Cantor Fitzgerald CEO Considered for Key Trump Cabinet Role
Howard Lutnick, chairman and CEO of investment bank Cantor Fitzgerald, leads the transition team for President-elect Donald Trump and is reportedly one of the emerging contenders for a run at becoming U.S. Treasury Secretary. A prominent Wall Street executive and close friend to Mr. Trump, Howard Lutnick oversees assembling the new administration, which tasks him with filling nearly 4,000 federal positions.
Some reports suggest that Howard Lutnick’s nomination is part of Trump’s broader campaign to recruit finance professionals to key positions. In addition to co-chair Linda McMahon, Lutnick has been evaluating potential appointees for high-profile positions, such as heads of cabinet departments and advisors in various fields.
Lutnick’s link to Tether, one of the largest stablecoins, would create actual and potential conflict-of-interest issues if confirmed, as the Treasury Department had been investigating the cryptocurrency’s connection to international crime. Cantor Fitzgerald invests part of Tether’s reserve assets-mostly U.S. Treasury bonds-under its control. Treasury officials said that any actions taken by the agency against Tether would not be tainted by Lutnick’s political activities.
A proposed shift in the administration of Trump to an industry-friendly regulation has already witnessed a surge in value for cryptocurrencies. Bitcoin rallied to new all-time highs following Trump’s victory while Tether’s market capitalization mushroomed to $123.5 billion, according to Coinbase.
Lutnick’s appointment resonates well with the kind of more deregulatory agenda Trump projects but would bring harsh scrutiny from Congressmen. As the transition team continues to make its selections, Lutnick’s job and even an official confirmation over his probable candidacy to Treasury Secretary is eagerly in the waiting.
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