Lutnick was also considered for the treasury secretary position, which is more prominent. Trump has not yet made a decision regarding that highly scrutinized role, which holds significant power over economic and tax policy.
The debate over the selection has become public. Over the weekend, billionaire Elon Musk endorsed Lutnick for the position and criticized one of the other candidates, Scott Bessent, as too "business as usual."
Lutnick, who identifies as a "strong capitalist," has commended Trump for presenting a "competitive growth model." During the campaign, he acted as a spokesperson for some of Trump's most contentious proposals, including extensive tariffs and the abolition of the income tax.
His support for these ideas has set him apart from some on Wall Street, which has traditionally viewed tariffs as detrimental to corporate America. The commerce department is smaller than the treasury department, employing around 50,000 individuals.
It plays a crucial role in areas where business interests intersect with national security, such as limiting technology exports to China or implementing tariffs to safeguard US steel.
The department is also significantly involved in government initiatives aimed at enhancing domestic manufacturing and supporting US companies.
In addition to its role in the US-China trade and tech conflict, its duties encompass patent approvals, the publication of economic data, and conducting the US census.
In his announcement, Trump referred to Lutnick as a "dynamic force on Wall Street for more than 30 years" and commended his efforts in assembling a team for the new administration.
He mentioned that Lutnick would also have special oversight of the office of the US Trade Representative, which is not officially part of the Commerce department.
Who Is Howard Lutnick?
Howard Lutnick is a Long Island, New York native and a long-time Republican who has supported Trump, having crossed paths with him in the New York social scene.
He even appeared on Trump's reality TV show, The Apprentice, in 2008, as noted by the online film and television database IMDb. After graduating from Haverford College in 1983 on a scholarship, he joined Cantor Fitzgerald.
Tragically, he lost both of his parents during his teenage years—his mother to cancer and his father due to a medical error. Within a decade, he climbed the ranks to become the president and CEO of the firm, which is now recognized for its investments in copyright and its real estate affiliate, Newmark brokerage.
Lutnick's public profile significantly increased after the September 11 attacks, which claimed the lives of over 600 employees in the company’s offices that day, including his brother. He was not at work that morning as he was taking one of his children to kindergarten.
Known for his New York accent and boisterous demeanor, Lutnick was seen crying on television in the aftermath of the attacks.
Two decades later, in an interview with the Wall Street Journal, he reflected on that day as a pivotal moment in his life, marking a clear distinction between “before 9/11 and after,” stating that for many years, the memories felt as fresh as if they had happened yesterday.