In the month or so since we covered incoming US president Donald J. Trump’s slate of appointments in mid-Nov 2024, much has happened. In this piece, we zoom in on the more notable among the key regulators and administrators who will shape the economy during the second Trump administration.

Securities and Exchange Commission (SEC): Trump nominated as chair Paul Atkins, a free-market pick that has won praise as an experienced hand who has served as an SEC commissioner and collaborated with the 2 other Republican commissioners (of the 5). Atkins is also a crypto advocate and lobbyist, and represents a sea change from current chair Gary Gensler’s hostility towards crypto. (Gensler’s term ends in Jun 2026 but he has announced he will step down on Inauguration Day.) Industry watchers also believe Atkins is likely to institute major reforms in SEC enforcement, such as an “open jacket” policy disclosing all evidence to defendants, a pullback on aggressive enforcement of newer disclosure categories (e.g. cybersecurity, ESG), and greater respect for privacy and attorney-client privilege.

Federal Reserve chair: Trump said he has no plans to remove current chair Jerome Powell before his term ends. Treasury nominee Scott Bessent concurred.

Federal Trade Commission (FTC): Trump named as chair 38-year-old Andrew Ferguson, a current FTC commissioner sworn in Apr 2024 (he does not need to be confirmed again) and former legal counsel to Mitch McConnell. According to his agenda for the FTC, Ferguson intends to “reverse Lina Khan’s anti-business agenda,” “protect freedom of speech and fight wokeness,” and “hold big tech accountable and stop censorship.” Ferguson has also expressed views that the government should let AI develop before seeking to regulate it. Trump can remove Lina Khan from the chair position since her term has already expired (she was appointed to a vacancy, not a new 7-year term). Ferguson’s promotion leaves one spot available, and Trump has nominated pro-enforcement Mark Meador, formerly of the FTC and the DOJ’s antitrust division.

Department of Justice (DOJ): In lieu of controversial original pick Matt Gaetz, Trump has nominated ex-Florida Attorney General and Trump ally Pam Bondi to be the US Attorney General – America’s chief law-enforcement officer and the head of the DOJ. Perhaps just as notable is Trump’s naming of Irish-born tech lawyer and policy advisor Gail Slater to lead the DOJ’s antitrust division. She will take over the role from Jonathan Kanter, who has been side-by-side with Lina Khan on big-tech enforcement and reframing how mergers are evaluated.

Federal Communications Commission (FCC): Trump named as chair Brendan Carr, a current FCC commissioner, former FCC chief counsel, and critic of big tech’s “censorship cartel.” He is expected to focus on free speech, lighter regulation, and the rural infrastructure rollout, while deprioritizing DEI initiatives.

Food and Drug Administration (FDA): Trump nominated British-born Johns Hopkins surgical oncologist and critic of broad vaccine mandates Marty Makary to lead the FDA. A skeptic of medical dogma, Makary is the co-developer of the surgical checklist popularized in The Checklist Manifesto and an advocate for physician-led initiatives. Makary will serve under a Department of Health and Human Services (HHS) helmed by Robert F. Kennedy Jr.

National Institutes of Health (NIH): Trump nominated Jay Bhattacharya, Stanford professor and head of its Center for Demography and Economics of Health and Aging, as head of the NIH and its $47B budget. Known for condemning Covid-era lockdowns and alleged government censorship, Bhattacharya has conducted research on NIH funding and found that the NIH is relatively weak in funding the newest ideas (“edge science”). Some industry watchers are hoping Bhattacharya will modernize and streamline the agency. Bhattacharya will serve under an HHS led by Robert F. Kennedy Jr, who intends to steer the NIH towards chronic diseases and take a “break” from infectious diseases.

National Aeronautics and Space Administration (NASA): Trump nominated Jared Isaacman, a billionaire tech entrepreneur and commercial astronaut who reached orbit on SpaceX’s Inspiration4 mission (first all-civilian crew) and captained its Polaris Dawn mission (first commercial spacewalk). As an investor in SpaceX, Isaacman has been a proponent of the private-sector space industry and the potential for it to bring down the costs of space travel, expressing the view that NASA may evolve into a certification role.

US Trade Representative (USTR): Trump nominated Jamieson Greer as lead trade negotiator. Greer was chief of staff to Trump’s USTR when the US imposed tariffs on China during his first term. He has been an advocate for “strategic decoupling” from China. His appointment suggests that Trump does indeed plan to implement his promised tariffs, at least to some extent.

AI and crypto czar: South African-born venture capitalist, serial entrepreneur, and All-In Podcast host David Sacks has been named AI and crypto czar, a new part-time advisory role that will help guide AI and crypto policy while leaving Sacks as general partner at Craft Ventures. A conservative with a degree in economics from Stanford and a JD from UChicago, Sacks has been a proponent of free speech, deregulation, and “small tech,” while condemning regulatory capture, “lawfare,” “big-tech monopolies,” and “forever wars.” Sacks will work on developing a legal framework for crypto and also lead the Presidential Council of Advisors for Science and Technology.

There’s more to come, although Trump’s Cabinet and team are filling out rapidly. The top contender for the Commodity Futures Trading Commission (CFTC) role is reportedly a16z policy head Brian Quintenz, who would be another pro-crypto pick. Trump still has key open roles at the Consumer Financial Protection Bureau (CFPB) (currently held by Rohit Chopra), the Federal Aviation Administration (FAA), and the National Labor Relations Board (NLRB), among others.

There are a consistent set of themes running through Trump’s appointments. In addition to personal loyalty to Trump, the appointees espouse – in various combinations – private-sector business growth, free markets, freedom of speech, deregulation, crypto-friendliness, and big-tech skepticism. It signals a looser regulatory agenda for business and “small tech,” although big tech is unlikely to get an easy pass from this group of appointees.

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