Donald Trump has appointed investor Howard Lutnick, co-chair of his transition team, to head the U.S. Commerce Department.

In his announcement, Donald Trump emphasized that Lutnick, CEO of financial firm Cantor Fitzgerald, would lead the administration's efforts on "tariff and trade issues."

Lutnick was also considered for the role of Treasury Secretary, a more prominent position with broad authority over economic and tax policy. However, Trump has yet to make a final decision on that high-profile post.

The debate over the Treasury Secretary nomination has become public, with billionaire Elon Musk endorsing Lutnick for the role and criticizing rival candidate Scott Bessent as too "business as usual."

Lutnick, a self-described "strong capitalist," has been vocal in his support of Trump's "competitive growth model." He also defended Trump's controversial policies during the campaign, including tariffs and the elimination of income tax—stances that set him apart from many on Wall Street, who generally view tariffs as detrimental to corporate America.

While smaller than the Treasury Department, the Commerce Department plays a critical role in areas where business and national security interests intersect, such as regulating technology exports to China and imposing tariffs to safeguard U.S. industries like steel. The department employs approximately 50,000 people.

The Commerce Department is also deeply involved in efforts to strengthen domestic manufacturing and support U.S. companies. In addition to its role in the U.S.-China trade and tech disputes, the department oversees patent approvals, publishes economic data, and manages the U.S. Census.

In his announcement, Trump described Lutnick as a "dynamic force on Wall Street for more than 30 years" and commended his work during the transition in recruiting staff for the new administration. He added that Lutnick would take on special responsibility for the U.S. Trade Representative’s office, which, although not officially part of the Commerce Department, plays a key role in trade policy.

Who is Howard Lutnick?

Lutnick, originally from Long Island, New York, is a long-time Republican and a strong Trump supporter, with the two having crossed paths in New York's social scene. Lutnick made an appearance on Trump's reality TV show, The Apprentice, in 2008, according to IMDb.

After graduating from Haverford College in 1983 on a scholarship, Lutnick joined Cantor Fitzgerald, where he quickly made his mark. He tragically lost both of his parents as a teenager—his mother to cancer and his father to a medical error.

Within a decade, Lutnick became president and CEO of the firm, which has since gained recognition for its investments in copyright and its affiliate, the Newmark brokerage in the property industry.

Lutnick's public profile rose significantly after the September 11 attacks, which claimed the lives of more than 600 employees at Cantor Fitzgerald’s offices, including his brother. Lutnick, however, was not at work that day as he was taking one of his children to kindergarten.

Known for his New York accent and blunt style, Lutnick was visibly emotional in interviews following the tragedy. Reflecting on that day two decades later, he told The Wall Street Journal that it marked a definitive "before 9/11 and after" in his life, adding that the pain remained so intense in the years that followed it felt "like yesterday."