President-elect Donald Trump has named Howard Lutnick, CEO of Cantor Fitzgerald, as his choice for commerce secretary, confirming reports from earlier on Tuesday by Punchbowl News.
Lutnick, a prominent figure in the financial industry, is widely known for his leadership following the devastating 9/11 attacks, which claimed the lives of 658 Cantor Fitzgerald employees, including many of his close friends and family. Lutnick credits his son’s first day of kindergarten with sparing him from certain death at the firm’s World Trade Center offices that day.
In the aftermath of the tragedy, Lutnick took extraordinary steps to support the families of his lost employees. He pledged 25% of Cantor Fitzgerald’s profits to the victims’ families and provided them with health care for 10 years. Through the Cantor Fitzgerald Relief Fund, Lutnick and the firm have donated over $180 million to 9/11 families. Additionally, he has expanded his philanthropic work, giving more than $100 million to assist victims of terrorism, natural disasters and other global emergencies.
The New York Times details how Lutnick has become a chief economic adviser to Trump over the past year, and more recently, he has taken on the role of co-chair for Trump’s transition team:
Over the past two years, Mr. Lutnick has donated $1 million to Mr. Trump’s super PAC, according to federal election records, and hosted a fund-raiser at his Bridgehampton, N.Y., home that raised $15 million. All told, he donated or raised more than $75 million for groups supporting Mr. Trump in the 2024 cycle, according to someone familiar with his fund-raising who spoke on the condition of anonymity to discuss nonpublic figures.
Mr. Lutnick has been an ardent defender of Mr. Trump’s plans for imposing tariffs on imports. He has suggested, however, that they should be used to negotiate trade deals with other nations and that goods that the United States does not produce should not necessarily face tariffs.
“Donald Trump is here to protect the American worker,” Mr. Lutnick told CNBC earlier this year.
NEW: Donald Trump is expected to pick Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary, according to Punchbowl.
— Collin Rugg (@CollinRugg) November 19, 2024
Here is Lutnick blowing the minds of CNBC hosts as he explained how Trump will use tariffs as a negotiation tactic.
Lutnick lost 658 employees in the… pic.twitter.com/6Aalo2mKQv
Mr. Lutnick had been under consideration to serve as Mr. Trump’s Treasury secretary and had garnered support from Elon Musk, who has become an influential adviser to the president-elect.
If confirmed by the Senate, Lutnick will lead the Department of Commerce, overseeing initiatives to drive economic growth, create jobs and foster technological innovation. His role will be pivotal in shaping trade policies and strategies influencing the country’s economic trajectory.
Using his talents as a billionaire Wall Street executive, Lutnick is set to lead Trump’s tariff and trade agenda aimed at protecting U.S. industries from foreign competition.
READ NEXT: Major City’s Police Chief Issues Shocking Warning For Jewish And Gay Citizens
