Three weeks into Donald Trump’s tenure as president, there’s still no Council of Economic Advisors. Instead of providing policy coordination, the CEA offers economic analysis to the president, so it’s a little odd to not have a team of economists ready to advise Trump on day one. However, that may change soon as one advisor has stepped to the forefront of the president’s economic team: registered Democrat and Goldman Sachs alum Gary Cohn. What does Cohn bring to the table?
What Can We Expect From Gary Cohn in Regards to Trump?
President Trump has been fairly vague in his economic promises, other than to say he’s got “a terrific plan, a really terrific plan” coming soon. But that vagueness looks like it may pay off soon for Trump, as he’s found himself a true economist in Gary Cohn. With several key positions (such as Commerce Secretary and U.S. Trade Representative) still open in Trump’s policy team, Cohn has an opportunity to establish himself as Trump’s go-to for all things economic policy.
Who exactly is Gary Cohn?
For starters, he’s a registered Democrat. He was also president of Goldman Sachs just a few years ago. Cohn describes himself as pragmatic and seems to contradict Trump’s isolationist policies in terms of tariffs and trade wars.
All of this seems to be at odds with Trump’s rhetoric. He’s adamantly pushed for America first policies with a “don’t bend” attitude, has distanced himself from Democrats, and demonized Wall Street so much during his campaign that his ads even featured a Goldman Sachs CEO.
But as Trump and his administration continue to ram heads against the news agencies and clash with protesters and the media, changes may soon be coming in his top staff. Time Magazine featured Steve Bannon on its cover over Trump as the new power in the country. If that trend continues, Trump may take action out of personal pride. While the hardliners get pushed out, moderates such as Cohn would take a front and center seat, advising on taxes, infrastructure, financial regulation, and how best to replace Obamacare.
Watch the Gary Cohn’s interview on Fox Business:
Trump’s desire to dismantle Dodd-Frank has Gary Cohn’s fingerprints all over it. With Cohn on board, investors can expect to see more financial deregulation and tax cuts coming down the road.
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