Howard Lutnick is set to move from CEO of Wall Street finance firm Cantor Fitzgerald and co-chairman of President-elect Donald Trump‘s transition team to the next commerce secretary.
The commerce secretary is responsible for defending U.S. business interests worldwide, overseeing export restrictions, funding new computer chip factories, and releasing economic data. When Trump announced Lutnick as his pick, he also said, “He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative.”
Here is what you need to know about the man who could have a heavy hand in the future of the country’s business.
Wall Street experience
After Lutnick finished school at Haverford College in 1983, he joined Cantor Fitzgerald. He flew through the ranks, landing a position as the company’s president and CEO in 1991. By 1996, the firm had named Lutnick chairman of the board.
Cantor Fitzgerald was located in the World Trade Center in New York City, and almost 700 employees died in the Sept. 11 attacks. Gary Lutnick, Howard Lutnick’s brother, was killed in the terrorist attack. Howard Lutnick rebuilt the investment bank, donating $180 million to relief efforts.
Trump’s announcement of the nomination mentioned Howard Lutnick’s loss. The president-elect described him as “the embodiment of resilience in the face of unspeakable tragedy.”
Howard Lutnick is also the chairman and chief executive of investment firm BGC Group and executive chairman of Newmark Group, a commercial real estate service and advisory firm. He has also said he managed financial holdings for the cryptocurrency company Tether.
Loyalty to Trump
The Wall Street billionaire once appeared on Trump’s NBC reality show, The Apprentice, and has donated generously to Trump’s campaigns over the years. Howard Lutnick donated more than $6 million to super PACs in support of Trump’s reelection, according to federal filings.
The CEO has also enthusiastically supported many of Trump’s proposed policies. In a September CNBC interview, he praised Trump’s tariff plan, saying, “Tariffs are an amazing tool for the president to use — we need to protect the American worker.”
Howard Lutnick is also a strong supporter of cryptocurrency and has financial ties to the cryptocurrency company Tether. Trump has taken a favorable stance toward the digital currency, announcing in May that his campaign would accept cryptocurrency donations in an effort to build a “crypto army” before Election Day.
On Nov. 13, Bitcoin saw its best day on record, surpassing $90,000 as investors got excited about Trump’s support for cryptocurrency.
“Bitcoin is like gold and should be free trade everywhere in the world,” Howard Lutnick said at the Bitcoin 2024 conference in July. “And as the largest wholesaler in the world, we’re going to do everything in our power to make it so. Bitcoin should trade the same as gold everywhere in the world without exception and without limitation.”
Concerns over conflicts of interest
Trump’s appointment of Howard Lutnick as commerce secretary has raised some concerns about conflicts of interest. Howard Lutnick’s business interests, including Cantor Fitzgerald and Tether, involve sectors such as commercial real estate and crypto, which could be affected by a wide range of government regulations.
Lutnick has been accused of combining his personal interests with the administration’s, and the Office of Government Ethics will often instruct incoming Cabinet officials to sell or divest themselves of assets that could even spark the appearance of a conflict of interest.
The Trump transition team has also released a code of ethical conduct, calling for members to abstain from involvement in “any particular Transition matter” that “may directly conflict with a financial interest” of theirs.
Remaining Cabinet positions
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Lutnick was in the running for treasury secretary, much to Tesla CEO Elon Musk‘s preference. It was a shock that he was selected for the commerce position as Linda McMahon was thought to be in the running for the role. McMahon was announced as the education secretary instead, leaving Lutnick to be picked for commerce secretary.
With the treasury secretary role still open, many candidates are still contending for the role. Kevin Warsh, former Federal Reserve governor, Marc Rowan, CEO of Apollo Global Management, and Scott Bessent, a financier and Trump economic adviser, are all seeking the Cabinet seat.