US Senate committee to hold hearing on Trump trade nominee on January 29 Reuters

By David Shepardson and Lananh Nguyen

WASHINGTON (Reuters) – The Senate Commerce Committee announced on Wednesday, Jan. 29, that it will hold a hearing on President Donald Trump’s nominee to lead the Commerce Department.

Trump tapped Wall Street CEO Howard Lutnick to lead the department and its trade and tariff strategy. Trump said last year that brokerage firm head Cantor Fitzgerald Lutnick would have “more direct responsibility” for the U.S. Trade Representative’s office as well.

Lutnick operates and is chairman of the brokerage BGC Group. Newmark Group (NASDAQ:), a commercial real estate services firm, and FMX, a platform owned by some of Wall Street’s largest banks and traders.

In a document seen by Reuters, Lutnick said if convicted, he would step down from Cantor, BGCC and Newmark and divest his assets, including his interests in those entities.

Lutnick, who is worth $1.5 billion, according to Forbes, also filed an extensive financial disclosure form detailing his holdings.

The Commerce Department oversees a wide range of activities with about 47,000 employees, from the US Census Bureau to weather forecasting, ocean navigation and investment promotion.

The U.S. trade watchdog over sensitive technologies has been at the center of a trade dispute with China, as well as anti-dumping and anti-subsidy probes that often result in punitive tariffs to protect domestic industries.

Fearing that Beijing will arm itself with American technology to bolster its military power, the Trump and Biden administrations have used Commerce Department officials to introduce regulations to stem the flow of American and foreign technology to China — with a particular focus on semiconductors and the equipment used to manufacture them. They.

Over the past two years, the US has imposed restrictions on exports of advanced chips and chip-making equipment to China, limiting access to the artificial intelligence and cutting-edge equipment needed to produce next-generation semiconductors.

In Biden’s final days, Commerce has restricted AI chip and technology exports, finalized rules effectively banning all Chinese cars and trucks from the U.S. market, and said Trump should consider banning all Chinese drones. Trump this week rescinded an executive order on AI security that Biden signed in 2023.