US Senate confirms Cantor Fitzgerald's Lutnick to head Commerce Department

By David Shepardson

WASHINGTON (Reuters) -The U.S. Senate voted on Tuesday 51-45 to confirm President Donald Trump's nominee Howard Lutnick, the billionaire chairman and CEO of Wall Street firm Cantor Fitzgerald, to run the Commerce Department.

The Commerce Department, which has 47,000 employees, is responsible for U.S. export controls, anti-dumping and anti-subsidy duties, weather forecasting, fisheries, economic data and promotion of investment in the United States. It also has oversight for the $52.7 billion CHIPS and Science semiconductor manufacturing and research subsidy program, and a $42 billion program to expand high-speed broadband to areas with little or no service.

Trump earlier said he had designated Lutnick as the leader of his trade policy. Lutnick told senators he has advised Trump to pursue across-the-board tariffs country-by-country to restore "reciprocity" to America's trading relationships.

Last week, Reuters reported the White House is seeking to renegotiate CHIPS awards and has signaled delays to some upcoming semiconductor disbursements.

Lutnick told senators the CHIPS program is "an excellent downpayment" to rebuild the sector in the U.S., but needs to be reviewed.

Lutnick is worth $1.5 billion, according to Forbes.

Lutnick has said he will review year-old restrictions on firearms exports put in place by former President Joe Biden's administration, aimed at preventing foreign criminal groups from acquiring U.S. guns.

Lutnick wants to improve U.S. access to Canada's largely closed dairy market and would work to protect the U.S. market from fisheries imports from Russia and China.

Senate Commerce Committee chair Ted Cruz said Lutnick will focus on issues including expanding commercial access to wireless spectrum and "will ensure American taxpayer dollars are spent efficiently and that Congress gets ‘the benefit of the bargain’ on legislation like the CHIPS and Science Act."

Lutnick said last month Chinese AI startup DeepSeek had misappropriated U.S. technology to create a "dirt cheap" AI model and vowed to impose new restrictions on Beijing's technology access.

(Reporting by David Shepardson; Editing by Leslie Adler and Chris Reese)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Cantor Fitzgerald Starts Tempus AI Inc (TEM) at Overweight
• US convenience stores say looming healthy food rule puts food stamps use at risk
• OpenAI launches new Astra model amid growing scrutiny over agents' safety