List of economic advisors to Donald Trump explained

See main article: Economic policy of Donald Trump and Political appointments of Donald Trump. As part of Donald Trump's 2016 presidential campaign, various economists and businesspeople have served both in a formal and an informal capacity, to advise Trump on macroeconomics and associated government policy decisions. During the transition to the presidency, Trump gained additional advisors, and after the inauguration some of his advisors will officially become part of the Trump administration (including the NEC, NTC, advisors, czars, counselors, OMB, CEA, Treasury, Commerce, USTR, SBA, SEC, and the Fed) while others will remain in the private sector as informal advisors with varying degrees of influence.

Background

See main article: Economic policy of Reagan, Bill Clinton and Obama.

See also: Economy of the United States, United States federal budget and Economic policy.

During his presidential campaign

See main article: Donald Trump presidential campaign, 2016. Trump released initial details of his economic policies when his campaign officially began in June 2015, and more details during the first Republican debates which began in August 2015. Although critical of certain aspects of Trump's early economic plans, especially increasing tariffs as opposed to free trade policies,[1] Larry Kudlow and Steve Moore would eventually agree to join the Trump campaign as advisors. Although most presidential candidates had announced a team of formal economic advisors by October 2015, at the time Trump still primarily relied upon his business background to inform his economic plan (Carly Fiorina was the other candidate who relied primarily upon her own background in business in the early phases of the campaign).[2] In addition to his own business expertise, Trump had a network of contacts that sometimes served as informal economic advisors during his campaign, including Carl Icahn.[3] Even as late as July 2016, however, Kudlow and Moore were still not official advisors, despite having already helped craft some of Trump's policy-positions related to taxation for instance.[4]

During the general election

Trump released a list of his campaign's official economic advisers in August 2016,[5] [6] [7] which was significantly anti-establishment[8] and therefore included few people with any governmental experience,[9] yet at the same time aimed to include some of the elites of business and finance,[5] primarily people with well-known names.

Although most of the names were new, existing Trump advisers David Malpass, Peter Navarro, Stephen Moore, and Dan DiMicco were also on the list, formally led by Stephen Miller, the national policy director, and directly led by deputy policy director Dan Kowalski. The Trump'16 finance director Steven Mnuchin was also listed, and played a role in helping coordinate the group. Many of the names on the original list, or on the subsequent expansions thereof,[10] received media attention as potential appointees to the presidential Council of Economic Advisers, or in other Trump administration roles. As of August 2016, Trump's economic advisors included:

Several of the advisors were major donors to Trump's presidential campaign.[22]

At first, only one of Trump's initial list of a dozen official advisors, Peter Navarro, had a PhD in economics.[23] Although he had been in contact with Trump since 2011,[24] Navarro had never met nor spoken with Trump directly in August 2016,[25] but began to meet with Trump in person late in the 2016 campaign.[24] A few days after Navarro was announced, Trump added Judy Shelton, an economist[19] [20] with a Ph.D[19] in business administration[21] to his team.

As president-elect

See main article: Cabinet of Donald Trump and Political appointments of Donald Trump.

As of December 2016, many of the advisors during the campaign listed above are under consideration for cabinet-level roles or other high-level roles in the Trump administration. (For instance, Navarro is a contender for the CEA chair, and Shelton is a contender for Fed Vice-chair.)

Informal presidential advisors

In addition to his statutory advisory groups, Trump is also organizing efforts to directly communicate with business leaders.

Technology industry

Billionaire venture capitalist Peter Thiel originally backed fellow Californian and tech industry candidate Carly Fiorina, but implicitly endorsed Trump in May 2016,[26] [27] [28] then spoke at the Republican National Convention that July.[29] [30] Thiel donated over a million dollars in October 2016.[31] [32] [33] [34] [35] A few days after the general election,[36] Thiel joined the executive committee of the Trump transition team,[37] [38] [39] although Thiel said he was not seeking a full-time Trump administration position.[40]

In addition to bringing some of his tech industry contacts to the Trump team,[41] [42] [43] Thiel, along with Trump's son-in-law Jared Kushner and incoming White House Chief of Staff Reince Priebus,[44] helped organize a technology-CEO meeting in December 2016 for Trump and Pence, as well as a handful of appointees and transition team members.[45] [46] [47]

Attendee Net worth[48] Position and company Market cap[49] Trump administration
$66,400 million $372 billion private sector
$39,500 million CEO of Alphabet (Google parent) $560 billion private sector
$11,500 million Chairman of Alphabet (Google parent) $560 billion private sector
$3,700 million unspecified President
$2,900 million $12 billion[50] Commerce
$2,700 million $20 billion (private) transition team
$1,600 million $20 billion (private) private sector
$1,270 million $354 billion private sector
$785 million $624 billion private sector
$525 million $169 billion private sector
$266 million $93 billion[51]
$200 million unspecified transition team
$150 million (see Donald Trump) transition team
$150 million (see Donald Trump) transition team
$150 million (see Donald Trump) transition team
$84 million $494 billion private sector
$58 million $494 billion private sector
$45 million $163 billion private sector
$13 million $155 billion private sector
$12 million $177 billion private sector
$10 million unspecified
unknown (n/a) Vice-president
unknown (n/a) Chief of Staff
unknown (n/a) Sr. Advisor

Airbnb was also invited to attend the tech-CEO meeting, but their CEO was traveling internationally that week.

The details of the December 2016 meeting were not made public, but according to anonymous sources, reforming the H1B visa program was discussed.[52]

Of the above, Stephen Bannon resigned on 18 August 2017; Reince Prebus was fired on 11 March 2017.

Business-oriented strategy and policy group

In addition to the tech-industry group, there is also a more general business advisory group being formed.[53] Billionaire Stephen Schwarzman of Blackstone organized the business advisory group, which also includes:[54]

It is unclear whether Trump or his transition team have personally met with this advisory group, but media reports indicate that some of the members were considered for cabinet-level positions in his administration (including Dimon as a potential treasury secretary, Cosgrove as potential secretary of veterans affairs, Warsh for a potential Federal Reserve role).

Agricultural industry

During his campaign, Trump had several dozen agricultural advisors.

As president

See also: Economic policy of Donald Trump.

Notes and References

  1. Web site: Donald Trump: A 21st Century Protectionist Herbert Hoover - RealClearPolitics. 2016-12-27. 2017-01-12. https://web.archive.org/web/20170112024442/http://www.realclearpolitics.com/articles/2015/08/26/donald_trump_a_21st_century_protectionist_herbert_hoover_127893.html. live.
  2. Web site: The economic advisers behind the candidates. Mark Bloomfield. contributor. 19 October 2015. 27 December 2016. 7 October 2016. https://web.archive.org/web/20161007144655/http://thehill.com/blogs/pundits-blog/presidential-campaign/257277-the-economic-advisers-behind-the-candidates. live.
  3. Web site: Billionaire Carl Icahn Is Considering an Official Economics Role under Donald Trump. Lucinda. Shen. Fortune. 2017-08-17. 2017-08-18. https://web.archive.org/web/20170818045348/http://fortune.com/2016/11/21/donald-trump-carl-ichan-role/. live.
  4. Web site: What Trump's and Clinton's economic advisors can tell you about the candidates. Ivan. Levingston. . 22 July 2016. 17 August 2017. 18 August 2017. https://web.archive.org/web/20170818045538/https://www.cnbc.com/2016/07/21/what-trumps-and-clintons-economic-advisors-can-tell-you-about-the-candidates.html. live.
  5. News: Trump's Economic Team: Bankers and Billionaires (and All Men). Patricia. Cohen. The New York Times. 5 August 2016. 2 March 2017. 6 December 2016. https://web.archive.org/web/20161206151327/http://www.nytimes.com/2016/08/06/business/economy/donald-trump-economic-team.html. live.
  6. Web site: Trump Campaign Announces Economic Advisory Council. Donald J. Trump for President, Inc.. August 5, 2016. dead. https://web.archive.org/web/20160805121426/https://www.donaldjtrump.com/press-releases/trump-campaign-announces-trump-economic-advisory-council. August 5, 2016.
  7. Web site: Trump unveils all-male economic advisory team. . 5 August 2016 . August 5, 2016. August 6, 2016. https://web.archive.org/web/20160806165118/http://www.politico.com/story/2016/08/trump-economic-advisory-team-226709. live.
  8. News: Donald Trump's Economic Team Is Far From Typical. Andrew Ross. Sorkin. The New York Times. 8 August 2016. 2 March 2017. 8 December 2016. https://web.archive.org/web/20161208223714/http://www.nytimes.com/2016/08/09/business/dealbook/donald-trumps-economic-team-is-far-from-typical.html. live.
  9. News: Some of Donald Trump's Economic Team Diverge From Candidate. Nick. Timiraos. Wall Street Journal. 13 October 2016. www.wsj.com. 8 March 2017. 19 March 2017. https://web.archive.org/web/20170319023336/https://www.wsj.com/articles/some-of-donald-trumps-economic-team-diverge-from-candidate-1476290773. live.
  10. Web site: Trump brings women on to his economic council. . 11 August 2016 . 2016-12-24. 2016-11-16. https://web.archive.org/web/20161116110325/http://www.politico.com/story/2016/08/trump-economic-advisers-revised-list-226912. live.
  11. Web site: Trump's economic advisers are also his biggest donors. . 7 August 2016 . 2016-12-24. 2016-12-23. https://web.archive.org/web/20161223165820/http://www.politico.com/story/2016/08/trumps-economic-advisers-are-also-his-biggest-donors-226758. live.
  12. Web site: Kapos: Meet the Chicago exec banking on Trump, flaws and all. 2016-12-24. 2016-12-21. https://web.archive.org/web/20161221100641/http://chicago.suntimes.com/news/kapos-meet-the-chicago-exec-banking-on-trump-flaws-and-all/. live.
  13. Web site: Trump turns to a private-sector Texan as a potential Cabinet pick. 2016-12-24. 2016-12-01. https://web.archive.org/web/20161201110645/http://www.mcclatchydc.com/news/politics-government/white-house/article117475213.html. live.
  14. Web site: Conservation Commission expected to act on plan to re-create nesting area. Curt. Brown. 2016-12-24. 2017-08-18. https://web.archive.org/web/20170818090155/http://www.southcoasttoday.com/article/20070918/NEWS/709180343. live.
  15. Web site: The man who helped pass the GOP budget. Joseph. Lawler. 11 January 2016. 2016-12-24. 2017-01-14. https://web.archive.org/web/20170114182837/http://www.washingtonexaminer.com/the-man-who-helped-pass-the-gop-budget/article/2579752. live.
  16. Web site: Trump Names Transition Leaders for Government Management Agencies. 22 November 2016 . 2016-12-24. 2016-11-30. https://web.archive.org/web/20161130094226/http://www.govexec.com/management/2016/11/trump-names-transition-leaders-government-management-agencies/133365/. live.
  17. Web site: Fred Sands - Vintage Capital Group, LLC - Enduring Excellence. Fred. Sands. www.vintagecapitalgroup.com. 2016-12-24. https://web.archive.org/web/20170818045148/http://www.vintagecapitalgroup.com/leadership.php#carlas. 2017-08-18. dead.
  18. Web site: The Fed shouldn't be driving US economy, Trump advisor Judy Shelton says. Michelle. Fox. . 7 December 2016. 17 August 2017. 18 August 2017. https://web.archive.org/web/20170818045409/https://www.cnbc.com/2016/12/07/the-fed-shouldnt-be-driving-us-economy-trump-advisor-judy-shelton-says.html. live.
  19. Web site: This Trump Economic Advisor Wants America to Go Back to the Gold Standard. Chris. Matthews. Fortune. 2016-12-24. 2016-12-21. https://web.archive.org/web/20161221003012/http://fortune.com/2016/08/18/trump-gold-standard-economic-advisor-woman-judy-shelton/. live.
  20. News: Fed to Retain Independence Under Trump Presidency, Adviser Says. Bloomberg . 11 November 2016. www.bloomberg.com. 2016-12-24. 2016-11-17. https://web.archive.org/web/20161117064213/http://www.bloomberg.com/news/articles/2016-11-11/fed-to-retain-independence-under-trump-presidency-adviser-says. live.
  21. Web site: Judy Shelton, Ph.D.. Atlas Network. 2016-12-24. 2019-03-19. https://web.archive.org/web/20190319024556/https://www.atlasnetwork.org/about/people/judy-shelton-ph.d. live.
  22. Web site: Goldmacher. Shane. Trump's economic advisers are also his biggest donors. Politico. August 7, 2016. August 7, 2016. August 7, 2016. https://web.archive.org/web/20160807114134/http://www.politico.com/story/2016/08/trumps-economic-advisers-are-also-his-biggest-donors-226758. live.
  23. Web site: Trump's economic team includes 'Big Short' billionaire who bet against US housing market. 5 August 2016 . VICE News. en-US. August 5, 2016. August 5, 2016. https://web.archive.org/web/20160805164325/https://news.vice.com/article/trumps-economic-team-includes-big-short-billionaire-who-bet-against-us-housing-market. live.
  24. Trump's Muse on U.S. Trade with China. The New Yorker. 12 October 2016. 2020-11-01. 2017-01-26. https://web.archive.org/web/20170126220532/http://www.newyorker.com/business/currency/trumps-muse-on-u-s-trade-with-china. live.
  25. Web site: One of Donald Trump's biggest economic supporters? It's a UC Irvine economist. Roosevelt. Margot. en-US. Orange County Register. August 16, 2016. August 15, 2016. https://web.archive.org/web/20160815184318/http://www.ocregister.com/articles/navarro-725714-trump-trade.html. live.
  26. Ultimate Tech Bro Peter Thiel Will Be a Delegate for Trump. Issie. Lapowsky. Wired. 2016-12-24. 2016-12-22. https://web.archive.org/web/20161222005621/https://www.wired.com/2016/05/investor-peter-thiel-will-california-delegate-trump/. live.
  27. Web site: Eccentric Tech Billionaire Peter Thiel Makes Strangest Move Yet: Becoming Trump Delegate. 10 May 2016. 24 December 2016. 24 October 2016. https://web.archive.org/web/20161024194110/http://reason.com/blog/2016/05/10/eccentric-tech-billionaire-peter-thiel-m. live.
  28. Web site: A review of Silicon Valley pockets funding Donald Trump. . 22 June 2016. 24 December 2016. 29 December 2016. https://web.archive.org/web/20161229012538/http://www.newsweek.com/will-tech-elites-join-peter-thiel-supporting-donald-trump-472941. live.
  29. News: The Strange Politics of Peter Thiel, Donald Trump's Most Unlikely Supporter. Bloomberg . 21 July 2016. www.bloomberg.com. 2016-12-24. 2016-12-24. https://web.archive.org/web/20161224134911/https://www.bloomberg.com/news/articles/2016-07-21/the-strange-politics-of-peter-thiel-trump-s-most-unlikely-supporter. live.
  30. Web site: Trump 42: Peter Thiel.
  31. Web site: Facebook CEO Mark Zuckerberg defends Peter Thiel's support of Donald Trump. . 19 October 2016 . 2020-11-01. 2020-08-03. https://web.archive.org/web/20200803071647/https://www.cbsnews.com/news/facebook-ceo-mark-zuckerberg-defends-peter-thiels-support-of-donald-trump/. live.
  32. Web site: Peter Thiel 'not a gay man' for supporting Donald Trump: LGBT magazine. . 2016-12-24. 2016-12-16. https://web.archive.org/web/20161216144247/http://www.washingtontimes.com/news/2016/oct/19/peter-thiel-not-gay-man-supporting-donald-trump-lg/. live.
  33. Web site: Peter Thiel and the Trump Bubble. Michelle. Cottle. . November 2016 . 2017-03-08. 2017-02-11. https://web.archive.org/web/20170211215141/https://www.theatlantic.com/politics/archive/2016/11/peter-thiel-and-the-trump-bubble/506063/. live.
  34. Web site: Peter Thiel explains why he's backing Donald Trump: Voters are desperate for an outsider. Noah. Bierman. 31 October 2016. LA Times. 1 November 2020. 4 August 2020. https://web.archive.org/web/20200804085718/https://www.latimes.com/politics/la-na-pol-peter-thiel-20161031-story.html. live.
  35. News: Tech billionaire Thiel says Trump movement 'not going away'. 31 October 2016. Reuters. 2 July 2017. 18 August 2017. https://web.archive.org/web/20170818044935/https://www.reuters.com/article/us-usa-election-thiel-idUSKBN12V2JE. live.
  36. News: Peter Thiel's Bet on Donald Trump Pays Off. David. Streitfeld. The New York Times . 9 November 2016. 2 March 2017. 8 February 2017. https://web.archive.org/web/20170208025842/https://www.nytimes.com/2016/11/10/technology/peter-thiel-bet-donald-trump-wins-big.html. live.
  37. Web site: Peter Thiel to enter Trump inner circle as tech adviser. 2016-12-24. 2016-12-20. https://web.archive.org/web/20161220123532/https://www.cnet.com/news/peter-thiel-to-enter-trump-inner-circle-as-technology-adviser/. live.
  38. Web site: Peter Thiel joins Trump's transition team. Seth. Fiegerman. 11 November 2016. CNNMoney. 1 November 2020. 4 August 2020. https://web.archive.org/web/20200804062620/https://money.cnn.com/2016/11/11/technology/peter-thiel-trump-team/index.html. live.
  39. News: Peter Thiel goes 'big league', joining Trump's presidential transition team. Nicky. Woolf. Julia Carrie. Wong. Julia Carrie Wong . 11 November 2016. The Guardian. 24 December 2016. 24 December 2016. https://web.archive.org/web/20161224130945/https://www.theguardian.com/technology/2016/nov/11/peter-thiel-joins-donald-trump-transition-team. live.
  40. Web site: Trump adviser Peter Thiel is on Silicon Valley speed dial. . 2017-09-03. 2017-08-18. https://web.archive.org/web/20170818174321/https://www.usatoday.com/story/tech/news/2016/11/28/peter-thiel-donald-trump-silicon-valley-adviser/94545582/. live.
  41. News: The secretive brain trust of Silicon Valley insiders who are helping Trump. Washington Post. 2017-08-17. 2017-08-18. https://web.archive.org/web/20170818045248/https://www.washingtonpost.com/news/the-switch/wp/2016/11/21/the-secretive-brain-trust-of-silicon-valley-insiders-who-are-helping-trump/. live.
  42. Web site: Peter Thiel to tap two for Trump transition. . 2017-09-03. 2017-08-18. https://web.archive.org/web/20170818092009/https://www.usatoday.com/story/tech/news/2016/12/07/peter-thiel-taps-silicon-valley-associates-for-donald-trump-transition/95090708/. live.
  43. Trump's Potential FDA Pick Says Drugmakers Shouldn't Have to Prove Their Products Work Before Selling Them. Jordan. Weissmann. 8 December 2016. Slate. 24 December 2016. 24 December 2016. https://web.archive.org/web/20161224091108/http://www.slate.com/blogs/moneybox/2016/12/08/donald_trump_is_considering_one_of_peter_thiel_s_associates_to_run_the_fda.html. live.
  44. Web site: Trump, Silicon Valley Elite Seek to Smooth Over Frictions. Reuters. Fortune. 2016-12-24. 2016-12-22. https://web.archive.org/web/20161222183542/http://fortune.com/2016/12/14/trump-silicon-valley-elite/. live.
  45. Web site: Trump pledges 'open door' with Silicon Valley at meeting. Daniel. Halper. 14 December 2016. 12 December 2017. 18 August 2017. https://web.archive.org/web/20170818045230/http://nypost.com/2016/12/14/trump-pledges-to-play-nice-with-silicon-valley-titans/. live.
  46. News: Investor Peter Thiel Is Helping Mold Tech's Ties to Donald Trump. Rolfe. Winkler. John D.. McKinnon. Wall Street Journal . 13 December 2016. www.wsj.com. 8 March 2017. 2 March 2017. https://web.archive.org/web/20170302115303/https://www.wsj.com/articles/investor-peter-thiel-is-helping-mold-techs-ties-to-donald-trump-1481672805. live.
  47. News: Who is Peter Thiel and why is he advising Donald Trump?. BBC News . 14 December 2016. 1 November 2020. 30 June 2018. https://web.archive.org/web/20180630145952/https://www.bbc.com/news/technology-38315682. live.
  48. News: Tech bosses scowl as Donald Trump grins during awkward-looking summit at Trump Tower. The Telegraph . 15 December 2016 . 2020-11-01. 2018-11-19. https://web.archive.org/web/20181119031828/https://www.telegraph.co.uk/technology/2016/12/15/tech-bosses-scowl-trump-grins-awkward-looking-summit-trump-tower/. live. Titcomb . James .
  49. Web site: Only one private company was at Trump's giant tech summit - here's how it scored an invite. . 2016-12-24. 2016-12-16. https://web.archive.org/web/20161216195408/http://www.businessinsider.com/palantir-is-a-strange-choice-for-trumps-tech-summit-2016-12. live.
  50. Web site: IVZ : Summary for Invesco Ltd - Yahoo Finance. finance.yahoo.com. 2017-01-16. 2016-03-16. https://web.archive.org/web/20160316191536/http://finance.yahoo.com/q?s=IVZ. live.
  51. Web site: GS : Summary for Goldman Sachs Group, Inc. (The) - Yahoo Finance. finance.yahoo.com. 2016-12-24. 2016-05-27. https://web.archive.org/web/20160527042256/http://finance.yahoo.com/q?s=GS. live.
  52. News: Trump, tech tycoons talk overhaul of H1B visas. 12 January 2017. Reuters. 2 July 2017. 3 July 2017. https://web.archive.org/web/20170703145709/http://www.reuters.com/article/us-trump-immigration-tech-idUSKBN14W1CZ. live.
  53. Web site: Mary Barra and Ginni Rometty Are On Trump's New Panel of CEO Advisors. Claire. Zillman. Fortune. 2016-12-24. 2016-12-24. https://web.archive.org/web/20161224003304/http://fortune.com/2016/12/05/donald-trump-business-advisors-barra-rometty/. live.
  54. Web site: Elon Musk, Uber's Kalanick join Trump's business adviser team. 2016-12-24. 2020-10-28. https://web.archive.org/web/20201028132745/https://www.democratandchronicle.com/story/tech/news/2016/12/14/ceos-tesla-uber-join-trumps-business-adviser-team/95416356/. live.
  55. News: Milliken . Grennan . Trump Critic Elon Musk Chosen for Presidential Advisory Team . . December 14, 2016 . March 9, 2017 . December 16, 2016 . https://web.archive.org/web/20161216141759/http://motherboard.vice.com/read/trump-critic-elon-musk-now-named-to-presidential-advisory-team . live .
  56. News: Uber C.E.O. to Leave Trump Advisory Council After Criticism . . 2 February 2017 . subscription . Isaac . Mike .
  57. Web site: President-Elect Trump Announces Additional Members of President's Strategic and Policy Forum. The Transition. Team. December 14, 2016. December 20, 2016. September 5, 2017. https://web.archive.org/web/20170905120741/https://greatagain.gov/president-elect-trump-announces-additional-members-of-presidents-strategic-and-policy-forum-8aa8822eced9#.4coc2gtxc. live.

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