US Senate confirms former Cantor Fitzgerald CEO as Secretary of Commerce

He said he would sell shares in all 818 businesses and other private investments within 90 days of his appointment

19.02.2025 - 14:30

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2 min

What’s new? The US Senate has confirmed Howard Lutnick as the 41st Secretary of Commerce. He stepped down as CEO of financial services firm Cantor Fitzgerald after being confirmed to head the Commerce Department on February 18.

Material by Cointelegraph

Lutnick is a proponent of cryptocurrency, and Cantor Fitzgerald owns a stake in cryptocurrency stablecoin issuer Tether. However, he said he would sell shares in all 818 businesses and other private investments within 90 days of his appointment.

Senator Elizabeth Warren raised concerns about Lutnick’s close relationship with Tether, emphasizing the possible impact on cryptocurrency regulation in the United States. In response, the businessman emphasized his commitment to transparency and expressed support for free market ideas.

He will now lead a staff of about 50 000 employees at the Department of Commerce, who work on issues ranging from collecting business data and working with patents to attracting foreign investment.

What else is known? The newly minted Commerce Secretary will also play a key role in working with top US trade negotiators to implement Trump’s plans to impose import duties on US trading partners. Trump has already imposed a 10% duty on Chinese imports, while raising US taxes on foreign steel and aluminum. He has also threatened a 25% duty on products from bordering countries Canada and Mexico.

Lutnick said at his Senate confirmation hearing last month that the idea that the duties would lead to inflation was “nonsense” and backed Trump’s plans to create more “reciprocity, fairness and respect” for the US in global trade.

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