Treasury Department

Tom Krause, the chief executive of Cloud Software Group, and Marko Elez, an engineer who has worked for SpaceX and social-media platform X, have offices in the Treasury Department, according to sources.

As Elon Musk and his associates gain access to internal computers, Oregon Democratic Sen. Ron Wyden slammed the move and said it poses a national security risk. Musk said the Treasury system isn't adequately fighting fraud and is also attempting to shut down USAID.

The final vote was 68-29 in favor of Senate the confirmation of the billionaire hedge fund manager.

The Supreme Court nullified one of two nationwide injunctions on the Corporate Transparency Act, a law requiring corporations to disclose their beneficial owners. A separate injunction in another circuit remains in effect, however. 

The hedge fund manager and Trump advisor also lent support to the idea of reconsidering deposit insurance limits for some kinds of accounts, such as those used for payrolls.

The president-elect has announced members of his senior leadership team at the Treasury, who'll work alongside Scott Bessent, his pick for secretary.

Scott Bessent, President-elect Donald Trump's pick to serve as Treasury secretary, is aiming to build support for his nomination

Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.

The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.

The Treasury's financial crimes arm alerted banks to the dangers of AI-powered fraud, urging close monitoring and swift reporting of any suspicious activity.