The finance exec has emerged as the central figure in Trump’s 2024 transition team.
President-elect Trump selected billionaire Howard Lutnick as commerce secretary, and if confirmed, he could play a key role in shaping U.S. trade and economic policies.
This nomination marks something of a surprise — up until a few days ago, the 63-year-old was being considered to run the Treasury Department. But Trump is known to make last-minute decisions.
For now, Lutnick is serving as co-chair of Trump’s transition team, taking the lead on vetting candidates to fill thousands of top jobs across the administration.
Here’s what you should know about Lutnick.
Who is Howard Lutnick?
Lutnick is currently the chairman and chief executive of the financial services firm Cantor Fitzgerald. He first joined the company in 1983 after graduating from Haverford College.
In addition to Cantor Fitzgerald, Lutnick is chairman and chief executive of investment firm BGC Group and executive chairman of real estate brokerage Newmark Group.
You also might’ve caught his appearance on Trump’s old reality show, The Apprentice. Though he has been a longtime friend and associate of the president-elect, Lutnick has donated to both Republicans and Democrats in the past.
But he said that the Oct. 7 Hamas attack on Israel marked a turning point and prompted him to invest more heavily in Trump’s campaign. According to Forbes, he donated over $10 million to the former president’s campaign.
Howard Lutnick’s connection to 9/11
Lutnick was working at Cantor Fitzgerald when terrorists targeted the World Trade Center in New York City on Sept. 11, 2001, which was also where the firm’s headquarters were located. More than 600 of the firm’s employees were killed, including Lutnick’s brother, Gary.
Lutnick said the only reason he survived the horrific tragedy was that he was taking his son to his first day of kindergarten. In a post on X, he recalled getting several phone calls that kept disconnecting — he later learned it was his brother calling trying to say goodbye.
After the attacks, Lutnick started the Cantor Fitzgerald Relief Fund to support the families of 9/11 victims, giving them an estimated $180 million and paying for their healthcare for ten years. “I miss my brother, Gary. I miss my best friend, Doug, and the 658 friends and colleagues that we lost,” he wrote. “I am very grateful for the Cantor Fitzgerald, BGC, and Newmark family, and I’m so proud of our Relief Fund and what we have accomplished together.”
Howard Lutnick’s net worth
According to Forbes, Lutnick’s estimated net worth exceeds $1.5 billion. His wealth primarily stems from his 60 percent ownership of Cantor Fitzgerald.
Lutnick’s policy views
Lutnick has been a vocal advocate of Trump’s “America First” platform. This includes enacting the president-elect’s sweeping tariffs, calling them “a bargaining chip” in trade negotiations. “We should put tariffs on stuff we make and not put tariffs on stuff we don’t make,” Lutnick told CNBC in September.
He has also discussed slashing regulations, boosting energy production, extending the 2017 tax cuts, and lowering the corporate tax rate.
However, Lutnick has also sparked concerns about conflicts of interest due to his longstanding Wall Street and cryptocurrency ties. He supports Tether, a stablecoin whose value is tied to the U.S. dollar. In interviews leading up to the election, Lutnick repeatedly touted it and said that he manages assets for the cryptocurrency, which is currently under investigation by the Treasury Department for allegedly facilitating illegal financial activities.
Meanwhile, Lutnick has vehemetly dismissed such accusations. “I promise you, the greatest field of people ever to walk into government is going to join him on Jan. 20,” Lutnick declared in October.
