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Howard Lutnick has been confirmed as the commerce secretary following a 51–45 vote along party lines.
The billionaire and CEO of Wall Street firm Cantor Fitzgerald will now run the country’s Commerce Department, which has around 47,000 employees and is responsible for export controls, fisheries, anti-subsidy duties, weather forecasting and even the promotion of investment in the US.
It is also believed he will involved in Donald Trump’s trade agenda amid rumoured plans to impose taxes on US trading partners, including its own allies.
Thank you, President Trump for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the US has ever seen and unleash our full economic potential. pic.twitter.com/CTr0sdH6nt
— Howard Lutnick (@howardlutnick) November 19, 2024
Last November, when Lutnick was announced as the nominee, he vowed to unleash the US’ “full economic potential”, writing on X (formerly Twitter): “Thank you, President Trump, for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the US has ever seen.”
The entrepreneur turned politician has since confirmed he is stepping down from his position at Cantor Fitzgerald, a company that once provided custody services for Tether, a cryptocurrency stablecoin with an estimated $141.7 billion in reserves.
“Cantor Fitzgerald has an exceptional leadership team of experienced and visionary executives who have been the driving force behind the firm’s tremendous success,” Lutnick said in a company statement. “The extraordinary quality of the firm’s management team allows me the wonderful opportunity to serve my country and support the people of the United States of America.”
Howard Lutnick on Bitcoin: ‘It’s like gold’
The Republican has also been vocal about his support for cryptocurrency in the global market. At the Bitcoin 2024 conference in Nashville, he said: “Bitcoin is like gold and should trade everywhere in the world.”
The Guardian even went as far as branding Lutnick a ‘crypto cheerleader’, stating his “deep knowledge and experience in the crypto industry is unquestioned”.
Other well-known Bitcoin supporters, including MicroStrategy’s Michael Saylor, publicly congratulated Lutnick on his confirmation.
Along with stepping away from Cantor Fitzgerald, Lutnick has promised to sell off his business holdings. His financial disclosure statement showed that he held positions in more than 800 businesses and other private organizations.
Featured image: Official White House photo by Abe McNatt.
