Howard Lutnick

Secretary of Commerce · Department of Commerce

Lutnick reported 20 sales totaling an estimated $474.9M, consistent with ethics agreement divestitures. Holdings included BGC, NMRK, NDAQ, DIS, GEHC, among others.

20trades

20sales

0purchases

Mar 7, 2025 – Oct 6, 2025

Last filing: Dec 10, 2025|Transactions: Mar 7, 2025 – Oct 6, 2025

This total aggregates every source filing listed below. Public trackers focused on a single disclosure may report smaller counts for the same official.

Every transaction on file is a sale. This is the pattern you would expect from an official liquidating positions to comply with an ethics agreement, but Open Cabinet does not yet ingest the entry-disclosure baseline (Nominee 278) needed to confirm which holdings have been fully divested.

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Transaction timeline

One dot per disclosed trade, sized by amount. Red = sale, green = purchase.

Sale

Purchase

Late filing

Circle size = transaction amount

Filter

20 trades

Date	Description	Ticker	Type	Amount	Source
Oct 6, 2025	Cantor Fitzgerald, L.P	N/A	Sale	$50M+	PDF
Oct 6, 2025	CF Group Management, Inc.	N/A	Sale	$50M+	PDF
Oct 6, 2025	BGC Group, Inc. (BGC) Class B	BGC	Sale	$50M+

Source documents on file with OGE

Reviewed financial disclosure documents the Office of Government Ethics has published or recorded for Howard Lutnick. Open Cabinet summarizes listed documents observationally and links to the source PDF where one is publicly available. We do not issue compliance verdicts — that is OGE’s role, not ours.

Document timeline

Nominee 278Ethics AgreementCompliance Cert

Divestiture: promises, filings, OGE certification

Pilot

Howard Lutnick promised the Office of Government Ethics he would divest 17specific holdings — most within 90 days of his February 18, 2025 confirmation (deadline May 19, 2025), the remainder “as soon as practicable.” 278-T sales are on file for 15 of those entities; no matching sale on file for 2. OGE certified compliance on Jun 19, 2025.

OGE compliance certifications are issued by the Office of Government Ethics, not by Open Cabinet. The presence of a 278-T sale is documentary evidence that a transaction was reported; it is not a finding that the official complied. Absence of a 278-T sale may mean the holding was sold via a Form 201 Certificate of Divestiture (which we do not yet ingest), sold below the $1,000 reporting threshold, or not sold.

Source documents

Nominee 278
Nominee 278 (entry holdings) · filed Jan 24, 2025
What he disclosed owning before confirmation
Ethics Agreement
Ethics Agreement · filed Jan 21, 2025
What he promised to sell, resign from, or recuse from

In the News

Published reporting on Howard Lutnick's financial disclosures from major outlets.

AI-assisted search across major outlets.

Lutnick's Children Bought Cantor Fitzgerald with a Loan from Tether

Bloomberg Law · 2026-03-18

Lutnick transferred his Cantor stake to his children, funded by a loan from Tether — the crypto company whose $133B in reserves Cantor manages.

Raskin Opens Investigation into Lutnick and Tariff Dealings

NOTUS · 2026-02-27

Congressional investigation into Lutnick's role in tariff decisions while holding financial interests in affected companies.

Source filings

Original PDFs from the U.S. Office of Government Ethics. These are the documents Open Cabinet parses.

278-T2025-12-10PDF 278-T2025-07-16PDF

Source: U.S. Office of Government Ethics, 278-T Periodic Transaction Report. Asset values and transaction amounts are reported in ranges as required by federal law. View original filings

Cert. of Divestiture

faded = Form 201 only

6 documents listed6 publicly downloadable

278-T Periodic Transaction ReportForm 278T Periodic Transaction Report· filed Dec 10, 2025
Discloses ten sales all dated 10/06/2025, with endnotes stating each transaction was entered into on 05/16/2025 in accordance with the Ethics Agreement and consummated on 10/06/2025 following regulatory approvals. Sales include Cantor Fitzgerald L.P., CF Group Management Inc., BGC Group Class B, Tangible Benefits LLC, KBCR Management Partners LLC, LFA LLC, and additional BGC and NMRK shares held in retirement accounts. The Cantor Fitzgerald, CF Group Management, and BGC Class B sales are each disclosed as Over $50,000,000. All marked No on the 30-day late notification flag.
OGE record
278-T Periodic Transaction ReportForm 278T Periodic Transaction Report· filed Jul 16, 2025
Discloses ten sales: Newmark Group (NMRK), BGC Group (BGC), and Nasdaq (NDAQ) on 05/16/2025; Walt Disney (DIS), Kimberly Akimbo LLC, Kiajia LLC, and Structured Services Investor LLC on 05/16/2025; and GE Healthcare (GEHC), GE Vernova (GEV), and GE Aerospace (GE) on 03/07/2025. The Newmark and BGC sales are each disclosed as Over $50,000,000. All marked No on the 30-day late notification flag.
OGE record
Compliance CertificationCertification of Ethics Agreement Compliance (updated)· filed Jun 19, 2025
Updated certification adding Section 10 detail on the signed divestiture agreements. Reiterates that the Cantor Fitzgerald, BGC Group, and Newmark Group divestitures were entered into on 05/19/2025 and remained pending regulatory approvals at the time of signing.
OGE record
Compliance CertificationCertification of Ethics Agreement Compliance (initial)· filed May 28, 2025
Initial self-certification filed with OGE marking Yes on every applicable section (resignations, divestitures, periodic transaction report filings, recusals, ethics briefing). Lutnick states that on 05/19/2025 he and his trusts entered agreements to divest Cantor Fitzgerald, BGC Group, and Newmark Group, with completion subject to regulatory approvals.
OGE record
Nominee 278Nominee Form 278· filed Jan 24, 2025
Pre-confirmation disclosure for Commerce Secretary nominee. Discloses extensive holdings tied to Cantor Fitzgerald, BGC Group, and Newmark Group, plus dozens of family real-estate LLCs and trust positions. ProPublica records the reported asset minimum at $723M.
OGE record
Ethics AgreementEthics Agreement· filed Jan 24, 2025
Commits to resign from Cantor Fitzgerald, BGC Group, and Newmark Group and divest equity in those firms within 90 days of confirmation. Lists divestiture commitments for GE Healthcare, GE Vernova, GE Aerospace, NASDAQ, Walt Disney, Roivant Sciences, and other family-trust holdings, with recusal pledges for retained positions in 31 family LLCs and several trusts. A separate, deeper ledger of these promises is maintained at data/divestiture/lutnick-howard.json.
OGE record

Cross-check: ProPublica’s Trump Team Financial Disclosures database lists 3 filings for this official. Verified against ProPublica's appointee page for Howard Lutnick. ProPublica's page embeds 3 unique DocumentCloud disclosure documents; Open Cabinet may list additional OGE-indexed ethics, compliance, certificate, waiver, or request-only records that ProPublica does not expose as separate DocumentCloud PDFs. No contradictory filing record was identified in this check. View ProPublica record.

Source: U.S. Office of Government Ethics public disclosure portal. Document summaries are observational and do not constitute compliance determinations. Compliance with ethics agreements is certified by OGE in their own Compliance Certification document, which is listed above when on file.

Compliance Certification (initial) · filed May 24, 2025

Self-certification filed with OGE confirming Ethics Agreement obligations were met

Compliance Cert

Compliance Certification (updated) · filed Jun 19, 2025

Updated filing dated June 19, 2025 — adds Section 10 detail on signed divestiture agreements

278-T

278-T Periodic Transaction Reports · filed Jun 17, 2025

Trade-by-trade disclosures filed during service

From the Compliance Certification

“In accordance with the requirements of my Ethics Agreement, on May 19, 2025, I and trusts that I am the beneficiary of entered into agreements to divest my interests in Cantor Fitzgerald L.P., BGC Group, Inc., and Newmark Group, Inc. As noted in my ethics agreements, these divestitures are subject to regulatory approvals and will be completed once obtained.”

Section 10, Updated Compliance Certification (signed June 19, 2025)

OGE-form certification: appointee marked 'Yes' on every applicable section (resignations, divestitures, periodic transaction reports filed, recusals, ethics briefing).

Promise timeline

278-T sale on fileConfirmed (Feb 18, 2025)90-day deadline (May 19, 2025)OGE certified (Jun 19, 2025)

Entity	Section	Promised action	Sales on file (278-T)	Earliest sale
Cantor Fitzgerald, L.P.	Section 2	Resign from positions; divest all partnership interests (including those held in family trusts) within 90 days of confirmation.	1 sale · ~$75.0M	Oct 6, 2025
BGC Group, Inc.BGC	Sections 3, 11	Resign from positions; divest all equity (including stock, restricted stock units, retirement plan holdings, and family trust interests) within 90 days. Forfeit unvested restricted stock units at resignation.	4 sales · ~$153.1M	May 16, 2025
Newmark Group, Inc.NMRK	Sections 4, 11	Resign from positions; divest equity, partnership units, DRS distributions, preferred units, and non-exchangeable units within 90 days. Forfeit unvested equity at resignation.	3 sales · ~$78.1M	May 16, 2025
GE Healthcare TechnologiesGEHC	Section 8	Divest from family trusts within 90 days.	1 sale · ~$8K	Mar 7, 2025
GE Vernova LLCGEV	Section 8	Divest from family trusts within 90 days.	1 sale · ~$8K	Mar 7, 2025
GE AerospaceGE	Section 8	Divest from family trusts within 90 days.	1 sale · ~$33K	Mar 7, 2025
NASDAQNDAQ	Section 8	Divest from family trusts within 90 days.	1 sale · ~$3.0M	May 16, 2025
Walt Disney CompanyDIS	Section 8	Divest from family trusts within 90 days.	1 sale · ~$8K	May 16, 2025
Roivant Sciences Ltd.ROIV	Section 8	Divest from family trusts within 90 days.	No 278-T sale on file	—
Kimberly Akimbo LLC	Section 8	Divest from family trusts within 90 days.	1 sale · ~$75K	May 16, 2025
Kiajia, LLC	Section 8	Divest from family trusts within 90 days.	1 sale · ~$75K	May 16, 2025
CF Group Management, Inc.	Section 11	Divest as soon as practicable.	1 sale · ~$75.0M	Oct 6, 2025
KBCR Management Partners, LLC	Section 11	Divest as soon as practicable.	1 sale · ~$15.0M	Oct 6, 2025
LFA, LLC	Section 11	Divest as soon as practicable.	1 sale · ~$75.0M	Oct 6, 2025
Structured Services Investor LLC	Section 11	Divest as soon as practicable.	1 sale · ~$175K	May 16, 2025
Tangible Benefits, LLC	Section 11	Divest as soon as practicable.	1 sale · ~$375K	Oct 6, 2025
CF Realty Fund III, L.P.	Section 11	Divest within 90 days of confirmation.	No 278-T sale on file	—

Retained positions: Lutnick disclosed retaining unpaid positions with 31 family real-estate and asset-management LLCs (Section 9), three 770 Ocean Road entities (Section 10), and as trustee of the Howard W. Lutnick Family Trust, HWL Revocable Trust, Lutnick 2020 GRAT 3 and 4, CFGP Trust, and the HWL Personal Asset Trust (Section 8). He committed to recuse from official matters affecting any of them.

Sources: Office of Government Ethics financial disclosure portal. The Ethics Agreement also lists hundreds of subsidiary entities of Cantor Fitzgerald, BGC Group, and Newmark Group in Appendix A, those are positions Lutnick committed to resign from, not individually-traded stocks, and are not shown in this ledger. For the full list see the Ethics Agreement PDF above.