Trump Says Investment Firm CEO Will Run Commerce Dept., Oversee USTR

President-elect Donald Trump will nominate billionaire businessman Howard Lutnick to be Commerce Department secretary, Trump announced Nov. 19. "He will lead our tariff and trade agenda, with additional direct responsibility for the Office of the United States Trade Representative," Trump said in a statement.

USTR is a Cabinet-level position that reports directly to the president and isn't part of Commerce. Trump's transition team didn't immediately respond to a request for comment seeking clarification on Lutnick's nomination.

Lutnick, chairman and CEO of investment firm Cantor Fitzgerald, was reportedly a major financial backer of Trump’s campaign and had also been in consideration for Treasury secretary. If confirmed by the Senate to run Commerce, Lutnick would oversee an agency tasked with implementing certain tariffs, dual-use export controls and other national security-related trade restrictions.