If confirmed by the Senate, Lutnick will oversee an agency responsible for promoting U.S. economic growth and bolstering domestic industries.
According to the Financial Times, some Wall Street figures opposed Lutnick’s potential nomination as Treasury Secretary due to his support for certain Trump policies, including tariffs.
As Commerce Secretary, Lutnick would play a key role in executing the president-elect’s proposed tariffs on imports, The Wall Street Journal notes.
The 63-year-old billionaire serves as Chairman and CEO of Cantor Fitzgerald, a prominent financial firm where he has worked since graduating college in the 1980s.
He has contributed millions to each of Trump’s three presidential campaigns and currently serves as co-chair of his transition team.
Lutnick rose to prominence in the business world after the 9/11 attacks, which claimed the lives of most of his company’s employees, including his brother.
In the aftermath, Lutnick led efforts to rebuild the company, hiring thousands of new employees. He also hosts an annual 9/11 fundraiser to support charities worldwide.
Meanwhile, Trump faces the decision of selecting a leader for the Treasury Department, a critical position in shaping the U.S. economy. The top contenders are reportedly hedge fund manager Scott Bessent, former Federal Reserve Governor Kevin Warsh, and Apollo Global Management CEO Marc Rowan.
“I think Trump has a problem in that he wants two different things,” said former Treasury Secretary Larry Summers, a Democrat. “He wants somebody who will be deeply loyal, and he wants someone who will be deeply reassuring to markets. Since markets are fearful of the tariff agenda, it’s hard to square both things.”
