President-elect Donald Trump announced Tuesday that he has selected Cantor Fitzgerald CEO and Trump transition co-chairman Howard Lutnick to be the next Secretary of Commerce.

President Trump announced his selection on Truth Social and chose Lutnick over other candidates. rumored Candidates include Linda McMahon, another person responsible for the Trump transition. Lutnick is a billionaire and a longtime supporter of the president-elect. (Related: Businessman Howard Lutnick says economists who oppose President Trump’s economic plan are “partisan nonsense”)

“I am pleased to announce that Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, will join our Administration as Secretary of Commerce. I will take responsibility and lead the tariffs and trade agenda,” Trump said in a statement posted on Truth Social. “In his role as co-chair of the Trump-Vance transition team, Mr. Howard created the most sophisticated processes and systems to help establish the greatest administration the United States has ever seen.”

If confirmed by the Senate, Lutnick would take over the position currently held by Secretary of Commerce Gina Raimondo.

Mr. Lutnick rebuilt Cantor Fitzgerald after losing hundreds of employees, including his brother, in the 9/11 terrorist attacks in New York City. In a statement announcing Lutnick’s selection, President Trump said Lutnick raised approximately $180 million for the families of 9/11 victims in the years following the deadliest terrorist attack in U.S. history. He also mentioned that he made a donation.

In addition to his work at Cantor Fitzgerald, Lutnick also helped bring conservative-friendly video streaming platform Rumble to the public market in 2022. Before it was announced that Trump would nominate him to head the Commerce Department, Lutnick also reportedly Consideration is being given to running the Ministry of Finance.

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