President-elect Donald Trump will turn to Howard Litnick, co-chairman of his transition team, to serve as the next Commerce Secretary, according to press reports.
Lutnick has emerged as a key adviser to Trump, who won the US presidential election earlier this month. He has led the transition team with WWE co-founder and former CEO Linda McMahon, who was once considered a shoo-in for the Commerce post.
Lutnick is a cryptocurrency enthusiast while his firm, Cantor Fitzgerald, manages some of the stablecoin Tether’s reserve funds.
Lutnick will replace Gina Raimondo, the current Commerce Secretary. Raymondo is the former governor of Rhode Island and founder of venture firm Point Judith Capital.
Lutnick’s nomination for the Commerce position was first reported by Punch Bowl News And then confirmed by The Wall Street Journal.
Lutnick was recently considered a top contender to head the Treasury Department, but his enthusiasm for the job reportedly rubbed Trump the wrong way. Scott Besant, CEO and CIO of hedge fund manager Square Capital Management, is the frontrunner for the Treasury position, while other candidates include former Federal Reserve Governor Kevin Warsh and Apollo Global Management CEO Mark Rowan. .
The Commerce position is considered a consolation prize for Lutnick not getting a Treasury post. The incoming Trump administration sees the post as less stressful than other top national security and economic roles. Traffic lights The report is smaller than the Commerce Treasury and plays a key role in driving the Biden administration’s CHIPs and Science Act, which earmarked $52.7 billion for chip research, manufacturing and workforce development.
Trump, 47, is scheduled to be sworn in on January 20.Th President of the United States.
Messages to Trump’s transition team and Cantor Fitzgerald were not immediately returned.
