US Senate committee to hold Jan. 29 hearing on Trump commerce nominee

23/1/2025 15:31

The Senate Commerce Committee said on Wednesday it would hold a Jan. 29 hearing on President Donald Trump's nominee to lead the Commerce Department, the agency that has become a key U.S. tool in its efforts to constrain China's tech sector.



Trump tapped Wall Street CEO Howard Lutnick to lead the department and his trade and tariff strategy. The head of brokerage firm Cantor Fitzgerald, Lutnick will also have "additional direct responsibility" for the U.S. Trade Representative's office, Trump said last year.



Lutnick also runs brokerage BGC Group and is chairman of Newmark Group, a commercial real estate services firm, and FMX, a platform owned by some of Wall Street's biggest banks and traders.



In a document seen by Reuters, Lutnick said that if confirmed he would resign from his positions at Cantor, BGC and Newmark and divest assets including his interests in those entities.



Lutnick, who is worth $1.5 billion, according to Forbes, also filed an extensive financial disclosure form that details his holdings.



The Commerce Department oversees a sprawling array of functions with nearly 47,000 employees, from the U.S. Census Bureau to weather forecasting, ocean navigation and investment promotion.