Billionaire banker Howard Lutnick has emerged as a leading contender, alongside investor Scott Bessent, for the Treasury Secretary role in the upcoming Trump administration, sources familiar with the matter said. The race for the influential position is gaining momentum as both candidates remain top picks for the job.

Lutnick, a longtime friend of Donald Trump and co-chair of his transition team, has secured the backing of at least one key member of Trump's inner circle, making him a strong contender. Bessent, who served as an economic advisor during Trump’s campaign and a fundraiser, continues to be a serious contender as well.

Although the race appears to be narrowing between Lutnick and Bessent, other potential candidates could emerge as Trump finalizes his decision. "President-Elect Trump is making decisions on who will serve in his second administration," said Karoline Leavitt, spokeswoman for the Trump-Vance Transition team. "Those decisions will be announced when they are made."

The Treasury Secretary position is one of the most prominent cabinet roles, responsible for overseeing the nation's financial and economic policy. Global investors and Wall Street are closely watching this selection, as the position influences major financial decisions.

Several other names have been floated in recent days as possible candidates for the role, including billionaire investor John Paulson, Fox Business Network personality Larry Kudlow, former U.S. trade representative Robert Lighthizer, and former SEC Chairman Jay Clayton.

However, some candidates, like Paulson, have already withdrawn from consideration. Paulson stepped back from the race, citing complex financial commitments that would prevent him from taking on an official role in the new administration.

Bessent, who has known the Trump family for decades, has supported the Trump administration’s goals of tax reform and deregulation. He has been vocal about policies to stimulate economic growth, particularly in areas like bank lending and energy production.

The relationship between Lutnick and Trump also spans years, notably when Trump supported Lutnick in the aftermath of the 9/11 attacks, during which many Cantor Fitzgerald employees lost their lives. Lutnick has played a significant role in assembling potential candidates for a new administration, leveraging his Wall Street network.

According to an online betting platform, Bessent is currently the leading candidate for Treasury Secretary at 68%, with Lutnick trailing at 31%.

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