Howard Lutnick, the billionaire CEO of Cantor Fitzgerald LP, was confirmed by the Senate on Tuesday as US President Donald Trump’s Commerce Secretary.
With a 51-45 vote, Lutnick secured his position to lead the Commerce Department, which oversees a wide range of responsibilities, including fisheries management and export controls.
Trump has tasked Lutnick with spearheading the administration’s tariff and trade policies, granting him direct oversight of the Office of the US Trade Representative.
During his confirmation hearing, Lutnick emphasized that tariffs would play a key role in strengthening US national security and revitalizing American manufacturing and supply chains. He argued they would serve as a strong negotiating tool to compel other countries to “respect” the United States.
Lutnick, who is Jewish, joined Cantor Fitzgerald in 1983, and rapidly rose through the ranks to become President and CEO of the company at the age of 29.
On September 11, 2001, when terrorists attacked the World Trade Center, Cantor Fitzgerald lost 658 of its 960 New York-based employees, including Lutnick's brother, Gary Lutnick.
Lutnick is also a staunch supporter of Israel. In a recent interview with The Philadelphia Inquirer, Lutnick said that Trump “had clear, moral clarity when it came to Israel and what happened, and the way that he thought about what happened. That was huge to me.”
Last June, Lutnick announced that the Cantor Fitzgerald Relief Fund would make a $7 million donation to support those impacted by the war in Israel, a portion of which would go directly to United Hatzalah.
United Hatzalah President and Founder, Eli Beer, congratulated Lutnick on his nomination after it was announced, saying, "Congratulations to Israel's friends and United Hatzalah supporters, Howard and Allison Lutnick, on Howard's appointment as Secretary of Commerce. Howard's resilience and leadership are exceptional, from the amazing recovery of Cantor Fitzgerald after the 9/11 tragedy to promoting philanthropic efforts for Israel and United Hatzalah. Allison and Howard have left a significant mark on countless lives."
Beer continued, "As Secretary of Commerce and co-chair of President-elect Trump's transition team, Howard's vision and dedication will undoubtedly strengthen America and the world’s economy. This is a moment of pride and hope for the entire State of Israel, and it is a great privilege for me and the organization that they are members and partners in our life-saving work."