Washington, D.C. – November 2024 – President-elect Donald Trump has announced his intention to appoint Howard Lutnick, the billionaire financier and CEO of Cantor Fitzgerald, as the next Secretary of Commerce in his incoming administration, according to a statement released Tuesday.
Lutnick, 63, has been a key figure in Trump’s transition team, helping vet and select candidates for high-level positions in the new administration. The Wall Street magnate has also been a vocal supporter of Trump during the election campaign and in the months following his victory.
While there were rumors that Lutnick was also being considered for the position of Secretary of the Treasury, sources close to Trump’s team indicated that he was bypassed for that role due to competing interests with another major candidate, Scott Bessent, a well-known investor.
A Key Role in U.S. Trade Policy
Should Lutnick be confirmed by the U.S. Senate as Secretary of Commerce, he is expected to play a pivotal role in implementing Trump’s economic and trade policies, which focus on reshaping America’s relationship with global trade. Trump has proposed raising tariffs on imported goods in an effort to incentivize domestic production of certain products. While this policy aims to boost U.S. manufacturing, it carries the risk of raising prices for American consumers and potentially disrupting the global economy.
The Department of Commerce oversees a range of critical policies that impact businesses, including sectors such as semiconductors, cybersecurity, and patents. It also plays a key role in promoting new businesses and driving economic growth in the U.S., the world’s largest economy.
A History of Bipartisan Support
Lutnick has a long history of bipartisan support, having donated to both Democratic and Republican candidates over the years. He also made a cameo appearance on Trump’s reality TV show, The Apprentice, before Trump’s political rise in 2016.
Lutnick’s leadership of Cantor Fitzgerald has also been marked by resilience. The firm lost 658 of its 960 employees in the September 11, 2001 terrorist attacks, more than any other business, when the World Trade Center was attacked by al-Qaeda. Lutnick’s brother, Gary Lutnick, was among those killed in the tragedy.
Howard Lutnick himself narrowly escaped death, having been away from the office that morning to take his son to his first day of kindergarten. Upon returning to the scene, Lutnick survived the collapse of the South Tower by hiding behind a parked car. In the aftermath of 9/11, Lutnick established a fund to help the families of the victims and those affected by the tragedy.
