The Senate Commerce Committee announced it will hold a Jan. 29 hearing for President Donald Trump’s nominee, Howard Lutnick, to lead the Commerce Department. Lutnick, CEO of Cantor Fitzgerald and worth $1.5 billion per Forbes, would oversee U.S. trade and export strategies, including technology restrictions targeting China.
Lutnick has pledged to resign from his roles at Cantor Fitzgerald, BGC Group, and Newmark Group and divest related assets if confirmed. His nomination follows Commerce’s expanded role in regulating technology exports to China, focusing on semiconductors and AI to limit Beijing’s military advancements.
Both the Trump and Biden administrations have used Commerce powers to enforce export controls and impose tariffs. Over the last two years, sweeping rules have curbed China’s access to advanced chips and manufacturing equipment. In his final days, Biden further tightened these controls, restricted Chinese AI chips, and banned most Chinese vehicles and drones from U.S. markets.
Trump recently rescinded Biden’s 2023 executive order on AI safety. If confirmed, Lutnick will lead a department with 47,000 employees overseeing trade, technology, and economic policies critical to U.S.-China relations.
Also read: Trump Targets Federal Workforce: Job Cuts, Hiring Freeze Ordered
