President-elect Donald J. Trump has selected a commerce secretary, Howard Lutnick of Cantor Fitzgerald. Lutnick is a Wall Street veteran who has also been one of Trump’s top advisers during the transition (via WSJ):
Donald Trump will nominate veteran Wall Street financier Howard Lutnick to lead the Commerce Department, the president-elect said Tuesday, elevating one of the financial world’s most vocal supporters of Trump to a crucial position overseeing the incoming administration’s economic agenda.
Lutnick, chief executive of the financial-services firm Cantor Fitzgerald, in recent months has become a close Trump ally and had been a top contender to lead the Treasury Department. As the co-chair of the president-elect’s transition team, Lutnick has spent much of his time at Mar-a-Lago, Trump’s private Florida club, poring over shortlists of candidates for positions in the administration.
[…]
Trump considered Lutnick to lead the Treasury Department, but he fell out of favor for the job amid mounting tension with another leading contender, investor Scott Bessent. Lutnick’s allies, including Elon Musk, signaled their support for Lutnick for Treasury.
Lutnick has fiercely defended Trump’s economic proposals in the midst of opposition from some on Wall Street, who worry the president-elect’s pledge to impose sweeping tariffs will trigger trade wars and ultimately lead to higher prices for American consumers.
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The statement from the president-elect also included a short bio for Mr. Lutnick:
🚨 President Trump announces that @howardlutnick will join his administration as Secretary of Commerce. pic.twitter.com/XkLZj2NIqN
— Trump War Room (@TrumpWarRoom) November 19, 2024
I am thrilled to announce that Howard Lutnick, Chairman & CEO of Cantor Fitzgerald, will join my Administration as the United States Secretary of Commerce. He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative.
In his role as Co-Chair of the Trump-Vance Transition Team, Howard has created the most sophisticated process and system to assist us in creating the greatest Administration America has ever seen.
Howard Lutnick Bio:
Howard has been a dynamic force on Wall Street for more than 30 years. He joined Cantor Fitzgerald in 1983, and rapidly rose through the ranks to become President and CEO at the age of 29. Tragedy struck on September 11, 2001, when terrorists attacked the World Trade Center, and Cantor Fitzgerald lost 658 of its 960 New York-based employees, including Howard’s brother and his best friend. He emerged from these events with an indomitable sense of purpose to rebuild the firm to honor those lost, support their families, and become a beacon of hope for those who remained. He was an inspiration to the World - The embodiment of resilience in the face of unspeakable tragedy.
Howard and the Cantor Fitzgerald Relief Fund donated $180 Million Dollars to his 9/11 families. He remains deeply committed to philanthropic endeavors, donating more than $100 Million Dollars to victims of terrorism, natural disasters, and other emergencies around the world.
Howard is on the Board of Directors of the National September 11 Memorial & Museum and Weill Cornell Medicine. He was named the Financial Times’ Person of the Year in 2001 and Ernst & Young’s United States Entrepreneur of the Year in 2010. Howard also received the Department of the Navy’s Distinguished Public Service Award, the highest honor granted to non-military personnel by the Navy.
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