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Gary Cohn
| Gary Cohn | |
 | |
| Basic facts | |
| Organization: | Donald Trump presidential administration |
| Role: | Former Director of the National Economic Council |
| Location: | Washington, D.C. |
| Education: | American University |
| Website: | Official website |
Gary Cohn is an investment banker and economic policy advisor. He served as the director of the National Economic Council in Donald Trump's (R) presidential administration. On March 6, 2018, Cohn announced he was leaving his post in the Trump administration. Cohn said, "It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform. I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future."[1]
Trump said, "Gary has been my chief economic advisor and did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again. He is a rare talent, and I thank him for his dedicated service to the American people."[1]
Cohn is the former president of Goldman Sachs.[2]
Career
After graduating with a business degree from American University in 1982, Cohn began working for U.S. Steel in the organization's home products division. He then began trading options in New York City.[3] He joined Goldman Sachs in 1990, beginning with the firm's J. Aron commodities trading division.[4][5]
In 1996, Cohn directed the global commodity business for Goldman Sachs; he became responsible for the company's mortgage market activity in 2000; and he managed Goldman's global securities businesses (which trade stocks, bonds, commodities, and currency) beginning in 2003.[6] Cohn was appointed president and chief operating officer of the company in 2006.[7]
Donald Trump presidential administration
- See also: Donald Trump White House staff
In December 2016, Cohn left Goldman Sachs to join the administration of President Trump. After Trump won the presidential election, Trump advisor and son-in-law Jared Kushner arranged a meeting between Cohn and Trump for a general briefing on the economy, according to The New York Times.[5] Cohn's responsibilities included playing a central role on taxes, financial regulation, infrastructure, and the replacement of the Affordable Care Act.[5] When he left Goldman Sachs, Cohn received $285 million in company stocks and cash.[8]
Tax reform
During the first months of the Trump administration, Cohn was focused on making changes to the personal and corporate tax structure. Orin Snyder, a lawyer and friend of Cohn's, told Reuters in April 2017, "Gary's singular focus is tax reform and he's working to try and get that done in 2017. ... He is working to implement the president's twin goals of economic growth and job creation. The tax plan will also include a reduction in the corporate rate, but also tax relief for middle- and low-income Americans."[9]
Infrastructure spending
Cohn was tasked with developing policy proposals to allow for greater spending on infrastructure during Trump's presidency. According to The Washington Post, Cohn "toyed with an idea that would pair $200 billion in taxpayer money with $800 billion in additional funds, mostly from private investors."[10]
Relationship with other Trump advisors
Cohn initially met with Trump at Kushner's request, and the two worked together on White House economic policies. According to an April 2017 report in Vox, Cohn and Kushner were the leaders of "an informal group of aides that has been pushing for the administration to take a more establishment-friendly turn." This policy perspective contrasted with that of Steve Bannon, Trump's chief strategist, and Stephen Miller, Bannon's top deputy and Trump's chief speechwriter.[11] According to CNN, Bannon's policy perspective clashed with Cohn's over disagreements about how involved the United States should be globally.[12]
Career after the White House
Since leaving his post in the Trump administration in 2018, Cohn has joined several advisory boards and worked as a venture capital investor.[13] He is the chairman of the advisory board of Pallas Advisors.[14] He also joined the boards of Machine Zone, Abryx, Hoyos Integrity, and the Bloomberg New Economy Forum.[15] In April 2020, Cohn was appointed to the Risk & Governance Advisory Board at Starling Trust Sciences.[16] Cohn also funded the blockchain startup Spring Labs, according to Bloomberg.[17]
At his alma mater, American University, Cohn made two endowments for the Gary D. Cohn Goldman Sachs Chair in Finance and the Gary D. Cohn Scholarship.[18]
See also
External links
Footnotes
- ↑ 1.0 1.1 CNBC, "Gary Cohn resigns as Trump's top economic advisor," March 7, 2018
- ↑ Fox News, "Gary Cohn & fellow Democrats threaten to squash Trump agenda," April 11, 2017
- ↑ American University Kogod School of Business, "Gary Cohn, Kogod School of Business Commencement Speaker, 2009," accessed April 17, 2017
- ↑ Forbes, "Gary Cohn Is Leaving Goldman Sachs To Chair Donald Trump's National Economic Council," December 12, 2016
- ↑ 5.0 5.1 5.2 The New York Times, "Trump’s Economic Cabinet Is Mostly Bare. This Man Fills the Void," February 11, 2017
- ↑ Bloomberg, "Why Gary Cohn May Not Be Goldman's Next CEO," July 28, 2011
- ↑ Goldman Sachs, "Gary D. Cohn," archived October 10, 2016
- ↑ The New York Times, "Goldman’s $285 Million Package for Gary Cohn Is Questioned," January 25, 2017
- ↑ Reuters, "Wall Street banker Cohn moving Trump toward moderate policies," April 17, 2017
- ↑ The Washington Post, "Within Trump’s inner circle, a moderate voice captures the president’s ear," April 13, 2017
- ↑ Vox, "The White House power struggle between Steve Bannon and the 'globalists,' explained," April 14, 2017
- ↑ CNN, "Inside the White House, paranoia and unrest among top staff," April 7, 2017
- ↑ CNBC, "Gary Cohn resigns as Trump’s top economic advisor," March 6, 2018
- ↑ Pallas Advisors, "Gary Cohn," accessed February 28, 2020
- ↑ Vanity Fair, "To Cohn's claim, I would say, 'Give me a break,': Gary Cohn tries—and fails—to defend the Trump tax cut," December 13, 2019
- ↑ Starling Trust Sciences, "Gary D. Cohn Joins Starling's Risk & Governance Advisory Board," April 6, 2020
- ↑ Bloomberg, "Gary Cohn-Backed Blockchain Startup Raises $23 Million in Project Funds," June 12, 2019
- ↑ American University, "Renowned Alumnus Gary Cohn Drives Impact with Investments in AU," April 20, 2020
