Billionaire investor John Paulson, a frontrunner for the role of U.S. Treasury Secretary under President-elect Donald Trump, said Tuesday his "complex financial obligations" will prevent him from holding an office in the new administration.

Paulson and fellow investor Scott Bessent had emerged as the likely top contenders for the crucial job, which has vast influence over economic, regulatory and international affairs.

"I intend to remain actively involved with the President's economic team and helping in the implementation of President Trump's outstanding policy proposals," Paulson said in a statement.

Wall Street has been closely watching Trump's plans for the Treasury Secretary role, especially as he has said he plans to reshape global trade through tariffs.

Both Bessent and Paulson were financial backers of Trump's campaign. Bessent did not immediately respond to a request for comment.

The President-elect, who is set to return to the White House in January, has begun the process of choosing a cabinet and selecting high-ranking administration officials.

Professional wrestling magnate and former Small Business Administration director Linda McMahon is being viewed as the frontrunner to lead the Department of Commerce, while Susie Wiles, one of Trump's two campaign managers, has been picked to be his White House chief of staff.