The News
President-elect Donald Trump plans to nominate Howard Lutnick to lead the Commerce Department, he announced Tuesday, elevating the Wall Street investment banker to a key position managing the next administration’s economic policy.
The Cantor Fitzgerald chief executive is a close Trump ally and co-chair of the Republican’s transition team, where he is responsible for compiling shortlists of potential appointees.
“He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative,” Trump said in a statement.
Lutnick was long considered a front-runner to head up the Treasury Department, earning the public support of key Trump ally Elon Musk. But Trump reportedly grew irritated with his aggressive campaign to land the role after a flood of lobbying by Lutnick and his allies.
Lutnick has proposed slashing regulation, enacting sweeping tariffs, and expanding Trump’s 2017 tax cuts.
In his statement announcing his pick, Trump also stressed Lutnick’s resilience after the majority of his firm’s employees were killed in the 9/11 attacks on the World Trade Center. Since then, Lutnick has rebuilt the company, including by investing heavily in cryptocurrencies.