Trump Nominee Howard Lutnick to Divest Holdings in 800 Firms, Worth $800 Million, for Commerce Secretary Role

Jan 24, 2025, 05:42 PM

Howard Lutnick, nominated by President Donald Trump to lead the Commerce Department, has agreed to divest his holdings in various business interests, including stepping down from his position at Cantor Fitzgerald, BGC Group, and Newmark Group, as per an ethics filing. Lutnick's financial disclosures reveal his involvement in over 800 firms and assets amounting to $800 million. His nomination comes amidst his advocacy for imposing tariffs, aligning with Trump's economic policies. Lutnick's departure from his corporate roles is aimed at avoiding conflicts of interest as he prepares to promote U.S. corporate interests at the Commerce Department.