The Billionaire Triad: A Quiet Shift in America’s Global Game
Senate Confirms Three Trump-Backed Billionaires as Ambassadors Amid Ongoing Shutdown
In a week marked by both political gridlock and diplomatic moves, the Republican-controlled U.S. Senate confirmed three of President Donald Trump’s ambassadorial nominees—appointing billionaires Warren Stephens, Tom Barrack, and Tilman Fertitta to represent the United States in the United Kingdom, Turkey, and Italy, respectively.
The confirmations, which drew some bipartisan support, underscore Trump’s continued influence within the Republican Party and his preference for business leaders in key diplomatic posts. All three men have longstanding ties to Trump and the GOP, both politically and financially.
Billionaire Banker to Represent U.S. in London
Earlier in the week, the Senate confirmed Arkansas investment banker Warren Stephens as ambassador to the United Kingdom and Northern Ireland in a 59–39 vote. Stephens, a well-known figure in finance, served for years as president and CEO of Stephens Inc., a Little Rock-based investment banking firm.
Sen. Tom Cotton (R-Ark.) praised Stephens on the Senate floor, calling him “a family man, businessman, philanthropist, and patriot.” Cotton added, “He is the right person to lead our strong and special relationship with the United Kingdom.”
Stephens has a complex political history. While Federal Election Commission filings show that he once donated $1 million to Our Principles PAC—a group that opposed Trump’s 2016 campaign—his later contributions aligned squarely with Trump and his allies. In 2019 and 2020, Stephens donated to pro-Trump committees, and in 2024 he contributed $3 million to MAGA Inc., the primary super PAC backing Trump’s current political movement.
In a statement issued last December, Trump commended Stephens’ nomination, saying, “Warren has always dreamed of serving his country full-time. I am thrilled that he will now have that opportunity as our top diplomat to one of America’s closest and most cherished allies.”
Longtime Trump Confidant Confirmed for Turkey
The Senate also voted 60–36 to confirm Tom Barrack as U.S. ambassador to Turkey. Barrack, a billionaire private equity investor and founder of Colony Capital, has been a personal friend of Trump since the 1980s. The two first met during New York’s high-profile real estate boom, and Barrack went on to advise Trump’s 2016 campaign and later chaired his 2017 inauguration committee.
Barrack’s confirmation comes after years of legal scrutiny. In 2021, the Justice Department charged him with acting as an unregistered foreign agent for the United Arab Emirates, allegations he consistently denied. A federal jury acquitted him in November 2022.
Despite that history, several Democrats crossed party lines to vote in favor of his appointment, citing his international business experience and long-standing diplomatic contacts in the Middle East.
Hospitality Tycoon Heads to Rome
By a wide 83–14 margin, the Senate confirmed Tilman Fertitta as U.S. ambassador to Italy. Fertitta, appointed by Trump late last year, is the chairman and CEO of Landry’s Inc., a hospitality empire that includes popular restaurant chains, hotels, casinos, and entertainment venues. He also owns the NBA’s Houston Rockets.
Fertitta’s appointment was largely viewed as noncontroversial. Lawmakers from both parties praised his managerial expertise and international business acumen, arguing that such experience could strengthen U.S.-Italy relations, particularly in areas of trade and tourism.
Confirmations Amid a 30-Day Shutdown
The ambassador confirmations occurred as the U.S. government shutdown entered its 30th day, intensifying partisan clashes over federal spending. The GOP-led House passed a clean continuing resolution a month earlier to reopen the government, but Senate Democrats, under Minority Leader Chuck Schumer, have repeatedly blocked the measure.
Although a few Democrats have broken ranks to support reopening the government, their numbers have been insufficient to reach the 60-vote threshold needed to advance the bill.
Republicans accuse Schumer and his caucus of holding the government hostage to extract additional spending commitments. Democrats, meanwhile, blame Trump and GOP leaders for refusing to negotiate over health care and social spending priorities.
The Policy Dispute: Obamacare and New Spending
One of the key sticking points in the ongoing stalemate involves healthcare funding. Democrats have pushed to extend subsidies for the Affordable Care Act (commonly known as Obamacare), which were temporarily expanded during the COVID-19 pandemic but are set to expire in December.
Republicans say they are open to revisiting those subsidies but only after a clean resolution to reopen the government. They argue that Democrats are demanding nearly $1.5 trillion in additional spending—much of it aimed at restoring cuts already enacted under GOP leadership.
Political Fallout
As the shutdown drags on, public sentiment appears to be shifting. Even typically left-leaning media outlets have acknowledged growing frustration with Democratic leadership. CNN recently reported that the prolonged standoff has bolstered Republican political leverage, while ABC News directly blamed Democrats for fueling the impasse. CNBC echoed those sentiments, calling on lawmakers to prioritize reopening the government to ease the strain on families, workers, and the broader economy.
Despite the partisan turbulence, the Senate’s confirmation of three high-profile ambassadors provided the administration with a rare moment of stability and accomplishment. Each appointee now heads to one of America’s most strategically significant diplomatic posts—tasked with representing the United States abroad even as its own government remains partially shuttered at home.