In response to Wired reports, the democratic senators Ron Wyden and Elizabeth Warren have sent a letter Wednesday to the president of Cantor Fitzgerald Brandon Lutnick asking for more information on the company’s activities. “Since one of the alleged architects of the Trump President Trump’s tariff policy is the secretary of Commerce Howard Lutnick, your father and the former president and CEO of Cantor Fitzgerald, LP, the actions of the company arouse evident conflicts of interest and internal business”, wrote the legislators.
“What is reported on our business is absolutely false. Cantor is not in the sector of positioning any risk, taking opinions or facilitating activities in the disputes of litigation that involve the legality of US tariffs,” said Erica Chase, spokesman for Cantor Fitzgerald, in a declaration via E -mail.
Howard Lutnick has Ran Cantor Fitzgerald for more than 30 years until he was confirmed by the Senate in February, when he held the company’s control in Brandon and his brother Kyle, who are both twenty years old. After joining the Trump administration, Howard Lutnick became one of the most important public supporters of the president’s rates.
But according to the previous reports of Wired, the investment bank that made Lutnick a billionaire recently allowed certain customers to bet that the Trump rates will eventually be governed illegal, at that point the companies that paid the duties to import could apply to recover their money. Experts said that the proposed agreements are a form of dispute financing, an increasingly popular category of investments in which financial companies try to make money from potential legal settlements.
Trump announced in February that the United States would highlight goods from Mexico and Canada pursuant to the Internazional Emergency Economic Powers Act (IEEPA). He expanded the commercial war in April to include almost all nations that sells goods to the United States, which Trump said he would now be subject to “mutual” rates ranging from 10 to 50 percent.
State officials and small businesses responded by presenting a burst of causes against the Trump administration, claiming that the president has passed his authority under IEPA and that the rates should be governed illegal. The United States International Commerce Court has lined up with the complaints in one of the cases, but the Trump administration quickly appealed to the sentence. The Court of Appeal has allowed the rates to remain in force until it reached a final decision.
In their letter, Wyden and Warren specifically asked Brandon Lutnick if someone in Cantor was in contact with the Trump administration on rates.
“Someone in Cantor or Cantor Fitzgerald, LP has communicated with any person within the executive branch, including President Trump, secretary Lutnick, any individual employed by the Department of Commerce, or other people, on rates, reimbursements or exclusions and legal cases involving IEEPA?” The letter asks. “In this case, to provide a list of all these conversations, including the date, people involved and the nature of the conversation.”
The senators asked Brandon Lutnick to answer their questions by August 27th.
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