CNN
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President-elect Donald Trump is expected to nominate Cantor Fitzgerald CEO Howard Lutnick as commerce secretary, a source familiar with the process told CNN.

Lutnick had feuded with hedge fund manager Scott Bessent over the role of Treasury secretary after throwing his own name into the mix.

Lutnick, the CEO of Cantor Fitzgerald, a financial services company, was appointed by Trump in August to co-chair his presidential transition team. In this role, he helped Trump research and advise cabinet nominees.

At Trump’s campaign rally at Madison Square Garden last month, Lutnick said the U.S. was most prosperous at the turn of the 20th century, when “there was no income tax and all we had were tariffs.”

“We had so much money that America’s biggest businessmen got together to try to figure out how to spend it,” said Lutnick, 63, who has advocated for higher rates. As a candidate, Trump promised to impose 60% tariffs on goods from China, as well as 10% tariffs on goods from other countries.

Lutnick came under fire for recent comments he made to CNN’s Kaitlan Collins on “The Source” in which he criticized Robert F. Kennedy Jr.’s unproven view. defended that vaccines contribute to higher rates of autism in children. Trump last week announced Kennedy as his pick for secretary of Health and Human Service.

Lutnick was praised for his leadership in the aftermath of the September 11, 2001 terrorist attack on the World Trade Center. Cantor’s headquarters occupied some of the highest floors of the North Tower, and on the day of the attack the company lost hundreds of employees , including Lutnick’s brother.

Lutnick started a relief fund for families who have lost loved ones and he sits on the board of the National September 11 Memorial and Museum.

This story is current and will be updated.