Billionaire financier Howard Lutnick, President Donald Trump's pick for Commerce Secretary, announced during a Senate confirmation hearing that he plans to divest all his business interests within 90 days. Lutnick, the head of investment firm Cantor Fitzgerald, disclosed holdings in over 800 businesses and private organizations.
Lutnick, introduced by Vice President JD Vance, is known for his support of Trump's tough trade policies, including proposed tariffs on China and import taxes on Canada and Mexico. He suggested that compliance with Trump's demands could avert these tariffs.
Expressing support for using tariffs to negotiate trade terms, Lutnick dismissed concerns about inflation, citing examples of countries with high import taxes and low inflation rates. He was considered for Treasury Secretary but was passed over for investor Scott Bessent.
The Commerce Department, where Lutnick is set to lead, is a significant federal agency overseeing trade policy, economic statistics, funding initiatives, patents, and more. Lutnick will collaborate with the U.S. trade representative to implement Trump's tariff strategies.
Lutnick, who survived the 9/11 attack on Cantor Fitzgerald's offices, lost his brother in the tragedy. He remains involved with the National September 11 Memorial & Museum. Emotional when discussing 9/11, Lutnick highlighted his personal connection to the event.
Aside from his business ventures, Lutnick is a proponent of cryptocurrencies and launched a platform called World Liberty Financial. His diverse background and experience position him to navigate the complexities of the Commerce Department and its role in shaping U.S. trade policy.
