WASHINGTON (AP) — As his choice for commerce secretary, President-elect Donald Trump has selected Howard Lutnick, a cryptocurrency enthusiast and the chairman of brokerage and financial bank Cantor Fitzgerald.
The nomination would place Lutnick in charge of a large Cabinet department that releases economic statistics, monitors the weather, imposes trade restrictions, and finances new computer chip manufacturing. Additionally, relationships with CEOs and the larger business community are essential for this role.
Trump’s NBC reality show, The Apprentice, included Lutnick, a co-chair of his transition team, and Linda McMahon, the former wrestling mogul who managed Trump’s Small Business Administration. He has joined the inner circle of the president-elect.
Here are some facts about the millionaire who would head the Commerce Department if the Senate confirms him.
Elon Musk appointed him to head the Treasury Department.
Last week, Elon Musk and other Trump supporters urged him to replace Scott Bessent, the former front-runner for Treasury Secretary, with Lutnick. Musk stated in a post that @howardlutnick will genuinely implement change, while Bessent is a business-as-usual decision.
Within the Trump orbit, there has been an unprecedented amount of high-profile jockeying for the treasury post. However, the role is highly monitored in the financial community, where Trump keeps a close eye on the stock market, and a disruptive nominee might have immediate detrimental effects. One of the most important positions in Trump’s planned cabinet is still up for debate.
Bessent, former Federal Reserve board governor Kevin Warsh, Marc Rowan, CEO of Apollo Global Management, and Tennessee Senator Bill Hagerty, Trump’s former ambassador to Japan, are the key contenders still in the running for the position.
He strongly supports Trump’s proposed tariffs.
During his campaign, Trump suggested imposing a 60% tax on Chinese goods and a 20% tariff on all other imports into the US. Trump presented import fees throughout the campaign as a means of negotiating better trade conditions and raising money to pay for tax breaks elsewhere.
In a September CNBC interview, Lutnick, who supports the imposition of broad tariffs, enthusiastically endorsed Trump’s tariff plan. “The president can use tariffs as a fantastic tool to protect American workers,” he said.
Tariffs are typically viewed by mainstream economists as an ineffective means of government revenue raising and prosperity promotion.
The September 11th terrorist attacks claimed the lives of his brother and hundreds of Cantor colleagues.
Gary Lutnick, Lutnick’s brother, and 658 out of 960 workers at Cantor Fitzgerald perished in the World Trade Center attack on September 11, 2001. That day, the company lost two-thirds of its workforce. Lutnick is a member of the Partnership for New York City’s National September 11 Memorial & Museum Board of Directors.
Lutnick stated: We could never, and will never, consider it routine after Cantor Fitzgerald paid $135 million to settle a wrongful death and personal injury lawsuit against American Airlines and insurance companies in 2013. We believe that adjectives like “ordinary,” “fair,” and “reasonable” are inappropriate for describing this agreement. We can only conclude that this case has completed its legal formalities.
Trump brought up Lutnick’s passing in his announcement on Tuesday on his nomination to the Commerce Department, claiming that he was the epitome of fortitude in the face of unimaginable misfortune.
He is a strong advocate for cryptocurrencies.
Lutnick supports the advancement of the cryptocurrency industry’s goals, including those of the Tether coin.
Digital currency that may be exchanged online without depending on the international financial system is known as a cryptocurrency. The most well-known cryptocurrency is Bitcoin.
Lutnick stated at a bitcoin conference earlier this year that Bitcoin is like gold and ought to be free commerce everywhere in the world. And since we are the biggest wholesaler in the world, we will do every effort to make it so. Without exception or restriction, Bitcoin ought to trade on the same terms as gold everywhere in the globe.
By declaring in May that the campaign would start taking bitcoin donations in an attempt to amass what it refers to as a “crypto army” before Election Day, Trump has adopted a positive stance toward cryptocurrencies. Earlier this year, he and his family members also founded World Liberty Financial, a cryptocurrency platform.
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