President-elect Donald Trump's cabinet picks are set to begin the confirmation process with several appearing before Senate committees this week. Former Fox News host Pete Hegseth and former Georgia Congressman Doug Collins are up first on Tuesday.
Hegseth: Hegseth, an Iraq and Afghanistan War veteran who has not held a government position, is Trump's pick for Defense Secretary and will face questions from the Senate Armed Forces Committee on Tuesday.
Critics have blasted Hegseth for his lack of leadership experience and past allegations of financial mismanagement and sexual misconduct. However, Senate Majority Leader John Thune has told Trump that he thinks Hegseth will have the votes to be confirmed as Secretary of Defense, according to three sources as reported by CBS News.
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Collins: Collins, who served in Congress from 2013 to 2021 and is an Air Force Reserve chaplain and Iraq War veteran, is set to appear before the Senate Veterans' Affairs Committee on Tuesday for consideration as the next Veterans Affairs Secretary.
Collins is widely anticipated to receive Senate confirmation due to the combination of his military and political experience.
Why It Matters: Both of Trump's picks appearing before the Senate on Tuesday would have implications for the military if confirmed and therefore, aerospace and defense stocks should be watched. The iShares US Aerospace & Defense ETF (NYSE:ITA) rose following Trump's election win but has since retreated from all-time highs reached in November.
Defense contractors, including General Dynamics Corp. (NYSE:GD), Lockheed Martin Corp. (NYSE:LMT) and RTX Corp. (NYSE:RTX), also spiked around the election and could move again as the Senate confirmation process begins.
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