Appointee Update: January 8, 2024, Howard Lutnick and Brendan Carr
-
Howard Lutnick is a billionaire, veteran Wall Street CEO, and Haverford College alum. He is the Chairman and CEO of Cantor Fitzgerald (a financial service firm), BGC Group, Inc. (a brokerage and fintech company), and Newmark Group, Inc. (a commercial real estate services company). He supports cryptocurrency, tax cuts, and tariffs, though mainstream economists remain skeptical of tariffs' ability to generate revenue.
Impact on Commerce and PA:
Lutnick retains his close ties to the Main Line area of Pennsylvania, as he is Haverford College’s largest donor. He is very likely to pursue Trump’s economic agenda. Since Pennsylvania’s fossil fuel industry relies heavily on steel imports, the tariffs could burden firms with higher production costs. Generally, if enacted, Trump’s 20% universal tariffs are projected to cost the average family $4,000 extra per year. This could impact consumer spending and stifle economic growth for the state.
However, Republican lawmakers expect Trump’s tax policy to include incentives like Opportunity Zones to generate development in distressed communities like Erie.
-
Brendan Carr is a Catholic University-trained career telecommunications lawyer. He is the senior Republican on the Federal Communications Commission, having previously served as General Counsel. Carr was first appointed to the FCC in 2017 by President Trump during his first term. He authored the FCC chapter in Project 2025, calling for regulation of some of the largest technology companies, like Meta, Apple, Google, and Microsoft. Carr has aligned himself with the Trump Administration’s disdain for Big Tech and intended punishment of TV networks for political bias.
Impact on Technology and PA
The FCC has no authority to expand oversight of technology companies without legislative approval from Congress. Additionally, the FCC is only authorized to punish television and radio stations for editorial decisions except for uses of obscenities and violations of children’s television rules. However, Carr may spearhead the pressure on agencies and threaten to block mergers or investigate regulatory failures, which can result in fines or the loss of licenses. Carr has also alluded to his prioritization of Trumpian economic initiatives, including spectrum allocation and supporting the space economy.
Contributors:
Julie Platt & Brooke Wilford