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Trump’s Commerce nominee Lutnick details extent of wealth

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Howard Lutnick, President Donald Trump’s pick to run the Department of Commerce, revealed hundreds of millions of dollars in assets and income in a new financial disclosure form and ethics agreement released Friday — including more than $200 million in income and distributions from his Wall Street firm over the past two years alone.

Lutnick also formally reiterated his promise to resign from his position at his financial services firm Cantor Fitzgerald and divest from a variety of business interests if he’s confirmed, according to the ethics agreement.

The publication of the much-anticipated documents comes as the Trump 2024 transition co-chair has come under intense scrutiny over potential conflicts of interest given his slew of business ties. His Senate confirmation hearing before the Senate Commerce, Science and Transportation Committee, now scheduled for next Wednesday, had been delayed over the slow arrival of the necessary financial and ethics paperwork.

The documents released Friday show the extent of the business entanglements from which Lutnick will have to divest if confirmed to lead the Commerce Department, and the complications that could arise given the scale and scope of those ties.

The 92-page financial disclosure report details connections to more than 800 organizations, while the ethics report includes pledges for him to divest from the core of his business interests, along with his wife and minor children. Lutnick did not, however, rule out allowing his adult children to remain linked to those interests.

Lutnick earned more than $30 million over the past two years from his post as executive chair of the Newmark Group, a commercial real estate services firm, and more than $8 million in salary and bonuses from BCG Group, according to the financial disclosure.

A prominent Wall Street figure, Lutnick rebuilt the financial services firm Cantor Fitzgerald after the Sept. 11, 2001, terrorist attacks that killed hundreds of the company’s employees, including his brother. He earned less than $201 from a book detailing that story during the reporting period, according to his financial disclosure.

Cantor Fitzgerald has managed assets for controversial crypto firm Tether, which issues digital tokens pegged to the U.S. dollar. Lutnick has vouched for the company’s legitimacy despite ties to a number of finance scandals worldwide, while skeptics have raised concerns about its stability. He is a major supporter of cryptocurrency generally, in line with Trump’s enthusiasm for it.

As part of the ethics agreement, Lutnick has also agreed to resign from his positions not only with Cantor Fitzgerald but also the financial services firm BGC Group and the commercial real estate firm Newark Group.

Lutnick said he will divest from assets in trusts within 90 days after confirmation, as well, including the Walt Disney Company and NASDAQ.

The financial form revealed that he also borrowed more than $100 million from Bank of America.

If confirmed, Lutnick will be key to implementing Trump’s sweeping trade and tariff agenda. Trump’s vow to enact significant tariffs on key U.S. trade partners has drawn concern from some Republicans, who fear it could drive consumer price increases.

Trump has vowed to create an “External Revenue Service” to collect tariffs — something that Lutnick has also touted.

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Congress

Biden-era DOJ memo: Trump hoarded classified documents relevant his businesses

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President Donald Trump maintained government documents relevant to his business interests after he left office, according to an internal memo from former special counsel Jack Smith’s office.

The memo, viewed by Blue Light News, was transmitted by the Justice Department to the House and Senate Judiciary Committees earlier this month. It was turned over in response to Republican-led probes into the investigations Smith led during the Biden administration surrounding Trump’s alleged mishandling of classified documents after leaving office, as well as his efforts to subvert the results of the 2020 election.

“Process is very much ongoing but the FBI has already since found both — that classified documents were commingled with documents created after Trump left office and that there are classified documents that would be pertinent to certain business interests,” stated the memo, dated Jan. 13, 2023.

The second volume of Smith’s report on his team’s investigative findings, which centers around the classified documents case, is currently under a court-ordered seal. Democrats have been pushing for DOJ to release it in hopes that it could reveal damaging information about the president. New information about Trump’s conduct, unearthed in this memo, could only heighten the pressure on the administration to make the full report public.

It also could inform questions from members of the Senate Judiciary Committee, which is due to invite Smith to testify in a public hearing on his Trump investigations in the coming months.

Rep. Jamie Raskin of Maryland, the top Democrat on the House Judiciary Committee, alleged in a new letter to Attorney General Pam Bondi dated Tuesday that the memo suggests Trump “may have sold out our national security to enrich himself.”

Raskin also alleged that the DOJ appeared to have violated the judicial order compelling the seal of the second volume of Smith’s report in handing over some materials to Congress, including grand jury material.

A Justice Department spokesperson, in a statement Wednesday, rejected Raskin’s claims and called his move a “political stunt.”

The spokesperson said that it was unsurprising that Smith’s “files contain salacious and untrue claims about President Trump,” and the files handed over to Congress did not violate the court order, nor did they disclose relevant grand jury material.

“We understand that Jamie Raskin, much like Jack Smith, is blinded by hatred of President Trump,” the spokesperson wrote. “However, he needs to get his facts straight — this Department of Justice is the most transparent in history in part because of our efforts to expose the weaponization of the Biden administration in full compliance with the law and the court.”

Abigail Jackson, a White House spokesperson, also in a statement maintained that Trump “did nothing wrong” and called Raskin’s actions “pathetic.”

A spokesperson for House Judiciary Democrats pointed to the irony in the Trump administration claiming to be “the most transparent in history” when it was refusing to release Smith’s findings.

“Another day, another manufactured outrage from the left,” a spokesperson for House Judiciary Republicans countered.

The 2023 memo transmitted to Congress also stated that Trump maintained documents that were so sensitive that only few had access to them beyond the president, and the fact that he had materials relevant to his business interests suggested “a motive for retaining them.”

“These new disclosures suggest that Donald Trump stole documents so sensitive that only six people in the entire U.S. government had access to them,” Raskin wrote in his letter to Bondi. “It is time for you to stop the cover-up and allow the American people to know what secrets he betrayed and how he may have cashed in on them.”

Gregory Svirnovskiy contributed to this report.

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GOP framework still ‘best landing spot’ for DHS funding, Thune says

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Senate Majority Leader John Thune defended on Wednesday a Department of Homeland Security funding framework as it comes under heavy criticism from Democrats and some conservatives.

“I think it’s going to be … still the best landing spot, but we haven’t heard anything back from the Dems yet,” Thune said when asked if the framework was still viable.

He added that the best way for the shutdown to end would be for Democrats to “take a deal” but added that he doubted they “have a clear idea about what they want to do or how they see us concluding.”

“But hopefully they want to see it conclude, because we do, too,” he added.

Thune said he spoke Tuesday night with President Donald Trump, who has yet to publicly endorse the framework. Asked if he thought the president supported it, Thune declined to comment.

Republicans offered this week to take funding for ICE’s Enforcement and Removal Operations out of the DHS funding bill that was on offer in January. But Democrats have balked, saying enforcement policy changes would have to be included in a bill that even partially funds ICE.

The Senate is scheduled to begin a two-week recess later this week, but Thune said it was an “open question” whether that happens.

“If we haven’t figured out how to fund the government, then it seems like that really complicates us leaving here,” he said.

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Congress

GOP policy chair election April 16

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House GOP leaders announced in a closed-door meeting Wednesday that the election to fill the vacant leadership role of policy chair will be the morning of April 16. Republicans will hold a candidate forum the afternoon of April 15, according to four people granted anonymity to discuss the plan.

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