Donald Trump's Financial Advisory Team Stocked With Wall Streeters

People close to Mr. Trump have said he is considering Steven Mnuchin, a former Goldman Sachs Group Inc. banker who became his national campaign finance chairman in May, as his pick for Treasury secretary. If tapped for the job, Mr. Mnuchin would become the third Goldman alumnus in the past 20 years to head the Treasury, following Robert Rubin and Henry Paulson, who both served as the bank's chief executive.

After a 17-year career at Goldman, where Mr. Mnuchin led the mortgage-trading department and was the bank's chief information officer, he turned to investing. He briefly worked for a hedge fund tied to George Soros, the big Democratic donor. In his closing campaign ad, Mr. Trump featured both Goldman and Mr. Soros as "the establishment...who control the levers of power in Washington."

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Messrs. Navarro and Ross said Tuesday night revamping the health-insurance markets created by President Barack Obama's Affordable Care Act would be a priority after Mr. Trump takes office. "That's a No. 1 target and played a big role in his victory," Mr. Ross said. It was unclear how high financial deregulation would rank in the Trump administration.

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John Paulson, a hedge-fund billionaire, was tapped as an adviser because of his understanding of housing, one adviser said. Mr. Paulson, who made a spectacularly well-timed bet shorting the U.S. subprime mortgage market in 2007, has more recently taken large stakes in the mortgage-finance companies Fannie Mae and Freddie Mac, which have been in a government-run conservatorship since the 2008 financial crisis. Shares of Fannie Mae were up nearly 17% to their highest levels of the year on Wednesday.