Commerce Secretary Howard Lutnick Reports More Than $250 Million in Income Last Year

US Commerce Secretary Howard Lutnick reported more than $250 million in income last year, according to financial disclosures cited by CNBC, as he continues the process of unwinding his ties to the financial firm Cantor Fitzgerald.

Lutnick, a billionaire financier who led Cantor Fitzgerald before joining the Trump administration, has been divesting from the firm as part of the ethics requirements typically expected of senior government officials to avoid conflicts of interest while serving in office.

The scale of Lutnick's reported income reflects his extensive business interests built over decades at Cantor Fitzgerald, a financial services firm with holdings spanning bond trading, real estate and other financial sectors. His transition into a cabinet-level role has drawn scrutiny given the scope of his private financial holdings.

Government ethics rules generally require senior officials to disclose sources of income and divest from holdings that could present conflicts with their official duties. The extent and pace of Lutnick's divestment from Cantor Fitzgerald has been a point of interest given his prior decades-long leadership of the firm.

The Commerce Department has not provided additional detail beyond the disclosure figures regarding the specific sources contributing to Lutnick's reported income.