Published On: Sat, Aug 19th, 2017

Billionaire Investor Carl Icahn Steps Down as Adviser to President Trump

Billionaire investor Carl Icahn said Friday he has stepped down as a special adviser to President Trump on regulatory reform.

Billionaire investor Carl Icahn ended his role as a special adviser to US President Donald Trump on Friday. In a letter sent to the president, Ichan concluded conversation they had in which he “ceases to act as special advisor to the President on issues relating to regulatory reform.”

Ichan was facing criticism from some Democratic lawmakers and biofuels advocates that policy recommendations he offered could help his own investments, including oil refining company CVR Energy Inc.

Icahn has denied any conflict of interest in March. He told CNNMoney that those allegations were “absurd” and “completely ridiculous.” He added, “I don’t talk to Donald that often.”

Carl Icahn Tapped by Trump to Be His Anti-Regulations Czar

 

It is not clear, though, what prompted Icahn’s decision to step away from his informal White House role Friday, the day Trump fired his chief strategist, Stephen Bannon, and two days after two high-profile business advisory groups dispersed.

In the letter to Trump, Ichan emphasizing, “I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest.”

The full letter Icahn wrote in a letter to Trump and released on his website:

 

CARL C. ICAHN
767 Fifth Avenue
New York, NY 10153

The Honorable Donald J. Trump
President of the United States
The White House
1600 Pennsylvania Avenue, N.W.
Washington, DC 20500

 

Dear Mr. President:

This will confirm our conversation today in which we agreed that I would cease to act as special advisor to the President on issues relating to regulatory reform.

As I discussed with you, I’ve received a number of inquiries over the last month regarding the recent appointment of Neomi Rao as Administrator of the Office of Information and Regulatory Affairs (or “regulatory czar,” as the press has dubbed her) – specifically questions about whether there was any overlap between her formal position and my unofficial role. As I know you are aware, the answer to that question is an unequivocal no, for the simple reason that I had no duties whatsoever.

I never had a formal position with your administration nor a policymaking role. And contrary to the insinuations of a handful of your Democratic critics, I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest. Indeed, out of an abundance of caution, the only issues I ever discussed with you were broad matters of policy affecting the refining industry. I never sought any special benefit for any company with which I have been involved, and have only expressed views that I believed would benefit the refining industry as a whole.

Nevertheless, I chose to end this arrangement (with your blessing) because I did not want partisan bickering about my role to in any way cloud your administration or Ms. Rao’s important work. While I do not know Ms. Rao and played no part in her appointment, I am confident based on what I’ve read of her accomplishments that she is the right person for this important job.

I sincerely regret that because of your extremely busy schedule, as well as my own, I have not had the opportunity to spend nearly as much time as I’d hoped on regulatory issues. I truly appreciate the confidence you have in me and sincerely hope that the limited insights I shared have been helpful to you. I love our country which has allowed me to achieve so much and I thank you for the informal opportunity you have given me to aid it.

 

Sincerely,

 

CARL C. ICAHN

 

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