In a recent confirmation hearing before the Senate Committee on Commerce, Science, and Transportation, billionaire financier Howard Lutnick, nominated by President Donald Trump to head the Commerce Department, announced his intention to divest from all business holdings within a three-month period. Lutnick stated, “I will divest, I will sell all of my interests, my business interests, all of my assets, everything.” He expressed that he believes he has earned enough throughout his career.
As the CEO of Cantor Fitzgerald, an investment firm, Lutnick has been involved in complex business operations. His financial disclosure revealed that he held stakes in over 800 different companies and private organizations. During his introduction, Vice President JD Vance described Lutnick as “just a good dude,” further endorsing him for the position.
Lutnick has been a vocal supporter of Trump’s stringent trade policies, which have included proposals for new tariffs on China and an overall import tax on goods entering the United States. Additionally, Trump plans to enforce a 25% tariff on imports from Canada and Mexico. During the hearing, Lutnick mentioned that these tariffs could be avoided if both countries adhered to Trump’s demands regarding the reduction of undocumented immigration and the flow of fentanyl into the U.S.
He endorsed the idea of using tariffs on a “country by country” basis to pressure trading partners into lowering their own tariffs on U.S. exports, referring to tariffs as a means to establish reciprocity. Lutnick dismissed the concerns of many economists who argue that tariffs lead to inflation, claiming that despite having elevated import taxes, countries like China and India maintain relatively low inflation rates. The International Monetary Fund has projected inflation rates of 1.7% for China, 4.1% for India, and 1.9% for the United States this year.
Although Lutnick was previously in consideration for the role of Treasury Secretary, Trump opted for Scott Bessent, a wealthy investor seen as a more favorable option for Wall Street, who was confirmed by the Senate recently. Elon Musk had publicly favored Lutnick and criticized Bessent’s “business-as-usual” approach.
The Commerce Department, which Lutnick is set to lead, is a large government agency comprising nearly 50,000 employees. Tasked with being the voice of business in the federal government, it is responsible for trade policy, maintaining economic statistics, and overseeing various important functions like new funding for computer chip manufacturing, conducting the census, granting patents, and managing weather reporting.
As Commerce Secretary, Lutnick will collaborate with Jamieson Greer, Trump’s nominee for U.S. Trade Representative, to execute the administration’s proposed tariff strategies.
Lutnick has a personal connection to the tragic events of September 11, 2001, as he was the CEO of Cantor Fitzgerald when the terrorist attacks occurred. On that day, the firm suffered a devastating loss of 658 employees, including Lutnick’s brother, Gary Lutnick. He currently serves on the Board of Directors of the National September 11 Memorial & Museum, and while discussing the tragedy in the recent hearing, he became visibly emotional, stating, “I still can’t say it without getting emotional.”
Moreover, Lutnick is an advocate for cryptocurrencies and has entered the digital money market with the establishment of World Liberty Financial, a platform created in collaboration with his family. He has previously appeared on Trump’s reality television series “The Apprentice,” marking another facet of his varied career.
