Cantor Fitzgerald Chairman and CEO Howard Lutnick poses for the Republican presidential candidate at Madison Square Garden on October 27, 2024 in New York City, United States Former President Donald Trump speaks at a rally.
Carlos Barria | Reuters
WASHINGTON — President Donald Trump is expected to nominate a key transition adviser, billionaire financial services executive Howard Lutnick, to lead the Commerce Department, according to two people familiar with the matter.
Chief Executive Officer Cantor Fitzgerald led Trump’s transition and became the public voice.
It’s unclear what his election to the cabinet post will mean for his role in future transitions.
As Trump’s transition co-chair, Lutnick has been an outspoken advocate of Trump’s agenda, including explaining how he plans to use tariffs once he takes office. Lutnick is the CEO and chairman of financial services giant Cantor Fitzgerald. The Commerce Department will play a key role in enforcing some of Trump’s proposed tariffs on U.S. imports.
Lutnick has been with Cantor Fitzgerald since the early 1980s, when he graduated from Haverford College in Pennsylvania with a degree in economics. Lutnick suffered great personal tragedy at a young age, losing his mother while in high school and then his father during his first week of college. Lutnick was working at Cantor Fitzgerald on September 11 when terrorists attacked the World Trade Center in New York City, the company’s headquarters. Hundreds of Cantor Fitzgerald employees were killed, including Lutnick’s brother.
As New York struggled to rebuild after the attacks, Lutnick became an outspoken advocate for the business community.
The Commerce secretary’s announcement follows days of speculation about who might fill the remaining top cabinet positions in the incoming Trump administration, including Treasury secretary, with Lutnick seen as a top contender. Punchbowl News first reported Lutnick’s selection.
Officials responsible for the transition did not immediately respond to a request for comment.
It’s unclear who Trump will choose to lead the Treasury Department, and Lutnick gained public support over the weekend. MuskThe billionaire was recently appointed to head the newly created Department of Government Effectiveness.
Musk has been a near-constant presence at Mar-a-Lago since the election, a sign of his close relationship with Trump.
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