Trump’s Commerce Pick, Howard Lutnick, Vows to Sell Assets in 90 Days/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ Howard Lutnick, President Donald Trump’s nominee for Commerce Secretary, promised to sell all of his business holdings within 90 days if confirmed. Lutnick, the billionaire head of Cantor Fitzgerald, appeared before the Senate Commerce Committee, stating that he has “made enough money” and is fully committed to his new role. Known for his strong support of tariffs and digital currencies, Lutnick will play a key role in Trump’s aggressive trade policies. His nomination follows his close ties to Trump and backing from high-profile figures like Elon Musk.
Lutnick’s Commerce Nomination: Quick Looks
- Business Divestment Pledge: Lutnick promised to sell all business assets within 90 days if confirmed.
- Tariff Advocate: He strongly supports Trump’s 25% tariffs on Canada, Mexico, and China.
- Wealth & Business Ties: Lutnick’s financial disclosure revealed holdings in 800+ businesses and organizations.
- Emotional 9/11 Connection: He lost 658 employees and his brother in the World Trade Center attacks while leading Cantor Fitzgerald.
- Cryptocurrency Enthusiast: Lutnick recently launched a crypto platform, World Liberty Financial.
Trump’s Commerce Pick, Howard Lutnick, Vows to Sell Assets in 90 Days
Howard Lutnick’s Confirmation Hearing: Business Divestment & Trade Policy
Lutnick Pledges to Sell Business Assets
Appearing before the Senate Committee on Commerce, Science, and Transportation, Howard Lutnick vowed to divest from all his business holdings within 90 days of taking office as Commerce Secretary.
“I will sell all of my interests, my business interests, all of my assets, everything,” Lutnick told lawmakers. “I’ve made enough money in my life.”
Lutnick, a billionaire investor and longtime Trump ally, leads Cantor Fitzgerald, a global financial services firm with complex holdings. His financial disclosure statement revealed ties to over 800 businesses and organizations, prompting questions about potential conflicts of interest.
Support for Trump’s Tariff Strategy
As Commerce Secretary, Lutnick would help implement Trump’s trade policies, including new 25% tariffs on imports from Canada and Mexico set to take effect Saturday. He has also expressed support for tariffs on China and a broader levy on imported goods.
In a CNBC interview last year, Lutnick defended tariffs, stating:
“Tariffs are an amazing tool for the president to use—we need to protect the American worker.”
Lutnick will work closely with Trump’s nominee for U.S. Trade Representative, Jamieson Greer, to enforce and expand these trade measures.
Commerce Department’s Expanding Role
The Commerce Department oversees a wide range of economic policies, including:
- Trade negotiations and tariffs
- Economic data collection
- Census administration
- Funding for semiconductor production
- Patent and trademark regulations
- Weather forecasting services
With nearly 50,000 employees, the department is a critical player in U.S. economic policy, especially as Trump escalates trade disputes with key global partners.
9/11 Tragedy & Personal Reflection
Lutnick has a deeply personal connection to the September 11, 2001 attacks, as his firm, Cantor Fitzgerald, was headquartered in the World Trade Center. The company lost 658 employees, including Lutnick’s brother, Gary Lutnick.
During his testimony, Lutnick became emotional when recalling the impact of 9/11.
“I still can’t say it without getting emotional,” he said.
He serves on the Board of Directors for the National September 11 Memorial & Museum, reflecting his ongoing commitment to honoring those lost in the attacks.
Ties to Trump & Cryptocurrency Ventures
Lutnick has longstanding ties to Trump’s business world, having previously appeared on “The Apprentice” and publicly backed Trump’s economic policies.
He is also a strong proponent of cryptocurrencies, having launched World Liberty Financial, a digital currency platform, in 2024. His support for Bitcoin and decentralized finance aligns with his broader interest in financial innovation.
Final Thoughts: Lutnick’s Path to Confirmation
Lutnick’s nomination is expected to face tough questions on trade, business ethics, and economic policy. His commitment to divest his holdings may ease concerns about conflicts of interest, but his support for tariffs and crypto ventures could be flashpoints in the confirmation process.
The Senate will vote on his confirmation in the coming weeks, determining whether he will take the helm of the Commerce Department at a critical time for U.S. trade policy.
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