President-elect Donald Trump has announced Goldman Sachs President and Chief Operating Officer, Gary Cohn, as the Director of the National Economic Council and Assistant to the President for Economic Policy.
The National Economic Council advises the President on economic issues. The Council was established by former President Bill Clinton in 1993. It is comprised of various agency and department heads to make sure that all executive branch departments that are involved in the economy have a say in White House economic policy.
The Council's four primary functions according to the White House website is to "to coordinate policy-making for domestic and international economic issues, to coordinate economic policy advice for the President, to ensure that policy decisions and programs are consistent with the President's economic goals, and to monitor implementation of the President's economic policy agenda."
“As my top economic advisor, Gary Cohn is going to put his talents as a highly successful businessman to work for the American people.
“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," Trump said in a statement.
Cohn, a native of Ohio, has worked at Goldman Sachs for over 25 years. Prior to his work at the bank, he worked for U.S. Steel and at the New York Mercantile Exchange.
Cohn is the third person Trump has appointed who has worked at Goldman Sachs-- the others are his nominee-to-be Treasury Secretary, Steve Mnuchin, and Senior Advisor Steve Bannon.