump-desantis-biden-social-security-medicare\/\">gut<\/a> <a href=\"https:\/\/www.nbcnews.com\/politics\/2024-election\/donald-trump-misrepresents-repeal-affordable-care-act-obamacare-rcna171293\">both<\/a> the last time he was in office.<br><\/li>\n\n\n\n<li>And after giving away billions to the ultra-wealthy during his first term, Trump is <a href=\"https:\/\/youtu.be\/s3_3u8wXUpc\">doubling<\/a> <a href=\"https:\/\/youtu.be\/zjeTosf5dF4\">down<\/a> on plans to give tax handouts for billionaires and big corporations as economists warn he\u2019s setting up an <a href=\"https:\/\/www.axios.com\/2024\/05\/08\/trump-biden-2024-economy-inflation\">inflation bomb<\/a> to wreck the economy.<\/li>\n<\/ul>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Trump\u2019s MAGA loyalists in Congress are gearing up to push through these unfit billionaire picks and Trump\u2019s anti-working families agenda.<\/span><\/strong><\/p>\n\n\n\n<p>Trump\u2019s MAGA allies in Congress have made clear they\u2019ll loyally do his bidding \u2014 including supporting his billionaire Cabinet and <a href=\"https:\/\/www.reuters.com\/world\/us\/how-republicans-plan-pass-trumps-agenda-through-reconciliation-2024-12-16\/\">doubling down<\/a> on the <a href=\"https:\/\/www.politico.com\/story\/2019\/04\/15\/donald-trump-tax-cuts-unpopular-1273469\">wildly unpopular<\/a> tax scam to rig the economy for the super rich and big corporations on the backs of the middle class:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Trump\u2019s 2017 MAGA tax scam was <a href=\"https:\/\/www.politico.com\/story\/2019\/04\/15\/donald-trump-tax-cuts-unpopular-1273469\">\u201cdeeply unpopular\u201d<\/a> for years after it passed because it <a href=\"https:\/\/www.cbpp.org\/research\/federal-tax\/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver\">disproportionately benefited<\/a> America\u2019s wealthiest and exposed Trump\u2019s empty promises to the middle class.<br><\/li>\n\n\n\n<li>Trump has already <a href=\"https:\/\/www.rollingstone.com\/politics\/political-commentary\/trump-tax-cuts-billionaires-second-term-musk-1235158894\/\">admitted<\/a> he plans on extending his \u201c<a href=\"https:\/\/www.cnbc.com\/2017\/11\/17\/the-tax-cut-package-is-extremely-unpopular-and-its-not-hard-to-see-why.html\">extremely unpopular\u201d <\/a>2017 tax handout \u2014 even <a href=\"https:\/\/www.nbcnews.com\/politics\/2024-election\/trump-tells-billionaires-ll-keep-taxes-low-50-million-fundraising-gala-rcna146748\">promising<\/a> his billionaire donors that he\u2019ll continue to line their pockets with tax breaks while begging for campaign dollars.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Now, Trump is pushing for his MAGA minions in Congress to pass a <a href=\"https:\/\/thehill.com\/homenews\/administration\/5068392-trump-calls-on-gop-to-pass-his-agenda-in-one-powerful-bill\/\">massive reconciliation bill<\/a> that includes tax handouts for the ultra-rich \u2014 and Republicans are <a href=\"https:\/\/www.cnn.com\/2025\/01\/05\/politics\/thune-johnson-trump-reconciliation-bill\/index.html\">ready<\/a> to do his <a href=\"https:\/\/rollcall.com\/2025\/01\/05\/house-senate-gop-at-odds-over-big-beautiful-budget-bill-plan\/\">bidding<\/a> at the expense of the American people.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>But the American people still aren\u2019t buying it. A majority of Americans see Trump\u2019s tax handouts for the ultra-rich as a <a href=\"https:\/\/navigatorresearch.org\/wp-content\/uploads\/2024\/11\/Navigator-Update-11.21.2024.pdf\">\u201clegitimate concern\u201d<\/a> \u2014 and <a href=\"https:\/\/navigatorresearch.org\/americans-support-raising-taxes-on-the-wealthy-and-big-corporations\/\">four out of five Americans<\/a> want to <em>raise<\/em> taxes on the wealthy and big corporations. <a href=\"https:\/\/navigatorresearch.org\/wp-content\/uploads\/2025\/01\/Navigator-Update-01.09.2024.pdf?emci=d6ca1fe8-f9cd-ef11-88d0-0022482a9d92&amp;emdi=004405da-76ce-ef11-88d0-0022482a9d92&amp;ceid=1552229\">Americans<\/a> also believe that Trump\u2019s tax plan will hurt people like themselves.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>And it\u2019s not just tax handouts: Trump\u2019s promises to his billionaire backers include giveaways for <a href=\"https:\/\/www.washingtonpost.com\/politics\/2024\/05\/09\/trump-oil-industry-campaign-money\/\">Big Oil and Gas<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/us\/trump-pitches-himself-crypto-president-san-francisco-tech-fundraiser-2024-06-07\/\">Silicon Valley<\/a> as part of an agenda that is focused squarely on the wealthy and well-connected.\u00a0<\/li>\n<\/ul>\n\n\n\n<p>Trump already rewarded his billionaire donors with Cabinet picks. Now, Republicans will try to pack the first 100 days in Congress with favors and tax handouts for his ultra-wealthy backers, not the American people.<\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">The billionaire nominees Trump is trying to force on the American people have significant conflicts of interest.<\/span><\/strong><\/p>\n\n\n\n<p>Trump is mired in his own \u201c<a href=\"https:\/\/www.nytimes.com\/2024\/12\/05\/us\/politics\/trump-organization-ethics-policy-foreign-deals.html\">web of conflicts<\/a>\u201d from his business dealings \u2014 but he\u2019s also stacking his billionaire Cabinet with industry insiders drowning in their own serious conflict of interest concerns.&nbsp;<\/p>\n\n\n\n<p>Reporting has already laid out how Trump\u2019s ultra-wealthy Cabinet \u201c<a href=\"https:\/\/democrats.org\/news\/donald-trumps-special-interest-billionaire-cabinet-is-riddled-with-alarming-conflicts-of-interest\/\">presents distinct conflict-of-interest risks<\/a>\u201d that Trump has shown no interest in addressing:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Politico: <a href=\"https:\/\/www.politico.com\/news\/2024\/12\/11\/trumps-bringing-several-billionaires-and-their-conflicts-to-washington-00193844\">Trump\u2019s bringing several billionaires \u2014 and their conflicts \u2014 to Washington<\/a><\/li>\n\n\n\n<li>Bloomberg: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-25\/what-conflict-of-interest-rules-mean-for-musk-bessent-trump-others\">How Conflict of Interest Rules Impact Trump, Musk and Other Rich Nominees<\/a><\/li>\n\n\n\n<li>Washington Post: <a href=\"https:\/\/www.washingtonpost.com\/politics\/2024\/12\/06\/trump-billionaires-cabinet-ethics\/\">Trump has assembled an uber-wealthy Cabinet, raising risks of ethics conflicts<\/a><\/li>\n\n\n\n<li>New York Times: <a href=\"https:\/\/www.nytimes.com\/2024\/12\/05\/us\/politics\/trump-organization-ethics-policy-foreign-deals.html\">Trump Organization Plans an Ethics Policy Without Banning Foreign Deals<\/a>\u00a0<\/li>\n\n\n\n<li>Financial Times: <a href=\"https:\/\/www.ft.com\/content\/be99aeda-24f1-4b3f-9eaa-c62b7025773c\">Donald Trump\u2019s corporate picks raise conflict of interest fears<\/a><\/li>\n\n\n\n<li>CNN: <a href=\"https:\/\/www.cnn.com\/2024\/12\/14\/politics\/trump-administration-big-donors\/index.html\">Big donors secure big roles in the incoming Trump administration<\/a><\/li>\n\n\n\n<li>Public Citizen: <a href=\"https:\/\/www.citizen.org\/article\/tracker-trump-appointees-in-the-pocket-of-big-corporations\/\">Trump Appointees\u2019 Corporate Conflicts of Interest<\/a><\/li>\n\n\n\n<li>Washington Post: <a href=\"https:\/\/www.washingtonpost.com\/health\/2024\/12\/02\/dr-oz-medicare-medicaid-ozempic-conflicts\/\">Potential conflicts of interest may haunt Dr. Oz\u2019s confirmation to run Medicare, Medicaid<\/a><\/li>\n\n\n\n<li>NBC News: <a href=\"https:\/\/www.nbcnews.com\/politics\/donald-trump\/trump-business-empire-expanded-profit-second-term-rcna182613\">Trump&#8217;s business empire has expanded. Here&#8217;s where he could profit in his second term<\/a><\/li>\n\n\n\n<li>ABC News: <a href=\"https:\/\/abcnews.go.com\/US\/ethics-experts-raise-concerns-musk-ramaswamys-department-government\/story?id=115838961\">Some ethics experts raise concerns over Musk and Ramaswamy&#8217;s Department of Government Efficiency roles<\/a><\/li>\n\n\n\n<li>Wall Street Journal: <a href=\"https:\/\/www.wsj.com\/health\/trump-cabinet-picks-supplements-3fbbbca1\">Meet the Trump Nominees Selling Vitamins on the Side<\/a><\/li>\n\n\n\n<li>Axios: <a href=\"https:\/\/www.axios.com\/2024\/12\/09\/trump-wealth-cabinet-politicians-billionaires\">Why politicians&#8217; wealth matters<\/a><\/li>\n\n\n\n<li>BBC: <a href=\"https:\/\/www.bbc.com\/news\/articles\/c4gzz5wdg41o\">A $6.2m banana, a crypto empire and Trump&#8217;s potential conflicts<\/a><\/li>\n\n\n\n<li>USA Today: <a href=\"https:\/\/www.usatoday.com\/story\/news\/politics\/elections\/2024\/12\/05\/musk-ramaswamy-ethics-rules\/76743727007\/\">Elon Musk and Vivek Ramaswamy may be exempt from ethics rules as Trump&#8217;s advisors<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>The bottom line: <\/strong>Trump spent his first four years only looking out for himself and his rich friends. This time around, Trump and his Cabinet picks are once again more focused on their own bottom line than on working families. The American people deserve leaders who will look out for them and their wallets \u2014 not Trump\u2019s crony capitalism that caters to his billionaires buddies and special interest donors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MEMORANDUMTO: Interested PartiesFROM: Rosemary Boeglin, DNC Communications Director\u00a0DATE: January 13, 2024RE: Donald Trump\u2019s Stacking His Cabinet With Billionaires Who Will Put Wall Street Over Main Street Donald Trump\u2019s Cabinet is on track to be the wealthiest in American history, stacked with out-of-touch, special interest billionaires who are looking out for themselves and their balance sheets [&hellip;]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1050763","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - 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