The wealthy U.S. Commerce Secretary Howard Lutnick, whose previous firm Cantor Fitzgerald is deeply invested in real estate, cryptocurrency and treasuries, has become the brash new face of Trump’s economic agenda, championing tariffs and digital assets while ethics watchdogs warn that the potential conflicts from his sprawling financial interests remain unchecked.

On March 20, Lutnick appeared on Fox News and urged viewers to buy Tesla stock as the markets plummeted. When they recovered in early April, he was quick with an upbeat post on X: “Never bet against Donald Trump. Never bet against America.” Lutnick is also fully on board with Trump’s pro-crypto agenda, which could benefit Cantor Fitzgerald — a firm now run by Lutnick’s sons.

While Lutnick has agreed to divest his business interests and step down from Cantor Fitzgerald, BGC Group and Newmark Group, he has not said whether he will recuse himself from Trump’s crypto task force that will guide a regulatory framework for digital assets. And even after leaving the roles at his finance and real estate businesses, Lutnick will retain significant holdings and must initially recuse from participating in certain matters involving 106 different corporate entities, according to The New York Times. Lutnick serves as “chairman or executive in at least four firms with ties to China," per The Times. 

Related

Lutnick is not the first to face questions about potential conflicts. Wilbur Ross, commerce secretary during Trump's first term, sparked inquiries into whether he divested enough or was forthcoming about some of his interests.

But the extent of Lutnick’s financial entanglements in the second Trump term represents an era in American governance where the head of a federal agency responsible for trade policy, Census data, weather research and job creation can operate with little accountability, according to public advocates and ethics experts interviewed by Salon.

Lutnick addressed the issue during Senate confirmation hearings, where he was confirmed by a 51-45 vote in February, saying:........

© Salon