• Former Cantor Fitzgerald CEO Howard Lutnick Confirmed as Commerce Secretary under Trump Administration

  • Feb 23 2025
  • Length: 3 mins
  • Podcast

Former Cantor Fitzgerald CEO Howard Lutnick Confirmed as Commerce Secretary under Trump Administration

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  • Howard Lutnick, the former CEO of Cantor Fitzgerald, has been confirmed by the U.S. Senate as the new Secretary of Commerce under President Donald Trump. The confirmation, which took place on February 19, 2025, was approved with a vote of 51-45, with no Democratic senators supporting his nomination.

    Lutnick's role as Commerce Secretary is expected to be pivotal in implementing President Trump's trade agenda. During his nomination hearing, Lutnick expressed his support for setting standards for artificial intelligence without hindering the U.S. in its technological competition with China. He also advocated for country-by-country tariffs, ensuring the efficiency of government programs, and freeing up spectrum for commercial use.

    One of the key areas Lutnick will focus on is trade policy, particularly in line with President Trump's "America First Trade Policy" memorandum issued on January 20, 2025. This memorandum outlines immediate trade priorities, including addressing unfair and unbalanced trade, managing economic and trade relations with China, and addressing additional economic security matters. Lutnick's experience and stance align with Trump's aggressive trade policies, which include the potential imposition of tariffs on imports from China, Mexico, and Canada.

    Lutnick's background is marked by his leadership at Cantor Fitzgerald, a firm that suffered significantly in the September 11 attacks, losing hundreds of employees, including his brother. Despite this tragedy, Lutnick has been a prominent business voice and is known for his annual 9/11 fundraiser, which raises money for charities worldwide.

    The confirmation of Lutnick as Commerce Secretary comes amid uncertainty over the future of the National Oceanic and Atmospheric Administration (NOAA), which is under the Department of Commerce. There have been fears that the Trump administration might cut NOAA funding or dismantle the agency, although Lutnick assured senators during his confirmation process that he opposed such recommendations from Project 2025, a conservative policy outline.

    Lutnick's nomination received support from various industry groups, including the American Sportfishing Association, BoatUS, the Center for Sportfishing Policy, and the Coastal Conservation Associations. Despite the support, his confirmation has been overshadowed by concerns about the Trump administration's broader plans for the Department of Commerce and its agencies.

    In his new role, Lutnick will be tasked with navigating these complexities while implementing the administration's trade and economic policies, which are expected to have significant impacts on various sectors, including trade relations with key countries and the overall economic landscape of the United States.
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