Howard Lutnick facts for kids
Quick facts for kids
Howard Lutnick
|
|
|---|---|
_01.jpg)
Lutnick in 2024
|
|
| 41st United States Secretary of Commerce | |
| Assumed office February 19, 2025 |
|
| President | Donald Trump |
| Preceded by | Gina Raimondo |
| Personal details | |
| Born |
Howard William Lutnick
July 14, 1961 Jericho, New York, U.S. |
| Political party | Republican |
| Spouse |
Allison Lambert
(m. 1994) |
| Children | 4 |
| Education | Haverford College (BA) |
Howard William Lutnick (born July 14, 1961) is an American businessman and helper of others. He has been the 41st United States secretary of commerce since February 19, 2025. Before this, he was the leader of Cantor Fitzgerald and BGC Group, which are big financial companies.
Lutnick became well-known for his charity work through the Cantor Fitzgerald Relief Fund. This was especially true after the September 11 attacks, when his company lost many employees, including his own brother. He also helped raise money for Donald Trump's presidential campaigns and was a key advisor for Trump's team.
In November 2024, President-elect Trump announced he wanted Lutnick to be the Secretary of Commerce. The United States Senate officially approved him for the job on February 18, 2025.
Contents
Early Life and Education
Howard Lutnick was born in Jericho, New York, on July 14, 1961. His father was a history professor, and his mother was a painter and sculptor. Howard was the middle child, with an older sister and a younger brother.
When Howard was in high school, his mother passed away. The next year, he started college at Haverford College in Pennsylvania. During his first week there, his father also died due to a medical accident. Howard, at just 18, and his siblings were now orphans. They had to rely on each other.
The college president offered Howard a full scholarship to help him continue his studies. Howard graduated in 1983 with a degree in economics.
Career in Business
Lutnick started working at Cantor Fitzgerald in 1983, right after college. He quickly became close with the company's founder, Bernard Cantor, who became his mentor. By 1991, Lutnick was named president and CEO, and in 1996, he became chairman.
Howard Lutnick believed in using new technology early on. In 1999, he made a part of Cantor Fitzgerald, called eSpeed, into its own public company. eSpeed used electronic trading, which meant it didn't need as many human brokers. This decision was very important later on.
In 2004, Lutnick decided to split Cantor Fitzgerald into two main parts. Cantor Fitzgerald would focus on big stock and bond trades. A new company, BGC Partners, would handle broker-driven trading. This allowed both parts to grow separately.
Lutnick also helped take the video platform Rumble public. He was also involved in a deal for an earth observation company called Satellogic. In 2024, Lutnick's company, BGC Group, started working on a new futures exchange called FMX Futures Exchange.
September 11 Attacks and Aftermath
On September 11, 2001, Cantor Fitzgerald's main offices were in the World Trade Center's North Tower. A hijacked plane hit the building just below their offices. Sadly, none of the employees who were in the offices that morning survived. In total, 658 of Cantor's 960 employees died that day. This included Howard Lutnick's younger brother, Gary.
Howard Lutnick himself was not in the office that morning. He was taking his son to his first day of kindergarten, which saved his life. He tried to get to the towers, hoping to find any survivors from his company. He survived the collapse of the South Tower by hiding under a car nearby.
After the attacks, many people thought Cantor Fitzgerald would close because they had lost so many employees. Four days later, Lutnick made a difficult decision to stop paying the salaries of the missing or deceased employees. He explained on TV that he had no money to pay them.
However, Lutnick also promised that the families of the employees who died would receive 25% of Cantor's future profits for five years. They would also get health insurance for ten years. This support package was worth more than $100,000 for each family. In 2006, the company gave $180 million to these families.
Helping Others: Philanthropy
Howard Lutnick is well-known for his charity work.
Cantor Fitzgerald Relief Fund
Just days after the September 11 attacks, Lutnick started the Cantor Fitzgerald Relief Fund. This non-profit group was created to help the families of Cantor employees who died. Lutnick started the fund with $1 million of his own money. His sister, Edie Lutnick, became its executive director.
The fund has given about $180 million to families of Cantor employees. It has also helped victims of natural disasters and other difficult situations, giving out about $280 million in total.
Global Charity Day
Every year on September 11 (or the closest business day), Cantor Fitzgerald and its partner BGC Partners hold a Global Charity Day. On this day, they give 100 percent of their trading profits to charity. Since 2005, these events have raised about $113 million. Many famous people, like presidents, sports stars, and celebrities, join in to help raise money.
Support for Haverford College
In 2012, Lutnick became the head of the Haverford College Board of Managers. He has given a lot of money to the college. He created scholarships for students and helped fund several buildings and centers on campus, including:
- Cantor Fitzgerald Art Gallery
- Douglas B. Gardner '83 Integrated Athletic Center
- Gary Lutnick Tennis & Track Center
- Lutnick Library
He has donated $65 million to the college so far.
Hurricane Sandy Relief
When Hurricane Sandy hit New York and New Jersey in 2012, Lutnick promised $10 million to help affected families. His company "adopted" 19 schools in the hardest-hit areas. They gave $1,000 debit cards to nearly 10,000 families in different neighborhoods. Lutnick, his wife, sister, and volunteers personally handed out these cards.
Oklahoma Tornado Relief
After a large tornado hit Moore, Oklahoma, in 2013, Lutnick announced that his companies and the Cantor Relief Fund would donate $2 million to the victims.
Working with Donald Trump
Howard Lutnick has been a supporter of Donald Trump. In 2019 and 2024, he hosted events at his home to help raise money for Trump's presidential campaigns. In August 2024, Trump also chose Lutnick to be a co-chair of his team that helps prepare for a new presidency.
United States Secretary of Commerce
.jpg)
After much talk, President-elect Trump announced on November 19, 2024, that he would nominate Lutnick to be the Secretary of Commerce. This role involves helping American businesses and trade.
Lutnick appeared before a Senate committee in January 2025. The committee approved his nomination. On February 18, 2025, the Senate officially confirmed him as the Secretary of Commerce.
His Ideas and Beliefs
Howard Lutnick supports the idea of using tariffs. Tariffs are taxes on goods imported from other countries. He believes they can help the U.S. economy. He also supports cryptocurrencies, which are digital forms of money.
Awards and Recognitions
Howard Lutnick has received many awards and honors for his work and his help to others, including:
- Ranked among the most important people in commercial real estate finance.
- FDNY Foundation Humanitarian Award (2013).
- Received the Department of the Navy Distinguished Public Service Award, which is the highest award for non-military people.
- Honored by various foundations and organizations for his charity work.
Organizations He Helps Lead
Lutnick is a leader on the boards of several important organizations, such as:
- Fisher Center for Alzheimer's Research Foundation, Vice Chairman
- Horace Mann School, Board of Trustees
- National September 11 Memorial & Museum, Board of Directors
- Haverford College, Board of Managers Co-chair
- Intrepid Sea, Air & Space Museum, Board of Trustees Vice Chairman
- Solomon Guggenheim Museum Foundation Trustee
- Partnership for New York City Board of Directors
Personal Life
Howard Lutnick married Allison Lambert in 1994. They have four children. A famous story about Lutnick's life is that on September 11, 2001, he was late for work because he was taking his son Kyle to kindergarten. This delay saved his life.
See also
In Spanish: Howard Lutnick para niños
