# Gary Cohn Gary David Cohn (b. August 27, 1960) is an **American investment banker**, **former President and Chief Operating Officer of Goldman Sachs (2006-2016)**, **Director of the National Economic Council in the first Trump administration (January 2017 – April 2018)**, and — since May 2020 — **Vice Chairman of IBM**. An Ohio native, American University graduate, and commodities trader who rose through Goldman Sachs across a 25-year career culminating in the firm's senior operational leadership, Cohn's trajectory combines one of the most prominent Wall-Street-to-Washington movements of the Trump-I period (alongside his fellow former Goldman executive [[Steven Mnuchin]] serving as Treasury Secretary) with one of the most publicly-visible resignations of the first Trump administration (his March 2018 resignation over Trump's decision to impose steel and aluminum tariffs, following his reportedly-considered but not-executed resignation over Trump's August 2017 Charlottesville response). Cohn matters for the KB for three reasons. First, as **Director of the National Economic Council across the first 15 months of the Trump I administration**, he was the principal White House economic-policy figure during the period that produced the December 2017 Tax Cuts and Jobs Act — one of the most consequential legislative achievements of Trump I — and the broader Trump I economic-policy framework including deregulation, trade policy development, and early tariff debates. Second, his **trajectory from Goldman Sachs senior leadership to Trump I NEC Director** illustrates the substantial Wall-Street-to-Trump-administration pattern that was one of the defining personnel characteristics of the Trump I senior economic team — alongside Mnuchin (Treasury Secretary, former Goldman), [[Wilbur Ross]] (Commerce Secretary, former Rothschild and private-equity), and others. Third, his **two considered/actual resignations** — the reportedly-considered resignation following Trump's August 15, 2017 Charlottesville press conference ("very fine people on both sides"), and the executed March 6, 2018 resignation over the steel-and-aluminum-tariffs decision — represent two of the most-documented moments of Trump I senior economic staff resistance to Trump, and one of the principal institutional markers of the transition from the 2017 "Wall Street cooptation" period to the subsequent period of more-direct Trump economic unilateralism. ## Background - Born August 27, 1960, in Shaker Heights, Ohio (a Cleveland suburb) - Jewish-American family - Grew up with dyslexia that was undiagnosed during childhood; substantial influence on his later public advocacy - BS from American University (1982) - Began career in commodities trading at U.S. Steel and subsequently New York Mercantile Exchange and COMEX - Joined Goldman Sachs in 1990 as a commodities trader - Registered Democrat before and after Trump administration service - Married Lisa Pevaroff-Cohn; three daughters - Dyslexia advocate (public advocacy through Cohn-funded research and foundations) - Net worth: approximately $600-700 million as of the current period ## Goldman Sachs Career (1990-2016) Cohn's 26-year Goldman career followed a trajectory through commodities trading, fixed income, and ultimately senior operational leadership: ### Trading Rise (1990s-2000s) - **1990**: Joined Goldman as a commodities trader - **1996**: Managing Director - **1999**: Partner, after Goldman's IPO - **Early 2000s**: Rose through FICC (Fixed Income, Currencies and Commodities) division - **2004**: Co-head of FICC ### Senior Leadership (2006-2016) - **June 2006**: Named President and Chief Operating Officer - **Lloyd Blankfein partnership**: Cohn as COO partnered with Blankfein as CEO across a decade of transformation including the 2008 financial crisis, post-crisis regulatory environment, and firm diversification - **2008 financial crisis**: Cohn was senior operational leader during the crisis; Goldman received TARP funds subsequently repaid - **December 2016**: Resigned to join the Trump administration Cohn's compensation during the Goldman period ranked consistently among the highest on Wall Street. His exit package upon Trump administration service involved substantial one-time vesting and other arrangements. ## NEC Director Appointment (December 2016) Trump announced Cohn's NEC Director appointment on December 9, 2016. The appointment was notable for: - **Democratic background**: Cohn's registered-Democrat status was unusual for a senior Trump administration economic role - **Goldman pipeline**: Cohn's appointment, alongside Mnuchin's Treasury appointment, made Goldman the principal institutional pipeline into the Trump I economic team - **Operational versus policy emphasis**: Cohn's Goldman background was primarily operational; the NEC role required substantive policy engagement - **Kushner alliance**: Cohn developed close working relationship with [[Jared Kushner]] on economic-policy matters ## NEC Director Tenure (January 2017 – April 2018) Cohn served as NEC Director for approximately 15 months. Principal policy activities: ### Tax Reform Cohn was the principal White House lead on the Tax Cuts and Jobs Act (TCJA), the December 2017 tax legislation that was one of Trump I's most consequential achievements: - **Development**: Cohn led the White House tax-reform task force starting in early 2017 - **Corporate rate reduction**: Cohn advocated for the corporate rate reduction from 35% to 21% - **Legislative engagement**: Cohn was principal White House liaison to [[Paul Ryan]] and [[Mitch McConnell]] tax-writing staff - **December 2017 passage**: TCJA passed Congress and was signed December 22, 2017 ### Deregulation Cohn led or participated in multiple deregulatory initiatives: - **Dodd-Frank modifications**: Engaged on the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act - **Fiduciary rule**: Engaged on the Department of Labor fiduciary rule delay - **Regulatory review frameworks**: Participated in broader Trump I regulatory-reform frameworks ### Infrastructure Cohn led the Trump I infrastructure-policy development effort, though legislation did not advance during his tenure. ## Charlottesville Resignation Consideration (August 2017) On August 15, 2017, Trump held a press conference in the Trump Tower lobby in which he characterized participants in the August 11-12 "[[Unite the Right]]" rally in Charlottesville, Virginia, as including "very fine people on both sides." The rally had produced the killing of counter-protester Heather Heyer by white-supremacist James Alex Fields Jr. Cohn reportedly considered resignation over Trump's response: - **Public statement**: Cohn gave a *Financial Times* interview published August 25, 2017, characterizing Trump's Charlottesville response as failing to meet the standard he had expected - **Private reporting**: Subsequent reporting described Cohn as having drafted a resignation letter that he ultimately did not submit - **Decision to remain**: Cohn continued as NEC Director, with the explanation that he remained to advance tax reform The Charlottesville episode is one of the most-documented moments of Trump I senior-staff dissent that did not result in resignation. ## Tariff Resignation (March 2018) Trump announced on March 1, 2018, that he would impose steel (25%) and aluminum (10%) tariffs. Cohn had opposed the tariffs in internal deliberations. Following Trump's public commitment to the tariffs: - **March 6, 2018**: Cohn announced his resignation - **Stated reasons**: Cohn's resignation statement was terse; did not publicly elaborate on reasoning - **Industry understanding**: Cohn's resignation was widely understood as driven by the tariff disagreement - **Kudlow succession**: Larry Kudlow succeeded Cohn as NEC Director in April 2018 ## Post-Administration Career Cohn's post-administration career has included: - **Post-White House transition**: Initial period of transition and public commentary - **IBM Vice Chairman**: Joined IBM as Vice Chairman in May 2020; principal role in IBM's public-policy and strategic engagement - **Investment and advisory roles**: Various private investment and advisory positions Cohn has maintained a relatively low public profile since his 2018 resignation, rarely commenting publicly on Trump-related matters. ## Connection to the KB Ecosystem - **[[Donald Trump]]**: NEC Director in Trump I administration; resigned March 2018. - **[[Steven Mnuchin]]**: Goldman Sachs colleague; Treasury Secretary during overlapping Trump I tenure. - **[[First Trump Administration]]**: Senior economic-policy figure during first 15 months. - **Tax Cuts and Jobs Act**: Principal White House architect. - **Goldman Sachs pipeline**: Principal individual figure in the Goldman-to-Trump I economic team pattern. - **Charlottesville response dissent**: Principal example of considered but not-executed Trump I senior staff resignation. ## See Also - [[Steven Mnuchin]] - [[Donald Trump]] - [[First Trump Administration]]