Nov. 19 (UPI) — Billionaire Howard Lutnick, best known for rebuilding financial service firm Cantor Fitzgerald after it was devastated in the 9/11 terror attacks, has been picked to become the country’s next Commerce secretary for incoming President Donald Trump.
Lutnick, a close friend of Trump’s who shares his view of cutting regulations, boosting tariffs and cutting taxes, has never run a government agency before. He had been leading Trump’s transition team.
Lutnick had been in the huddle with Trump’s transition team, which has also included sons Eric and Donald, Jr., vice president-elect JD Vance, and former Small Business Administration head Linda McMahon.
He will guide a department that has 13 bureaus and offices, including the Census Bureau, the National Oceanic and Atmospheric Administration, and the International Trade Administration.
Lutnick, a big backer of digital currencies, had been in the running for Treasury secretary, as well.
Lutnick supported Trump financially during his 2020 campaign but became one of the ex-president’s megadonors this campaign cycle.
Lutnick has talked about slashing regulations, enacting Trump’s sweeping tariffs, boosting energy production, extending the 2017 tax cuts, and lowering the corporate tax rate. During Trump’s Madison Square Garden campaign rally in October, Lutnick told the audience he supported Trump’s 60% tariff on goods coming into the country.
Lutnick helped rebuild Cantor Fitzgerald when the terrorist attack on the World Trade Center in New York City killed 658 of its employees, including his brother, on Sept. 11, 2001.