Lutnick declined to answer earlier queries, lawmakers say
The letter to Cantor Chairman Brandon Lutnick, the commerce secretary’s son, requests details on how the firm was selected as lead placement agent for USA Rare Earth’s $1.5 billion private share offering, which was tied to a $1.6 billion government loan and incentive package. The lawmakers also asked for information on any fees Cantor collected for its role and any meetings between the firm and Commerce Department officials.
The letter was signed by Sens. Elizabeth Warren of Massachusetts, Ron Wyden of Oregon and Chris Van Hollen of Maryland, as well as Rep. Zoe Lofgren of California, according to a copy viewed by The Wall Street Journal.
Cantor Fitzgerald was led by Howard Lutnick for more than three decades before he transferred its ownership to his children when he became commerce secretary in February 2025. Lutnick’s sons and other Cantor executives have maintained that the elder Lutnick has no knowledge of or involvement with firm matters.
The USA Rare Earth deal, announced in January, involved the government providing up to $1.6 billion in loans and federal incentives in exchange for a significant ownership stake in the company. The deal was finalized in June. USA Rare Earth separately raised $1.5 billion from private investors as part of the transaction, with Cantor acting as the lead placement agent.
The lawmakers said they had sent similar requests for information earlier this year to Howard Lutnick and USA Rare Earth CEO Barbara Humpton. The new letter to Cantor Fitzgerald states that the commerce secretary “refused to provide answers,” which the lawmakers said necessitated a broader inquiry that now includes the firm.
A separate letter was also sent to Humpton seeking details about previous comments she made regarding Lutnick’s assistance to USA Rare Earth, as well as any involvement by Lutnick or other Commerce Department officials in the private investment component of the deal.