President-elect Donald Trump is expected to nominate Cantor Fitzgerald CEO Howard Lutnick to serve as commerce secretary, a source familiar with the process confirmed to Fox News Digital.
Lutnick, 63, has served as the co-chair of Trump's transition team and was a key fundraiser for Trump's 2020 and 2024 campaigns. Billionaire and Trump backer Elon Musk endorsed Lutnick for Treasury secretary.
The source said that it's a free for all for Treasury secretary and that there's a mad dash to find someone pro-tariff to lead the Treasury with Lutnick being tapped to lead the Commerce Department. They added that Lutnick was offered an ambassadorship but declined that offer.
The Commerce Department plays a key role in regulating international trade with the U.S. as well as promoting economic growth domestically.
There are several notable bureaus within the Commerce Department including the Census Bureau, the Bureau of Economic Analysis and the Bureau of Industry and Security, which works on issues related to national security and sensitive technologies by enforcing export controls and promoting the health of the U.S. defense industrial base.
The National Oceanographic and Atmospheric Administration (NOAA) and the National Institute of Standards and Technology (NIST) are also subagencies of the Commerce Department.
NOAA provides weather forecasting services and plays a role in monitoring fisheries as well as coastal and maritime commerce. The NIST develops technological standards that are used in the development of a variety of products such as computer chips, electronic health records and the power grid.
