Howard Lutnick, billionaire CEO of Cantor Fitzgerald and President Trump's nominee for Commerce Secretary, has vowed to sell all his business interests to avoid conflicts of interest. Lutnick made the commitment during his Senate confirmation hearing, stating that he will divest within 90 days of confirmation. This significant undertaking aims to ensure his sole focus remains on serving the American people.
President Donald Trump 's nominee for Commerce secretary, billionaire Howard Lutnick , pledged to divest all of his business interests if confirmed by the Senate. Lutnick, the CEO of investment firm Cantor Fitzgerald , stated during his confirmation hearing before the Senate Committee on Commerce, Science and Transportation that his plan is to solely serve the American people.
To avoid any conflicts of interest, he announced he would sell all of his business interests, assets, and everything else. 'My plan is to only serve the American people. So I will divest — meaning I will sell all of my interests, all of my business interests, all of my assets, everything,' Lutnick said. He emphasized that he has worked with the Office of Government Ethics to reach an agreement on the process and will complete the divestiture within 90 days of his confirmation. 'I should have no business interests, therefore no conflicts of interest,' he asserted.Lutnick's commitment to divestment is a significant undertaking considering his extensive financial portfolio. Financial disclosures reveal his involvement in over 800 businesses and private entities. The 63-year-old executive joined Cantor Fitzgerald directly after college and has been its leader since 1991. However, he indicated that if confirmed for the Commerce Department, it would be time to step aside and allow someone else to guide the firm. 'I made the decision that I've made enough money in my life. I can take care of myself. I can take care of my family,' Lutnick explained to the committee. He added, 'It is now my chance to serve the American people. And so, upon confirmation, my businesses will be for sale and someone else will lead them going forward.'Lutnick's nomination and subsequent pledge have sparked discussions about the potential impact of his past business dealings on his ability to serve impartially as Commerce Secretary. His extensive network and influence within the financial sector could raise concerns about potential conflicts of interest. However, Lutnick has emphasized his dedication to prioritizing the interests of the American people and has expressed confidence in his ability to navigate any challenges associated with the transition. The outcome of his confirmation hearing and the ultimate decision by the Senate remain to be seen
Howard Lutnick Commerce Secretary Donald Trump Nomination Divestment Conflicts Of Interest Cantor Fitzgerald
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump's Commerce Secretary nominee, Howard Lutnick, vows to sell his business interests in 90 daysBillionaire financier Howard Lutnick, President Donald Trump’s choice to lead the Commerce Department, said Wednesday that he would sell all of his business holdings within 90 days.
Read more »
Lutnick's Business Empires Raise Conflicts of Interest Concerns for Commerce Secretary NomineeNew analyses reveal potential unavoidable conflicts of interest for Howard Lutnick, nominated as U.S. Commerce Secretary, due to his extensive investments in cryptocurrency, Nvidia, and the satellite industry. Despite claims of divestment, concerns remain about Lutnick's deep ties to his financial services firm, Cantor Fitzgerald, and its financial entanglement with these sectors.
Read more »
Billionaire Wall Street CEO Lutnick Grilled on Tariffs, China and Trump Loyalty at Commerce Confirmation HearingHoward Lutnick, a billionaire Wall Street CEO nominated by President Trump to lead the Commerce Department, faced a rigorous confirmation hearing before the Senate Commerce Committee. Senators questioned him on a range of issues, including tariffs, China's AI advancements, broadband access, his commitment to President Trump, and plans to revive American mining and semiconductor production. Lutnick defended his stance on tariffs, arguing they were necessary to create fairness in global trade. He also expressed his commitment to reviving domestic industries and ensuring efficient use of federal funds.
Read more »
Billionaire Financier Lutnick to Lead Commerce DepartmentHoward Lutnick, a billionaire financial executive, has been nominated by President Trump to head the Commerce Department. Lutnick has agreed to divest his holdings in several business interests, including stepping down from his long-held positions at Cantor Fitzgerald, BGC Group, and Newmark Group. As Commerce Secretary, Lutnick will face the challenge of avoiding conflicts of interest while promoting U.S. corporate interests, particularly in the areas of trade and economic policy.
Read more »
Trump Nominee for Commerce Secretary to Sell All Business HoldingsHoward Lutnick, President Trump's nominee for Commerce Secretary, pledged to divest all his business holdings within 90 days during his confirmation hearing. Lutnick, a vocal supporter of Trump's trade policies, expressed support for tariffs as a tool to achieve reciprocity in trade deals and dismissed concerns about inflation caused by tariffs.
Read more »
Trump Nominee for Commerce Secretary to Sell HoldingsHoward Lutnick, billionaire financier and President Donald Trump's nominee to lead the Commerce Department, pledged to sell all of his business holdings within 90 days. Lutnick, known for his support of Trump's trade policies, highlighted his commitment to divesting from his financial interests. He emphasized his belief in tariffs as a tool to achieve trade reciprocity and dismissed concerns about inflation caused by tariffs.
Read more »