 "Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, gestures as he speaks during a rally for Republican presidential nominee and former US President Donald Trump at Madison Square Garden, in New York, US, October 27, 2024. File Image/Reuters")
Howard Lutnick, CEO of Cantor Fitzgerald, is the co-chair of United States President-elect Donald Trump’s 2024 transition team, charged with identifying key hires for a potential second term.
This position places Lutnick at the helm of recruiting a vast new roster of officials, estimated at 4,000, across positions from antitrust regulators to national security experts.
Lutnick’s unique role and influence within Trump’s orbit raise questions about potential conflicts of interest, particularly given his longstanding ties to Wall Street, real estate, and cryptocurrency platforms, many of which fall under the purview of the very agencies he will be tasked with staffing.
Lutnick, a billionaire financier, has been a critical financial supporter for Trump, donating more than $10 million and raising over $75 million for Trump’s 2024 campaign . “The entire transition team is solely focused on ensuring President Trump is victorious and that he is ready to start building out his historic second administration immediately,” Lutnick stated.
About Howard Lutnick
Howard William Lutnick, born July 14, 1961, rose to prominence as head of Cantor Fitzgerald after the tragic loss of 658 employees in the 2001 terrorist attacks, including his own brother.
Since then, Lutnick has overseen Cantor Fitzgerald’s growth and philanthropy through the Cantor Fitzgerald Relief Fund, which supports families of 9/11 victims and those affected by natural disasters. As of 2018, he owned 60 per cent of Cantor Fitzgerald, with an estimated net worth exceeding $1.5 billion.
A vocal advocate of Trump’s “America First” platform, Lutnick highlighted the importance of economic policy that hearkens back to what he views as America’s golden age around 1900: “We had no income tax, and all we had was tariffs.”
His view that the US economy has been eroded by successive tax increases and declining tariffs aligns closely with Trump’s economic vision for a second term.
Lutnick’s potential conflicts of interest
Lutnick’s high-profile assignment has sparked concerns due to his involvement with Cantor Fitzgerald, a global financial services firm with deep industry ties and regulatory interests.
Trump’s transition guidelines require team members to avoid matters directly conflicting with their financial interests, yet it remains unclear if Lutnick has signed this code of ethics.
Sources close to him, however, argue that he brings valuable insight to Trump’s inner circle, drawing from his experiences in rebuilding Cantor Fitzgerald and handling complex economic challenges.
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Furthermore, accusations have surfaced, alleging Lutnick has sidelined previous Trump administration figures in favour of new appointees potentially aligned with his business interests. Critics also point to his affiliation with Tether, a cryptocurrency firm currently under federal investigation.
Despite these concerns, Lutnick has vocally dismissed such accusations. “I promise you, the greatest field of people ever to walk into government is going to join him on Jan. 20,” Lutnick declared in an October town hall. His close ties to Trump, with whom he speaks daily, are central to his efforts to build a loyal team dedicated to advancing Trump’s policy agenda.
How Lutnick will build a loyal Trump team
As Lutnick takes charge of this critical staffing initiative, he reflects on perceived mistakes made during Trump’s first term. “He’s the CEO,” Lutnick told News Nation. “Why would you pick someone who’s going to try to go the other direction? That would be silly.”
Unlike Trump’s initial administration, which included figures like former Secretary of State Rex Tillerson, who at times countered Trump’s instincts, Lutnick has stressed the importance of assembling a team fully aligned with Trump’s vision.
At a rally at Madison Square Garden, he expressed his commitment to this approach, noting, “Trump is going to build the greatest team to ever walk into government.” In his view, the transition’s priority is to ensure that Trump’s policy ambitions—such as tax cuts, tariff increases, and reduced government spending—are not diluted by dissenting officials.
Other key figures on Trump’s transition team
Alongside Lutnick, former Small Business Administration head Linda McMahon has taken on the role of overseeing policy for Trump’s transition team. McMahon, chair of the America First Policy Institute, has been actively preparing a suite of policy proposals for Trump’s first 100 days, focusing on priorities such as federal spending cuts and restoring economic competitiveness.
Her organisation has already drafted over 100 potential executive orders, reflecting policy directions established with input from Trump allies and former administration officials.
Additionally, Trump’s sons, Donald Trump Jr and Eric Trump, as well as Senator JD Vance, Robert F Kennedy Jr., and former Democratic Representative Tulsi Gabbard, have assumed honorary roles on the transition team. Donald Trump Jr, in particular, is expected to provide critical input on staffing.
In a recent podcast interview, Lutnick elaborated on his bond with Trump, stating, “He hears me. He doesn’t always listen to what I say. He didn’t always do what I say. But he hears me.”
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With inputs from agencies