Howard Lutnick, a billionaire financial executive, has been nominated by President Trump to head the Commerce Department. Lutnick has agreed to divest his holdings in several business interests, including stepping down from his long-held positions at Cantor Fitzgerald, BGC Group, and Newmark Group. As Commerce Secretary, Lutnick will face the challenge of avoiding conflicts of interest while promoting U.S. corporate interests, particularly in the areas of trade and economic policy.
Howard Lutnick , the billionaire financial executive nominated by President Trump to lead the Commerce Department , has agreed to divest his holdings in various business interests, including relinquishing his longstanding role as head of the brokerage and investment bank Cantor Fitzgerald . Lutnick also consented to step down from his position with BGC Group, Inc.
, a global brokerage and financial technology company that holds substantial government contracts, and he has agreed to exit as chairman of Newmark Group, Inc., a commercial real estate firm, according to an ethics filing obtained by CBS News. The document, along with a 92-page financial disclosure report Lutnick filed late Wednesday, offer a glimpse into the considerable divestment challenges faced by the numerous ultra-wealthy executives seeking positions in the incoming Trump administration. Lutnick has pledged to avoid conflicts of interest as he works to promote U.S. corporate interests at the helm of the Commerce Department. However, given his vast holdings even after stepping down from his corporate roles, the task will be complex.As commerce secretary, Lutnick, if confirmed, would oversee a vast Cabinet agency involved in funding new computer chip factories, imposing trade restrictions, releasing economic data, and monitoring the weather. It's also a position where connections to CEOs and the broader business community are crucial. An advocate for imposing wide-ranging tariffs, Lutnick told CNBC in September that 'tariffs are an amazing tool for the president to use — we need to protect the American worker.' During his campaign, Mr. Trump proposed a 60% tariff on goods from China — and a tariff of up to 20% on everything else the U.S. imports. More recently, Mr. Trump has indicated that a 10% tariff on Chinese goods could be implemented as early as February, and he threatened tariffs of 25% against Canada and Mexico.In recent years, Cantor Fitzgerald has become heavily invested in the cryptocurrency space, particularly backing one company, Tether. Cantor stands to benefit from the Trump administration's stated support for weakening cryptocurrency regulation. The firm remains widely recognized for absorbing devastating losses during the September 11, 2001 terrorist attacks, when about two-thirds of its New York-based workforce perished, including Lutnick's brother. Lutnick has donated millions to efforts supporting Trump's reelection and other Republicans. He hosted a fundraiser for Trump last August that raised $15 million and also contributed $5 million to the Make America Great Again PAC, according to Federal Election Commission records
Howard Lutnick Commerce Department Trump Administration Divestment Tariffs Cryptocurrency Cantor Fitzgerald
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