Howard Lutnick, the current Secretary of Commerce, disclosed significant financial interests before his confirmation in February 2025. His financial disclosure statement revealed income of at least $356 million during 2023 and 2024, largely attributed to his ownership of Cantor Fitzgerald, BGC Group, and Newmark Group. He also reported assets exceeding $806 million, spread across more than 800 business entities.
Prior to his appointment, Lutnick was the chairman and CEO of Cantor Fitzgerald and BGC Group. He resigned from these roles on February 18, 2025, to assume his government position. His ethics agreement, signed in January, outlined his commitment to divest many financial holdings and avoid conflicts of interest, including the sale of his interests in the three core firms. Potential buyers for his holdings include investment platform 26North, Oak Hill Advisors, and Cantor Fitzgerald itself.
Due to the extensive nature of his holdings, the White House granted Lutnick a "limited" waiver allowing him to temporarily retain some investments in banking, financial services, and real estate, including Cantor Fitzgerald, Newmark Group, and BGC Group. This waiver permits him to participate in general government business that might affect these entities, provided he does not engage in specific government matters where these companies are directly involved or represent a party, nor hold meetings with their representatives. He is actively seeking regulatory approvals for the sale of his assets.
Lutnick's net worth is estimated at at least $2.2 billion by the Bloomberg Billionaires Index. His financial disclosure also showed he had borrowed at least $100 million from Bank of America through two loans. He also disclosed convertible bonds his firm held with Tether. This extensive financial background and the waiver have brought additional scrutiny, especially given discussions within the administration about potentially creating a sovereign wealth fund and considering government stakes in companies like Intel.
Lutnick, a friend of former President Donald Trump, also served as co-chair of the Trump-Vance transition team and was a top contributor to Trump's campaign, donating approximately $11 million in 2023.
