Howard Lutnick, President Donald Trump’s nominee for Commerce Secretary, has pledged to sell all of his business assets within 90 days.
“I will divest, I will sell all of my interests, my business interests, all of my assets, everything,” Lutnick said during his Senate confirmation hearing on Wednesday.
Lutnick, a billionaire and head of investment firm Cantor Fitzgerald, said he has made enough money in his life and is ready for public service. His financial disclosure shows ties to over 800 businesses.
Lutnick Supports Trump’s Trade Policies
Lutnick is a strong supporter of Trump’s trade policies and tariff plans. The president has announced:
- 25% tariffs on Canada and Mexico starting Saturday.
- Possible new tariffs on China.
- A general tariff on all U.S. imports.
“Tariffs are an amazing tool for the president to use — we need to protect the American worker,” Lutnick said in a CNBC interview last year.
Lutnick will work with Trump’s U.S. Trade Representative nominee, Jamieson Greer, to enforce these policies.
From Wall Street to Washington
Lutnick was once considered for Treasury Secretary, but Trump chose investor Scott Bessent instead. Tech billionaire Elon Musk had supported Lutnick and criticized Bessent as a “business-as-usual” choice.
The Commerce Department has nearly 50,000 employees and oversees:
- Trade policy
- Economic statistics
- Funding for computer chip factories
- Patents and the census
- Weather reports
Lutnick’s Personal Story & Crypto Interests
Lutnick was CEO of Cantor Fitzgerald when the 9/11 attacks hit the firm’s offices in the World Trade Center. The company lost 658 employees, including his brother. Lutnick is now on the Board of the 9/11 Memorial & Museum.
He is also a strong supporter of cryptocurrencies and recently launched a crypto platform called World Liberty Financial with his family.
Lutnick is now waiting for Senate confirmation before officially becoming Commerce Secretary.
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