Trump Taps Howard Lutnick To Lead Department Of Commerce

President-elect Donald Trump has reportedly selected Howard Lutnick to lead the Department of Commerce in his new administration.

If the Senate confirms Lutnick, he will manage an agency tasked with expanding U.S. economic growth and strengthening domestic industries.

The Financial Times reported that figures on Wall Street wanted to thwart Lutnick’s appointment to Treasury Secretary because of his support for some of Trump’s policies, like tariffs.

As the Secretary of Commerce, Lutnick would “play a central role in implementing the president-elect’s proposed tariffs on U.S. imports,” the WSJ notes.

The 63-year-old billionaire is Chairman and CEO of Cantor Fitzgerald, a leading financial firm where he has worked ever since he graduated college in the 1980s.

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He has donated millions to each of Trump’s three presidential campaigns and is currently the co-chair of his transition team.

Lutnick became a prominent voice in the business world following the 9/11 attacks after the majority of the company’s employees, including his brother, were killed.

Following the attack, Lutnick oversaw the hiring of thousands of employees as he rebuilt the company. He holds an annual 9/11 fundraiser that raises money for charities around the world.

Trump is now faced with picking who he wants to lead the Treasury Department, which plays the most significant role in the U.S. economy. The leading candidates that Trump is considering are believed to be hedge fund manager Scott Bessent, former Federal Reserve Governor Kevin Warsh, and Apollo Global Management CEO Marc Rowan.

“I think Trump has a problem in that he wants two different things,” said former Treasury Secretary Larry Summers, a Democrat. “He wants somebody who will be deeply loyal, and he wants someone who will be deeply reassuring to markets. Since markets are fearful of the tariff agenda, it’s hard to square both things.”