Public Trust Tracker

INV-007 · Money & ethics · Conflicts of interest

Howard Lutnick, Cantor Fitzgerald and tariff trades

Stage 2 of 5: Inquiry · Letters and records requests · Last development 5 Mar 2026

Lutnick's sons now run Cantor Fitzgerald. Lawmakers are questioning reported Cantor trades tied to tariff refunds, and Cantor's role raising money for USA Rare Earth, which got a $1.6 billion Commerce Department commitment.

Howard Lutnick
People
Howard Lutnick, Cantor Fitzgerald
Agencies
Commerce Dept
Reviewed by
Senate Democrats, House Judiciary (minority), OGE complaint (CLC)

Money involved

  • $1.6 billion Commerce commitment to USA Rare Earth (Taxpayer money in questioned contracts, loans and funds) [1]

Timeline

  1. After Wired reports Cantor explored tariff-refund trades, House Judiciary Democrats seek information from Lutnick and his sons. [1]

  2. Commerce agrees to provide USA Rare Earth with $1.6B. The company picks Cantor to raise a $1B+ round. Sens. Warren, Van Hollen and Wyden write with "serious concerns". [1]

  3. Democratic senators warn Cantor Fitzgerald about tariff-related trades, citing its link to Lutnick. [2]

  4. Rep. Maxine Waters, Sen. Elizabeth Warren and 13 other Democrats ask OGE to recommend a Commerce ethics investigation of Lutnick, and ask about his divestment from Cantor Fitzgerald. [5]

  5. Campaign Legal Center files a complaint with the Office of Government Ethics and Commerce ethics officials, citing the rule against officials using their office to endorse products or companies (5 CFR 2635.702). [3]

  6. On Fox News, Lutnick urges viewers: "If you want to learn something on this show tonight, buy Tesla." [5]

Responses

  • Cantor spokesperson: Denies executing trades tied to the tariffs' legality: "completely false." [1]
  • Howard Lutnick: "I have done nothing wrong." [1]
  • Commerce Department: Declined to comment; OGE had not publicly responded. [4]

Who is acting on it

  • Complaint Campaign Legal Center: Ethics complaint over Lutnick's "buy Tesla" remark (21 Mar 2025, No reply or result recorded yet)
  • Asked for an investigation Rep. Maxine Waters (D-CA), Sen. Elizabeth Warren (D-MA), Other congressional Democrats: Asked OGE to recommend a Commerce ethics investigation (27 Mar 2025, No reply or result recorded yet)
  • Letter Senate Democrats: Warned Cantor Fitzgerald about tariff-related trades (Aug 2025, No reply or result recorded yet)
  • Letter Sen. Elizabeth Warren (D-MA), Sen. Chris Van Hollen (D-MD), Sen. Ron Wyden (D-OR): Raised concerns about Cantor's role in the USA Rare Earth deal (Jan 2026, No reply or result recorded yet)
  • Letter House Judiciary Democrats: Asked Lutnick and his sons about tariff-refund trades (5 Mar 2026, No reply or result recorded yet)

Sources

  1. WJLA / Sinclair, 5 Mar 2026
  2. The Hill: Democrats warn Cantor Fitzgerald about tariff-related trades
  3. Campaign Legal Center, 21 Mar 2025
  4. Fox 5 NY / LiveNOW, 21 Mar 2025
  5. Letter to OGE from Rep. Waters, Sen. Warren et al., 27 Mar 2025

Cite this case

Public Trust Tracker. "Howard Lutnick, Cantor Fitzgerald and tariff trades" (INV-007). Last updated 5 Mar 2026. https://publictrusttracker.org/case/inv-007-howard-lutnick-cantor-fitzgerald-and-tariff-trades/

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