{"id":498,"date":"2025-01-23T10:16:19","date_gmt":"2025-01-23T10:16:19","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/billionaire-howard-lutnick-to-divest-corporate-holdings-to-assume-commerce-secretary-post-documents-show\/"},"modified":"2025-01-23T10:16:19","modified_gmt":"2025-01-23T10:16:19","slug":"billionaire-howard-lutnick-to-divest-corporate-holdings-to-assume-commerce-secretary-post-documents-show","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/billionaire-howard-lutnick-to-divest-corporate-holdings-to-assume-commerce-secretary-post-documents-show\/","title":{"rendered":"Billionaire Howard Lutnick to divest corporate holdings to assume commerce secretary post, documents show"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-howard-lutnick-commerce-secretary\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Howard Lutnick<\/a><\/span>, the billionaire financial executive named by <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/trump-executive-orders-actions-first-day-2025\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">President Trump<\/a><\/span> to head the Commerce Department, has agreed to divest his holdings in a range of business interests, including stepping down from his longstanding position as head of the brokerage and investment bank Cantor Fitzgerald.<\/p>\n<p>Lutnick also agreed to step down from his position with the global brokerage and financial technology company BGC Group, Inc., which holds sizeable government contracts, and he has agreed to depart as chairman of Newmark Group, Inc., a commercial real estate firm, according to an ethics filing obtained by CBS News.<\/p>\n<p>That document and a 92-page financial disclosure report Lutnick filed late Wednesday offer a glimpse into considerable challenges of divestiture facing the long list of super-wealthy executives who have sought positions in the incoming Trump administrations.<\/p>\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\"><span class=\"img embed__content\"><img fetchpriority=\"high\" alt=\"Secretary of Commerce nominee Howard Lutnick \" height=\"413\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2025\/01\/22\/a294709d-6a69-4452-bd59-96ff403c3619\/thumbnail\/620x413g2\/cafbe649913666e5effcd94e0ebd1e09\/gettyimages-2192402375.jpg?v=e306e7b9fefc168c00baa623d76d1eaf 1x, https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/01\/22\/a294709d-6a69-4452-bd59-96ff403c3619\/thumbnail\/1240x826g2\/0d708ecb10779a9d2d0b891a4210d35f\/gettyimages-2192402375.jpg?v=e306e7b9fefc168c00baa623d76d1eaf 2x\"\/><\/span><figcaption class=\"embed__caption-container\"><span class=\"embed__caption\">File: Secretary of Commerce nominee Howard Lutnick arrives for his meeting with Sen. Andy Kim, D-N.J., in the Dirksen Senate Office Building  on Wednesday, January 8, 2025.\u00a0<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Bill Clark\/CQ-Roll Call, Inc via Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Lutnick has pledged to avoid conflicts of interest that may arise as he works to promote U.S. corporate interests atop the Commerce Department. As someone who will retain vast holdings even after he steps down from his corporate positions, the task will be complex.<\/p>\n<p>As commerce secretary, Lutnick, if confirmed, would be in charge of a sprawling Cabinet agency that is involved in funding new computer chip factories, imposing trade restrictions, releasing economic data and monitoring the weather. It is also a position in which connections to CEOs and the wider business community are crucial.<\/p>\n<p>An advocate for imposing wide-ranging tariffs, Lutnick told CNBC in September that &#8220;tariffs are an amazing tool for the president to use \u2014 we need to protect the American worker.&#8221; During his campaign, Mr. Trump proposed a 60% <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-tariffs-mexico-canada-china-truth-social\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">tariff<\/a><\/span> on goods from <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/china-trump-tariffs\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">China<\/a><\/span> \u2014 and a tariff of up to 20% on everything else the U.S. imports. More recently, Mr. Trump has said a 10% tariff on goods from China could be imposed as soon as February, and he threatened tariffs of 25% against Canada and Mexico.<\/p>\n<p>In recent years Cantor Fitzgerald has become heavily involved in the crypto space, backing one company in particular, Tether. Cantor stands to benefit from the Trump administration&#8217;s stated support for weakening crypto regulation.<\/p>\n<p>The firm is still widely known for absorbing devastating losses during the September 11, 2001 terrorist attacks, when about two-thirds of its New York-based workforce perished, including Lutnick&#8217;s brother.<\/p>\n<p>Lutnick donated millions to the effort to reelect Trump and other Republicans. He hosted a fundraiser for Trump last August that raised $15 million and also gave $5 million to the Make America Great Again PAC, according to Federal Election Commission records.<\/p>\n<p class=\"content__meta--contributors\">\n      <em><\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/michael-kaplan\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Michael Kaplan<\/a><\/p>\n<p>        contributed to this report.<br \/>\n      <\/em>\n    <\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<\/aside>\n<p><!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/jennifer-jacobs\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Jennifer Jacobs<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Jennifer Jacobs is a senior White House reporter at CBS News.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/howard-lutnick-divest-corporate-holdings-commerce-secretary\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Howard Lutnick, the billionaire financial executive named by President Trump to head the Commerce Department, has agreed to divest his<\/p>\n","protected":false},"author":1,"featured_media":499,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Billionaire Howard Lutnick to divest corporate holdings to assume commerce secretary post, documents show - World News<\/title>\n<meta name=\"description\" content=\"Lutnick is stepping down as head of investment bank Cantor Fitzgerald as he prepares to head the Commerce Department.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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