Democrats Probe Cantor Fitzgerald Over $1.6 Billion Rare Earth Deal Tied to Lutnick
Updated
Updated · The Daily Beast · Jul 7
Democrats Probe Cantor Fitzgerald Over $1.6 Billion Rare Earth Deal Tied to Lutnick
3 articles · Updated · The Daily Beast · Jul 7
Summary
A group of Democrats sent Cantor Fitzgerald chairman Brandon Lutnick a letter seeking records on whether the firm benefited from its ties to Commerce Secretary Howard Lutnick in the $1.6 billion USA Rare Earth deal.
The lawmakers want details on why Cantor was chosen as lead placement agent, whether it was paid, and whether firm executives met Commerce Department officials while the government investment was being arranged.
Cantor said its relationship with USA Rare Earth long predates Lutnick's government service, that Howard Lutnick is fully divested, and that the firm had no role in negotiations or financing arrangements with the U.S. government.
The deal was finalized last month as Washington pushes to build domestic rare earth supply chains after China tightened exports of the minerals in response to Trump's tariffs.