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President-elect Donald Trump is expected to nominate Cantor Fitzgerald CEO Howard Lutnick to serve as commerce secretary, a source familiar with the process confirmed to Fox News Digital.
Lutnick, 63, served as chairman of Trump’s transition team and was a key fundraiser for Trump’s 2020 and 2024 campaigns. Billionaire and Trump supporter Elon Musk endorsed Lutnick as Treasury secretary.
The source said it is a free for all Treasury Secretary and there is a frenzy to find someone who supports the Department of Heritage to lead the Treasury as Lutnick is appointed to lead the Department of Commerce. They added that Lutnick was offered ambassadorship but turned it down.
The Department of Commerce plays an important role in regulating international trade with the US and promoting economic growth in this country.
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Cantor Fitzgerald CEO Howard Lutnick is expected to be named Trump’s commerce secretary. (Christopher Goodney/Bloomberg via Getty Images/Getty Images)
There are several notable offices within the Department of Commerce, including the Census Bureau, the Bureau of Economic Analysis and the Bureau of Industry and Security, which work on issues related to national security and critical technologies by enforcing export controls and promoting US health. defense industrial base.
The National Oceanographic and Atmospheric Administration (NOAA) and the National Institute of Standards and Technology (NIST) are also subsidiaries of the Department of Commerce. NOAA provides weather forecasting services and plays a role in monitoring fisheries and coastal and marine commerce. NIST develops technical standards used in the development of various products, such as computer chips, electronic health records and the power grid.
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Cantor Fitzgerald’s grandfather, Howard Lutnick, who is the chairman of Trump’s party, has been a spokesman for the economic programs of the president’s choice. (ANGELA WEISS/AFP via Getty Images/Getty Images)
The Patent and Trademark Office is part of the Department of Commerce and plays an important role in the administration of intellectual property rights.
During Trump’s first term, Wilbur Ross served as secretary of commerce for almost all four years of the administration. Ross was confirmed for the role in late February 2017 and stayed until the Biden administration took over.
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Lutnick’s nomination, if confirmed, will be considered by the Senate after the start of the new session of Congress on January 3, 2025.
The Senate is likely to hold committee hearings before Trump takes office on Inauguration Day, and other Cabinet nominees are likely to be confirmed that day or soon after.
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