Kudlow panelists Sen. Eric Schmitt, R-Mo., and Sen. Tommy Tuberville, R-Ala., unpack the president-elects economic team picks and ideas.
President Donald Trump’s nominee for secretary of Commerce, billionaire Howard Lutnick, says he will sell all of his business interests if confirmed in order to prevent any conflicts of interest.
Howard Lutnick testifies during his Senate Committee on Commerce, Science, and Transportation confirmation hearing on Jan. 29, 2025, in Washington, D.C. (Kayla Bartkowski/Getty Images)
“My plan is to only serve the American people. So I will divest – meaning I will sell all of my interests, all of my business interests, all of my assets, everything,” Lutnick, the CEO of investment firm Cantor Fitzgeral said during his confirmation hearing on Wednesday before the Senate Committee on Commerce, Science, and Transportation.
HOWARD LUTNICK, TRUMP COMMERCE SECRETARY PICK, SAYS IT’S ‘NONSENSE’ THAT TARIFFS CAUSE INFLATION
“I’ve worked together with the Office of Government Ethics, and we’ve reached agreement on how to do that, and I will be divesting within 90 days upon my confirmation,” he told the committee. “So I should have no business interests, therefore no conflicts of interest.”
Howard Lutnick has vowed to divest all his business holdings within 90 days if he is confirmed to lead the Commerce Department. (Christopher Goodney/Bloomberg via Getty Images / Getty Images)
Lutnick’s pledge would be no small feat to carry out. The Associated Press noted that his financial disclosures show he has positions at more than 800 businesses and other private entities.
PRESIDENT TRUMP, HIS ADMINISTRATION AND CONGRESSIONAL LEADERS: THEIR SALARIES
Lutnick, 63, joined Cantor Fitzgerald fresh out of college and has led the firm since 1991. But he said it will be time to pass the baton if he is confirmed to lead the Commerce Department.
Donald Trump, then the Republican presidential nominee, and Cantor Fitzgerald CEO Howard Lutnick attend Annual Charity Day hosted by Cantor Fitzgerald on Sept. 12, 2016, in New York City.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“I made the decision that I’ve made enough money in my life. I can take care of myself. I can take care of my family,” Lutnick told the committee, adding, “It is now my chance to serve the American people. And so, upon confirmation, my businesses will be for sale and someone else will lead them going forward.”
