Goldman Sachs alum Gary Cohn, head of President Donald Trump’s National Economic Council, is planning a weakening of financial regulations via executive order.
Executive orders set to be issued on Friday would direct regulatory agencies to review new rules adopted under the Dodd-Frank Act, a sweeping reform of the financial sector that was passed after the Great Recession. The orders would also repeal a Department of Labor rule that requires retirement advisers to operate solely in the best interests of their clients.
“Americans are going to have better choices and Americans are going to have better products because we’re not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year,” Cohn, the former chief operating officer of Goldman Sachs, told the Wall Street Journal on Friday. “The banks are going to be able to price product more efficiently and more effectively to consumers.”
Cohn left Goldman for the White House last month, cashing in on bonuses and stock options worth hundred of millions of dollars. He’s among three alumni from the iconic Wall Street firm (the others are Treasury nominee Steve Mnuchin and Steve Bannon as chief White House strategist) to be serving in this administration, a sharp departure from a campaign in which the president criticized financial elites.