Cerberus was founded by Deputy Defense Secretary Stephen Feinberg and holds extensive stakes in the national security sector, including firms that have secured Pentagon contracts during his tenure, according to the report.

The appointment is intended to go beyond standard Defense Department ethics policies, including those administered by the Pentagon's Standards of Conduct office, according to the report, which cited the official.

Cantor Fitzgerald, the investment bank Lutnick led before becoming commerce secretary and now run by his sons, has served as prime broker for Cerberus funds since at least 2012, according to public filings cited by Bloomberg.

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