U.S. Rep. Matt Gaetz (R-Fla.) was picked Wednesday as nominee for attorney general under Donald Trump, the latest cabinet announcement in the wake of the 2024 presidential election.
What Happened: Trump announced Wednesday that he selected Gaetz as his nominee for attorney general with a post on his Truth Social platform.
"Few issues in America are more important than ending the partisan Weaponization of our Justice System," Trump said. "Matt will end Weaponized Government, Protect our Borders, dismantle Criminal Organizations and restore Americans' badly-shattered Faith and Confidence in the Justice Department."
Trump added: "We must have Honesty, Integrity, and Transparency at DOJ. Under Matt's leadership, all Americans will be proud of the Department of Justice once again."
The nomination of Gaetz comes as the congressman is under investigation by the House Ethics Committee for sexual misconduct, as reported by CNN. Allegations against the Trump ally include sexual misconduct, illicit drug use, accepting improper gifts and more. Gaetz has denied the allegations.
Gaetz shared his initial reaction to the nomination in a post on X.
"It will be an honor to serve as President Trump's Attorney General!" Gaetz said.
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Why It's Important: Gaetz was investigated by the Department of Justice for sex trafficking before it declined to charge the congressman.
The Republican Representative was the House member who filed the motion to remove former Speaker of the House Kevin McCarthy, a move that McCarthy said was due to the ethics complaint.
As with other Cabinet nominees, past political ideals and agendas are being monitored by investors. Shares of the AdvisorShares Trust Pure US Cannabis ETF (NYSE:MSOS) spiked after Gaetz was announced as Trump's attorney general pick. The ETF closed 10% higher at $5.19 on Wednesday and was trading higher in the after-hours market at the time of writing.
Future commentary on marijuana legalization by Gaetz will be closely monitored if he is approved for the Cabinet position.
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