President-elect Donald Trump on Tuesday nominated Cantor Fitzgerald CEO Howard Lutnick to serve as commerce secretary. Lutnick, 63, has been a key figure in Trump's transition team and a significant fundraiser for Trump's recent campaigns. Elon Musk, a billionaire and supporter of Trump, endorsed Lutnick for Treasury secretary.
A source familiar with the selection process mentioned that there is a strong push to find a pro-tariff individual to lead the Treasury, leading to a selection of Lutnick for the Commerce Department. Lutnick was offered an ambassadorship but declined the offer.
In a statement, Trump expressed his excitement about Lutnick joining his administration as the United States Secretary of Commerce. Lutnick's responsibilities will include leading the Tariff and Trade agenda and overseeing the Office of the United States Trade Representative.
Lutnick has been a prominent figure on Wall Street for over 30 years, having joined Cantor Fitzgerald in 1983 and later becoming the firm's president and CEO at a young age. The firm faced a tragic loss during the September 11 terror attacks, where Lutnick's brother and best friend were among the casualties. Lutnick played a crucial role in rebuilding the firm and supporting the families affected by the tragedy.
Notably, Lutnick and the Cantor Fitzgerald Relief Fund have made significant philanthropic contributions, including $180 million to 9/11 families and over $100 million to various causes worldwide.
The Commerce Department plays a vital role in regulating international trade and promoting domestic economic growth. It oversees bureaus such as the Census Bureau, the Bureau of Economic Analysis, and the Bureau of Industry and Security, which focuses on national security and sensitive technologies.
Subagencies of the Commerce Department include the National Oceanographic and Atmospheric Administration (NOAA) and the National Institute of Standards and Technology (NIST), which play essential roles in weather forecasting, technological standards development, and intellectual property rights regulation.
Lutnick's nomination is expected to be reviewed by the Senate in the new session of Congress starting on January 3, 2025. Committee hearings may take place before Trump's Inauguration Day, with potential confirmations shortly thereafter.
