President-elect Donald Trump announced Monday that he would be appointing longtime Goldman Sachs executive Gary Cohn as chief economic adviser and director of the National Economic Council.
Donald Trump was not kind to the banking firm during his campaign, accusing Ted Cruz of being under Goldman’s control and lambasting Hillary Clinton for delivering paid speeches to the bank.
Nonetheless, Trump seems confident that Cohn is the right pick for the job. “He will help craft economic policies that will grow wages for our workers, stop the exodus of jobs overseas, and create many great new opportunities for Americans who have been struggling,” said Trump. “He fully understands the economy and will use all of his vast knowledge and experience to make sure the American people start winning again.”
After Steve Bannon (Trump’s White House senior adviser) and Steve Mnuchin (Treasury Secretary), Cohn will be the third former Goldman Sachs employee to join the Trump Administration.
Cohn, a registered Democrat, considers the nomination a “great honor,” adding that he shares President-elect Trump’s “vision of making sure every American worker has a secure place in a thriving economy.”
Goldman Sachs stock has jumped 30% since Trump’s election. Cohn owns thousands of shares now estimated to be worth more than $200 million, but will probably have to sell it all before taking his new position in the Trump Administration.
Cohn’s appointment does not require Senate approval.