The Senate on Tuesday confirmed Howard Lutnick, most recently chairman and CEO of investment firm Cantor Fitzgerald, as the 41st secretary of the Department of Commerce in a 51-45 vote.
The Hill reported that Lutnick will play a key role in President Trump’s trade agenda. The current administration plans to impose tariffs on goods from Canada and Mexico.
He will oversee national security-related trade rules and the Bureau of Industry and Security, which implements import and export bans.
In compliance with U.S. government ethics rules, Cantor said the secretary will divest his business interests in the financial services firm, BGC Group and Newmark Group.
Lutnick’s Career Background
Lutnick joined Cantor Fitzgerald in 1983 and assumed the position of president and CEO in 1991. He took on the role of chairman in 1996.
In 2008, he led the merger of BGC and eSpeed, resulting in the formation of BGC Partners, where he also served as chairman and chief executive.
After the Sept. 11, 2001 attack on the World Trade Center, the New York native led the firm’s recovery and supported the families of Cantor employees lost that day through the Cantor Fitzgerald Relief Fund.
The Haverford College graduate serves on the boards of several organizations, including the National September 11 Memorial & Museum and the Partnership for New York City.
Lutnick is a recipient of the Department of the Navy’s Distinguished Public Service Award.
