Congresswoman Maxine Waters and Senator Elizabeth Warren Call for Investigation of Commerce Secretary Lutnick

Washington, D.C – Yesterday, Congresswoman Maxine Waters (CA-43) and Senator Elizabeth Warren (D-MA) sent a letter to the U.S. Office of Government Ethics demanding an ethics investigation into Commerce Secretary Lutnick for potentially violating federal ethics laws. This letter comes on the heels of Secretary Lutnick urging Fox News viewers to purchase Tesla Stock.

Executive Branch employees are barred from using their public position for their own private gain. In the letter, the lawmakers highlighted several ways that Secretary Lutnick potentially violated the law. Cantor Fitzgerald is Secretary Lutnick’s family firm, and it has hundreds of millions of dollars in Tesla stock.

“Perhaps more concerning, Cantor Fitzgerald upgraded Tesla stock to a “buy” rating the same day Mr. Lutnick urged the public to buy shares in the company. Mr. Lutnick’s apparent attempt to manipulate Tesla’s share price in a manner potentially benefiting his family’s and friend’s financial position could violate applicable ethics law,” wrote the lawmakers. 

The lawmakers conclude that ethics officials at the Commerce Department should investigate and take any appropriate disciplinary action against Secretary Lutnick.

Read the full letter here.

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