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PRESS RELEASE


Trump Advisor Gary Cohn Supports Glass-Steagall

April 6, 2017 (EIRNS)—Gary Cohn, President Donald Trump’s chief economic advisor and director of the National Economic Council, reportedly said he supports Glass-Steagall-style separation of commercial and investment banking. Cohn made the comments during a private meeting with lawmakers, according to Bloomberg.com. Bloomberg reported that Cohn said,

"he supports a policy that could radically reshape Wall Street’s biggest firms by separating their consumer-lending businesses from their investment banks, said people with direct knowledge of the matter.

"Cohn, the ex-Goldman Sachs Group Inc. executive who is now advising President Donald Trump, said he generally favors banking going back to how it was when firms like Goldman focused on trading and underwriting securities, and companies such as Citigroup Inc. primarily issued loans, according to the people, who heard his comments."

The comments were made in answer to a question by Sen. Elizabeth Warren, although the article gave no actual quotes. After Cohn answered, Sen. Robert Corker (R-Tenn.) pressed him to clarify his views.