Trump's Commerce Secretary nominee, Howard Lutnick, vows to sell his business interests in 90 days

WASHINGTON (AP) — Billionaire financier Howard Lutnick, President Donald Trump's choice to lead the Commerce Department, said Wednesday that he would sell all of his business holdings within 90 days.

“I will divest, I will sell all of my interests, my business interests, all of my assets, everything,'' Lutnick said in a confirmation hearing Wednesday before the Senate Committee on Commerce, Science, and Transportation. ”I made the decision I've made enough money in my life.''

Lutnick, head of the investment firm Cantor Fitzgerald, has complicated business dealings. His financial disclosure statement showed that he had positions in more than 800 businesses and other private organizations.

Lutnick was introduced by Vice President JD Vance, who called him "just a good dude.''

Lutnick, who was head of the investment firm Cantor Fitzgerald, has emerged as an outspoken supporter of Trump's hardline trade policies.

Trump has threatened new tariffs on China and an across-the-board levy on everything imported into the United States.

He is also planning to impose 25% import taxes — tariffs — Saturday on America's two biggest trading partners, Canada and Mexico. Lutnick suggested Wednesday that the tariffs on Canada and Mexico could be avoided if they complied with Trump's demand to stop the flow of undocumented immigrants and fentanyl into the United States.

Lutnick expressed support Wednesday for using across-the-board import taxes “country by country'' to strong-arm trade partners into lowering their tariffs on U.S. exports. ”Tariffs are a way to create reciprocity,'' he said.

Lutnick also dismissed as ”nonsense'' the view of many economists that tariffs cause inflation, arguing that China and India have high import taxes but low inflation. (The International Monetary Fund forecasts 1.7% inflation in China, 4.1% in India and 1.9% in the United States this year.)

Lutnick was in the running to be Treasury secretary, but Trump decided to go with someone viewed as more palatable to Wall Street: wealthy investor Scott Bessent, who was confirmed by the Senate Monday. Elon Musk had backed Lutnick, publicly dismissing Bessent as "a business-as-usual'' choice.

The Commerce Department is a sprawling bureaucracy with nearly 50,000 employees. A voice for business in the federal government, it administers trade policy, collects economic statistics, oversees government funding of new computer chip factories, runs the census, grants patents and issues weather reports, among other things.

As Commerce Secretary, Lutnick will work with Trump's nominee to be U.S. trade representative, Jamieson Greer, to lead the president's promised tariff onslaught.

Lutnick was CEO at Cantor Fitzgerald when its offices were hit in the Sept. 11, 2001 attack on the World Trade Center. The firm lost two-thirds of its employees — 658 people — that day, including Lutnick's brother, Gary Lutnick. Lutnick is a member of the Board of Directors of the National September 11 Memorial & Museum.

Speaking about 9/11 Wednesday, Lutnick choked up. "I still can't say it without getting emotional,'' he said.

Lutnick, who once appeared on Trump's reality television show "The Apprentice,'' is a big supporter of cryptocurrencies, digital money that can be traded over the internet outside the highly regulated banking system. Bitcoin is the most popular cryptocurrency. Lutnick last year launched a cryptocurrency platform called World Liberty Financial with members of his family.

Howard Lutnick watches as President Donald Trump attends an indoor Presidential Inauguration parade event at Capital One Arena, Monday, Jan. 20, 2025, in Washington. (AP Photo/Evan Vucci)

TRENTON, N.J. (AP) — Richard “Dick” Codey, a former acting governor of New Jersey and the longest serving legislator in the state's history, died Sunday. He was 79.

Codey’s wife, Mary Jo Codey, confirmed her husband’s death to The Associated Press.

“Gov. Richard J. Codey passed away peacefully this morning at home, surrounded by family, after a brief illness,” Codey's family wrote in a Facebook post on Codey's official page.

"Our family has lost a beloved husband, father and grandfather -- and New Jersey lost a remarkable public servant who touched the lives of all who knew him," the family said.

Known for his feisty, regular-guy persona, Codey was a staunch advocate of mental health awareness and care issues. The Democrat also championed legislation to ban smoking from indoor areas and sought more money for stem cell research.

Codey, the son of a northern New Jersey funeral home owner, entered the state Assembly in 1974 and served there until he was elected to the state Senate in 1982. He served as Senate president from 2002 to 2010.

Codey first served as acting governor for a brief time in 2002, after Christine Todd Whitman’s resignation to join President George W. Bush’s administration. He held the post again for 14 months after Gov. Jim McGreevey resigned in 2004.

At that time, New Jersey law mandated that the Senate president assume the governor’s role if a vacancy occurred, and that person would serve until the next election.

Codey routinely drew strong praise from residents in polls, and he gave serious consideration to seeking the Democratic nomination for governor in 2005. But he ultimately chose not to run when party leaders opted to back wealthy Wall Street executive Jon Corzine, who went on to win the office.

Codey would again become acting governor after Corzine was incapacitated in April 2007 due to serious injuries he suffered in a car accident. He held the post for nearly a month before Corzine resumed his duties.

After leaving the governor’s office, Codey returned to the Senate and also published a memoir that detailed his decades of public service, along with stories about his personal and family life.

“He lived his life with humility, compassion and a deep sense of responsibility to others,” his family wrote. “He made friends as easily with Presidents as he did with strangers in all-night diners.”

Codey and his wife often spoke candidly about her past struggles with postpartum depression, and that led to controversy in early 2005, when a talk radio host jokingly criticized Mary Jo and her mental health on the air.

Codey, who was at the radio station for something else, confronted the host and said he told him that he wished he could “take him outside.” But the host claimed Codey actually threatened to “take him out,” which Codey denied.

His wife told The Associated Press that Codey was willing to support her speaking out about postpartum depression, even if it cost him elected office.

“He was a really, really good guy,” Mary Jo Codey said. “He said, ‘If you want to do it, I don’t care if I get elected again.’”

Jack Brook contributed reporting from New Orleans.

FILE - New Jersey State Sen. and former Democratic Gov. Richard Codey is seen before New Jersey Gov. Phil Murphy delivers his State of the State address to a joint session of the Legislature at the statehouse, in Trenton, N.J., Tuesday, Jan. 10, 2023. (AP Photo/Matt Rourke, File)