Howard Lutnick facts for kids
Quick facts for kids
Howard Lutnick
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Official portrait, 2025
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| 41st United States Secretary of Commerce | |
| Assumed office February 21, 2025 |
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| President | Donald Trump |
| Deputy | Paul Dabbar |
| Preceded by | Gina Raimondo |
| Personal details | |
| Born |
Howard William Lutnick
July 14, 1961 Long Island, New York, U.S. |
| Political party | Republican |
| Spouse |
Allison Lambert
(m. 1994) |
| Children | 4 |
| Education | Haverford College (BA) |
Howard William Lutnick, born on July 14, 1961, is an American businessman and government official. He is currently serving as the 41st United States Secretary of Commerce since February 2025.
Lutnick started his career at Cantor Fitzgerald in 1983. He became the company's president and chief executive in 1990. Later, he became chairman after the founder's death. He invested a lot in new technology, creating an electronic trading platform called eSpeed. On September 11, 2001, Cantor Fitzgerald lost 658 employees, including Howard's brother, Gary, during the September 11 attacks.
Lutnick helped raise money for Donald Trump's presidential campaigns. In August 2024, he was named a co-chair for Trump's team preparing for the presidency. President-elect Trump chose Lutnick to be his nominee for Secretary of Commerce in November. After a hearing and a vote, he was confirmed by the Senate in February 2025. Time magazine listed Lutnick as one of the world's 100 most influential people that year.
Early Life and Education
Howard William Lutnick was born on July 14, 1961, in Long Island, New York. He was the second son of Solomon and Jane Lutnick. His father was a history professor, and his mother was a painter and sculptor. Howard grew up in Jericho, New York, and went to Jericho High School.
During his junior year of high school, in February 1978, his mother passed away. Lutnick then went to Haverford College to play tennis. In his first week there, his father also passed away. The president of Haverford College offered to let him attend for free. At Haverford, Lutnick became the captain of the tennis team. He graduated in 1983 with a degree in economics.
Career Journey
Cantor Fitzgerald and Business Growth
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After college, Lutnick worked as a broker. In 1983, B. Gerald Cantor, the founder of Cantor Fitzgerald, hired Lutnick and became his mentor. Within a year and a half, Lutnick quickly moved up in the company. He became the chief executive of a part of Cantor Fitzgerald that managed investments. This division became very successful.
By 1990, Lutnick was chosen to take over from Cantor if anything happened to him. In 1991, Lutnick became the chief executive and president of Cantor Fitzgerald. The company was restructured, and Lutnick gained more control. After Cantor became ill in 1995, there was a disagreement with Cantor's wife, Iris Cantor, about who would lead the company. They settled the dispute, and Lutnick kept control of the company. Cantor passed away in 1996, and Lutnick became the chairman of Cantor Fitzgerald.
Lutnick strongly supported using technology at Cantor Fitzgerald. In 1998, the company started using electronic trading for government bonds. They developed eSpeed, an electronic trading platform, investing a lot of money into it. eSpeed was launched in 1999. Lutnick also expanded Cantor's business into Europe and tried to create a new trading exchange. By 2001, eSpeed had created many online marketplaces for trading different things.
September 11 Attacks and Recovery
On September 11, 2001, terrorists crashed planes into the World Trade Center in New York City. Cantor Fitzgerald's main office was in 1 World Trade Center. All 658 employees who were in the office that day died. Howard Lutnick was supposed to be in the office, but he was taking his son to kindergarten. His brother, Gary, was among those who died.
Cantor Fitzgerald's offices in London and New Jersey helped the company continue its trading operations. Lutnick spoke publicly about the tragedy, and he became well-known. He worked hard to help the families of the victims. The American Red Cross offered money to the families after Lutnick asked for their help. Lutnick attended funerals for many of the employees who died.
In October 2001, Cantor Fitzgerald began giving money to the families. By February 2002, the company announced it would share some of its profits with the survivors. A year after the attacks, Lutnick worked to find a new main office for Cantor Fitzgerald. He decided not to return to Lower Manhattan. By December 2002, Cantor Fitzgerald had 750 employees in New York. In 2004, the firm created BGC Partners for its brokerage business.
In January 2017, Anshu Jain joined Cantor Fitzgerald as its president. By September 2018, Lutnick's wealth was estimated at $1.5 billion. Since 2020, Cantor Fitzgerald has invested in cryptocurrency, especially Tether. In July 2024, Lutnick announced that Cantor Fitzgerald would offer a $2 billion lending service using Bitcoin. As of October 2024, Cantor Fitzgerald manages most of Tether's money.
In February 2025, after Lutnick was confirmed as the Secretary of Commerce, he named his sons, Brandon and Kyle, to lead parts of Cantor Fitzgerald.
Helping Others (Philanthropy)
After the September 11 attacks, Lutnick gave $1 million to the Cantor Fitzgerald Foundation. He also started the Cantor Fitzgerald Relief Fund. This fund began giving $5,000 to families of victims with children in October 2001. Cantor Fitzgerald donated $4 million to the fund in September 2002.
Cantor Fitzgerald and BGC Partners hold an annual charity day on September 11. By September 2014, this event had raised $101 million for charities helping those affected by the attacks. As of September 2006, the fund had given $180 million to families. The fund has also helped people affected by hurricanes, like Hurricane Harvey in 2017. Lutnick personally gave debit cards worth $1,000 to families affected by Hurricane Sandy and the 2013 Moore tornado.
Lutnick is the biggest donor to Haverford College. As of October 2014, he had donated $65 million in total, including a $25 million gift. His donations have supported the college's library, athletic center, art gallery, and tennis and track center.
Political Activities
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Lutnick, who was once a Democrat, is now a registered Republican. He has described himself as someone who believes in careful spending (fiscal conservative) and social freedom (social liberal). He said he left the Democratic Party because he felt it moved too far to the left.
In 2016, he donated to Hillary Clinton and Kamala Harris. In May 2019, Lutnick hosted a fundraiser for President Donald Trump that raised over $5 million. He also hosted a fundraiser for Senator Tim Scott five years later.
In June 2024, Lutnick co-hosted another fundraiser for Donald Trump in London. In August, he raised $15 million for Trump at his home in New York. That month, Lutnick was chosen to be a co-chair for Trump's team preparing for the presidency. By September 2024, he had raised $11 million for Trump. He appeared at a rally for Trump with Elon Musk in October.
As a co-chairman of Trump's transition team, Lutnick focused on hiring people loyal to Trump.
Board Memberships and Assets
In January 2006, Lutnick joined the board of the World Trade Center Memorial Foundation. As of November 2024, he is a member of the boards for the Partnership for New York City and Weill Cornell Medicine. He was also a board member of the Horace Mann School from 2003 to 2024.
Lutnick's financial report, released in January 2025, showed he had at least $806 million in assets. He owned shares in companies like GE Aerospace, The Walt Disney Company, and Nasdaq, Inc..
Secretary of Commerce
Nomination and Confirmation
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After the 2024 United States presidential election, Lutnick was considered for the role of Secretary of the Treasury. However, on November 19, 2024, Donald Trump chose Lutnick as his nominee for Secretary of Commerce.
In the months after the election, Lutnick privately talked with companies and countries about Trump's economic plans. He appeared before the Senate Committee on Commerce, Science, and Transportation on January 29, 2025. There, he supported new tariffs and promised stronger action against China's advances in artificial intelligence.
On February 18, 2025, the Senate confirmed Lutnick in a 51–45 vote. He was sworn into office on February 21, 2025.
Time in Office
Lutnick has supported Trump's trade policies, including new tariffs. Before his confirmation, Trump asked Lutnick to put in place tariffs that would be fair to both sides. In his first meeting with an international official, Lutnick discussed trade with Maroš Šefčovič from Europe. After his confirmation, Lutnick received a letter from the Chinese Minister of Commerce, Wang Wentao, who expressed concern about U.S. tariffs on Chinese goods.
After Trump started a trade dispute with Canada and Mexico, Lutnick was involved in talks with their leaders. In March 2025, Lutnick said there was "no chance" of a recession because of Trump's economic policies. He also said that tariffs would be "worth it" even if they led to a recession. Lutnick explained that tariffs on Canada were needed to protect American jobs. He also encouraged people to buy stock in Tesla, saying it would "never be this cheap again."
At the National Oceanic and Atmospheric Administration, Lutnick put in a rule that he had to personally approve all contracts over $100,000. This caused delays, and by April, some contracts for maintenance and cleaning had expired. Later that month, Lutnick talked about "great jobs of the future" in the United States, where people could work in factories for their whole lives.
Personal Life
Family
In December 1994, Lutnick married Allison Lambert. They have four children. In February 2025, Allison was appointed a trustee of the John F. Kennedy Center for the Performing Arts.
Homes
In 1998, Lutnick bought a home in Manhattan. He also lived in Bridgehampton, New York, on a large property he bought in 2003. In December 2024, he bought a home in Washington, D.C., for $25 million, which set a record for the most expensive house in the city.
Health
In October 2021, Lutnick shared that he had been diagnosed with non-Hodgkin's lymphoma, a type of cancer. He started treatment soon after. By September 2024, he was cancer-free.
Awards
Lutnick has received the Navy Distinguished Public Service Award. In 2025, Time magazine named him one of the world's 100 most influential people.
See also
In Spanish: Howard Lutnick para niños
