If Trump Appoints Apollo CEO Marc Rowan as Treasury Secretary, He'd Have Direct Influence Over $24 Trillion Private Equity Market

Trump Considers Apollo CEO Marc Rowan for Treasury Secretary

President Donald Trump is considering Apollo Global Management CEO Marc Rowan for the position of Treasury Secretary, according to a report from the Wall Street Journal. Rowan is a close friend of Trump's and has been a major donor to his campaign. He is also a prominent figure in the private equity industry, with Apollo managing over $24 trillion in assets.

If Rowan were to be appointed Treasury Secretary, he would have a major impact on the regulation of the private equity industry. The Treasury Department is responsible for overseeing the financial sector, including private equity firms. Rowan has been a vocal critic of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed in response to the 2008 financial crisis. He has argued that the law is too burdensome for businesses and has stifled economic growth.

Rowan's Qualifications for Treasury Secretary

Rowan is a graduate of the Wharton School of the University of Pennsylvania and has a law degree from the University of Virginia. He began his career as a lawyer at Cravath, Swaine & Moore before moving to private equity in 1990. He joined Apollo in 1993 and became CEO in 2005.

Rowan is a well-respected figure in the financial industry. He is a member of the board of directors of the Securities Industry and Financial Markets Association (SIFMA) and the Private Equity Growth Capital Council (PEGCC). He is also a trustee of the Wharton School.

Potential Impact of Rowan's Appointment

If Rowan were to be appointed Treasury Secretary, he would be the first person to hold the position who has a background in private equity. This would be a significant change, as the Treasury Department has traditionally been led by people with experience in banking or government.

Rowan's appointment would likely have a major impact on the regulation of the private equity industry. He is expected to roll back some of the regulations that were put in place after the 2008 financial crisis. This could make it easier for private equity firms to raise money and invest in companies.

Rowan's appointment would also likely have a broader impact on the financial sector. He is a strong supporter of deregulation and is expected to push for changes that would make it easier for banks and other financial institutions to operate.

Conclusion

The appointment of Marc Rowan as Treasury Secretary would be a major change for the department. Rowan is a well-respected figure in the financial industry, but he has no experience in government. His appointment would likely lead to a rollback of some of the regulations that were put in place after the 2008 financial crisis.