President Donald Trump’s nominee for secretary of Commerce, billionaire Howard Lutnick, says he will sell all of his business interests if confirmed in order to prevent any conflicts of interest.
“My plan is to only serve the American people. So I will divest – meaning I will sell all of my interests, all of my business interests, all of my assets, everything,” Lutnick, the CEO of investment firm Cantor Fitzgeral said during his confirmation hearing on Wednesday before the Senate Committee on Commerce, Science, and Transportation.
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“I’ve worked together with the Office of Government Ethics, and we’ve reached agreement on how to do that, and I will be divesting within 90 days upon my confirmation,” he told the committee. “So I should have no business interests, therefore no conflicts of interest.”
Lutnick’s pledge would be no small feat to carry out. The Associated Press noted that his financial disclosures show he has positions at more than 800 businesses and other private entities.
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Lutnick, 63, joined Cantor Fitzgerald fresh out of college and has led the firm since 1991. But he said it will be time to pass the baton if he is confirmed to lead the Commerce Department.
“I made the decision that I’ve made enough money in my life. I can take care of myself. I can take care of my family,” Lutnick told the committee, adding, “It is now my chance to serve the American people. And so, upon confirmation, my businesses will be for sale and someone else will lead them going forward.”
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