1984 Wharton graduate Marc Rowan, who spearheaded donor backlash against Penn last fall over concerns about the University's handling of antisemitism, is reportedly in consideration for the role of Treasury secretary in Trump’s second administration.
The Wall Street Journal reported that Rowan — who also serves as the current chair of the Wharton Board of Advisors — is a speculated candidate in a contentious debate for who 1968 Wharton graduate and President-elect Donald Trump will appoint as Treasury secretary. On Nov. 17, The New York Times reported that Trump was expected to extend to Rowan an invitation to his Mar-a-Lago estate in Palm Beach, Fla.
A spokesperson for Rowan did not respond to a request for comment by time of publication.
Two of Trump’s key allies, 1997 College and Wharton graduate Elon Musk — the President-elect's appointee to lead a new "Department of Government Efficiency" — and Robert F. Kennedy Jr., have used social media to publicly back billionaire Howard Lutnick for the role. The lobbying has frustrated Trump and his aides, leading some insiders to speculate he may be going back to his shortlist of candidates — which includes Rowan — for the position.
The President-elect’s aides have been in communication with Rowan specifically about the possible nomination, according to WSJ, though the two have yet to speak directly about the job.
Rowan, at Yahoo Finance's Invest conference on Nov. 12, expressed optimism about Trump’s second administration and aligned himself with Musk’s call for “wholesale change.”
A Peterson Institute study found that Trump's plans to impose broad tariffs, deport millions of undocumented workers, and influence the Federal Reserve may cause the Treasury secretary to face a new inflation crisis. This would add to the Treasury secretary’s existing responsibilities of managing federal finances, overseeing tax collection, selling the United States' debt, regulating the financial sector, and representing the United States in global economic matters.
In a December 2023 interview with Bloomberg, Rowan expressed disappointment with the two main candidates in the 2024 presidential election — who, at the time, were Trump and former Penn professor and President Joe Biden. Despite his comments, public records reveal that Rowan has donated to both Republican and Democratic causes, including a $1 million contribution to Trump Victory in 2020.
Rowan led the call for the resignation of Penn’s leaders due to their response to the Palestine Writes Literature Festival and the Oct. 7, 2023 Hamas attack on Israel throughout the fall 2023 semester, and was an architect of the growing political and donor pressure which caused the resignation of former Penn President Liz Magill.
At the time, prominent University donors, including Rowan, announced they would cease donations to the University, citing dissatisfaction with its handling of these events. In October, Rowan urged donors to limit their contributions to $1 until then-President Liz Magill and University Board of Trustees Chair Scott Bok resigned.
The campaign culminated in Magill’s resignation on Dec. 9, 2023, followed by Bok's announcement of his departure minutes later.
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