Posted on 11/19/24
| News Source: WSJ
Washington, DC - Nov. 19, 2024 - Donald Trump is expected to nominate veteran Wall Street financier Howard Lutnick to lead the Commerce Department, according to people familiar with the matter, elevating one of the financial world’s most vocal supporters of the president-elect to a crucial position overseeing the incoming administration’s economic agenda.
Lutnick, chief executive of the financial-services firm Cantor Fitzgerald, in recent months has become a close Trump ally and had been a top contender to lead the Treasury Department. As the co-chair of the president-elect’s transition team, Lutnick has spent much of his time at Mar-a-Lago, Trump’s private Florida club, poring over shortlists of candidates for positions in the administration.
A spokeswoman for Lutnick declined to comment. A Trump transition team spokeswoman didn’t immediately respond to a request for comment. Punchbowl News earlier reported that Trump was expected to choose Lutnick for the role.
Trump considered Lutnick to lead the Treasury Department, but he fell out of favor for the job amid mounting tension with another leading contender, investor Scott Bessent. Lutnick’s allies, including Elon Musk, signaled their support for Lutnick for Treasury.
Lutnick has fiercely defended Trump’s economic proposals in the midst of opposition from some on Wall Street, who worry the president-elect’s pledge to impose sweeping tariffs will trigger trade wars and ultimately lead to higher prices for American consumers.