President-elect Donald Trump on Tuesday nominated Cantor Fitzgerald CEO Howard Lutnick to serve as commerce secretary.
Lutnick, 63, has served as the co-chair of Trump’s transition team and was a key fundraiser for Trump’s 2020 and 2024 campaigns. Billionaire and Trump backer Elon Musk endorsed Lutnick for Treasury secretary.
A source familiar with the selection process said that it’s a free for all for Treasury secretary and that there’s a mad dash to find someone pro-tariff to lead the Treasury with Lutnick being tapped to lead the Commerce Department. They added that Lutnick was offered an ambassadorship but declined that offer.
“I am thrilled to announce that Howard Lutnick, Chairman & CEO of Cantor Fitzgerald, will join my Administration as the United States Secretary of Commerce,” Trump said in a statement. “He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative.”
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“In his role as Co-Chair of the Trump-Vance Transition Team, Howard has created the most sophisticated process and system to assist us in creating the greatest Administration America has ever seen,” Trump’s statement added.
The statement from the Trump-Vance transition team noted that Lutnick has been a “dynamic force on Wall Street for more than 30 years,” and joined Cantor Fitzgerald in 1983 before becoming the firm’s president and CEO at the age of 29.
The firm lost 658 of its 960 New York-based employees in the September 11 terror attacks on the World Trade Center, including Lutnick’s brother and best friend. In the wake of that tragedy, Lutnick helped rebuild the firm to “honor those lost, support their families, and become a beacon of hope for those who remained,” the statement said.
Howard Lutnick and the Cantor Fitzgerald Relief Fund donated $180 million to 9/11 families and has given more than $100 million to other philanthropic endeavors, including victims of terrorism, natural disasters and other emergencies around the world.
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The Commerce Department plays a key role in regulating international trade with the U.S. as well as promoting economic growth domestically.
There are several notable bureaus within the Commerce Department, including the Census Bureau, the Bureau of Economic Analysis and the Bureau of Industry and Security, which works on issues related to national security and sensitive technologies by enforcing export controls and promoting the health of the U.S. defense industrial base.
The National Oceanographic and Atmospheric Administration (NOAA) and the National Institute of Standards and Technology (NIST) are also subagencies of the Commerce Department. NOAA provides weather forecasting services and plays a role in monitoring fisheries as well as coastal and maritime commerce. The NIST develops technological standards that are used in the development of a variety of products, such as computer chips, electronic health records and the power grid.
The Patent and Trademark Office is also part of the Commerce Department and plays a key role in regulating intellectual property rights.
During Trump’s first term, Wilbur Ross served as commerce secretary for nearly the entire four-year administration. Ross was confirmed to the role in late February 2017 and remained until the Biden administration took office.
Lutnick’s nomination is expected to be considered by the Senate after the new session of Congress begins on January 3, 2025.
The Senate is likely to hold committee hearings prior to Trump taking office on Inauguration Day, and it’s possible that some Cabinet nominees may be confirmed that day or shortly thereafter.
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