Commerce Secretary Howard Lutnick's Sons Benefit from USA Rare Earth Deal Involving Former Company
Howard Lutnick, the current Secretary of Commerce under President Trump, is facing scrutiny regarding a deal between the Department of Commerce and USA Rare Earth (USAR). In January 2026, the U.S. government announced it would take a 10% stake in USAR. As part of this agreement, USAR raised $1.5 billion through private stock offerings and selected Cantor Fitzgerald, Lutnick's former company, as the placement agent. This role could result in multi-million dollar fees for Cantor Fitzgerald. When Lutnick transitioned to his federal role, his sons, Brandon and Kyle Lutnick, assumed leadership positions at Cantor Fitzgerald, with Brandon becoming Chairman and CEO and Kyle taking on the role of Vice Chairman. This arrangement has raised concerns about potential conflicts of interest, as the actions of the Department of Commerce, led by their father, appear to directly benefit the company now run by his sons. Democratic lawmakers are investigating these transactions and have requested records from Lutnick, which ...