Howard Lutnick testified
Howard Lutnick testifies at his confirmation hearing to become U.S. Secretary of Commerce. YouTube

The Senate voted 51-43 on Tuesday to confirm Howard Lutnick as President Donald Trump's Secretary of Commerce.

Sen. John Fetterman (D-Pa.) was the lone Democrat to vote in favor of advancing the Wall Street billionaire, who is a close ally of Trump's and has been a defender of imposing tariffs on U.S. imports.

During his confirmation hearing, he told Senators that other countries are taking advantage of the United States and "We need that disrespect to end."

The Commerce Department's mission is to create conditions for economic growth and opportunity.

Lutnick's role would be crucial in overseeing Trump's economic agenda.

Trump has directed Lutnick and Treasury Secretary Scott Bessent to create a sovereign wealth fund to invest U.S. taxpayer money.

Bessent said they hope to have the fund set up and running in about a year.

Lutnick has been the chief executive of financial services firm Cantor Fitzgerald for decades.

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