The two oldest sons of billionaire Howard Lutnick, the former chief executive officer of Cantor Fitzgerald LP, are both still in their 20s.

The former chair of the Wall Street firm abandoned his post as he was confirmed as the United States Commerce Secretary.

Senate Commerce Committee chair Ted Cruz said Lutnick will focus on issues including expanding commercial access to wireless spectrum and "will ensure American taxpayer dollars are spent efficiently and that Congress gets ‘the benefit of the bargain’ on legislation like the CHIPS and Science Act."