Howard Lutnick Plans Asset Divestment Upon Confirmation as Commerce Secretary
Howard Lutnick, President Trump's nominee for Commerce Secretary, intends to divest all his assets and business interests if confirmed.
Lutnick, chairman and CEO of Cantor Fitzgerald LP, stated during his Senate confirmation hearing that he will sell his entire business portfolio within 90 days of confirmation. This includes divesting from stakes in over 800 entities and assets worth over $806 million.
Complex Financial Holdings
Lutnick's financial situation is complex, with roles in numerous entities, substantial assets, and significant income. He has pledged to divest from Cantor Fitzgerald, Newmark Group Inc., and BGC Group Inc.
Trump's Trade and Tariff Agenda
Trump has entrusted Lutnick with leading his "tariff and trade agenda" and overseeing the US Trade Representative. Lutnick supports "across-the-board" and "country-by-country" tariffs to promote reciprocity and fairness.
China and Semiconductor Controls
Under Lutnick's leadership, the Commerce Department will focus on American economic growth and business promotion. He supports the Biden administration's initiatives to bolster domestic chip manufacturing but believes they should be reviewed.
The department's management of semiconductor export controls intended to curb China's AI development will also be under scrutiny. Lutnick acknowledges the need to assess the effectiveness of these measures.
Tether Holdings Connection
Senator Elizabeth Warren has questioned Lutnick's ties to Tether Holdings Inc., a cryptocurrency company allegedly used for illicit activities. Lutnick claims that Tether has only conducted business with compliant entities and that any issues have been isolated to the secondary market.