Press releases from Cantor Fitzgerald and major financial news outlets

Trump Names Transition Co-Chair Howard Lutnick as Commerce Secretary

Nov 19, 2024, 07:22 PM

President-elect Donald Trump is expected to nominate Howard Lutnick, the CEO of Cantor Fitzgerald, as the next Secretary of Commerce, according to multiple reports on Tuesday. Lutnick, a veteran Wall Street financier and co-chair of the Trump transition team, has been a close ally of Trump. Lutnick's selection has been reported by several news outlets, including CNN, The Wall Street Journal, and Punchbowl News. If confirmed by the Senate, Lutnick would lead the Department of Commerce and be responsible for implementing Trump's trade and tariff agenda, with additional oversight of the Office of the United States Trade Representative. Known for his advocacy of boosting U.S. manufacturing and supporting 'Made in America' policies, Lutnick's appointment signals the administration's focus on domestic economic growth. He will lead efforts to promote U.S. trade interests and manage key economic policies. Lutnick, who led Cantor Fitzgerald's recovery after the 9/11 attacks, is also recognized for his involvement in cryptocurrency initiatives. His firm has managed U.S. Treasury reserves for Tether (USDT), the issuer of a leading stablecoin in the cryptocurrency market. Trump officially announced Lutnick's nomination on Tuesday afternoon, stating, 'Howard has created the most sophisticated process and system to assist us in creating the greatest administration America has ever seen.' Lutnick, who was also considered for Treasury Secretary, will require Senate confirmation for the Commerce Secretary position.