Bill Hagerty's Trump cabinet prospects appear to fade

Why it matters: If Hagerty were to score an appointment, it would present an opening for another ambitious Tennessee Republican to take his spot in the U.S. Senate.

• If he were to remain in Congress, he could position himself as an influential ally for the president-elect.

State of play: NBC News reported Monday that Hagerty was no longer in the running for a cabinet spot.

• Soon afterward, news broke that Sen. Marco Rubio of Florida was tabbed instead to lead the State Department. Hagerty quickly congratulated him.

The intrigue: Hagerty served as ambassador to Japan in Trump's first term, and he remains one of Trump's staunchest defenders.

• Last month, Politico reported Hagerty was in contention for multiple cabinet posts, including state, treasury and commerce.
• The Politico story quoted one Japanese official who said Hagerty could be "the conscience of Trump's administration."

Between the lines: Hagerty previously aligned himself with conventional establishment Republicans. He worked in former Gov. Bill Haslam's administration and initially supported Jeb Bush in 2016.

• But Hagerty became a staunch Trump supporter.

• The Politico article, which examined Hagerty's shift, described "canny ability to straddle the MAGA, business and diplomatic worlds."

What we're watching: If Hagerty remains in the Senate, he could be in line for an array of leadership roles when Republicans take control of the chamber in January.

• Sen. Marsha Blackburn, who was also seen as a potential appointee, already took herself out of the running. She is likely to see increased influence in a Republican majority.
• Hagerty and Blackburn backed Sen. Rick Scott of Florida in the race to serve as Senate majority leader.