Carl Icahn has been named to a top position in the Donald Trump administration. The activist investor will be responsible for undoing government financial regulations.
Donald Trump made it clear during his campaign that he believes that Federal regulations on Wall Street and corporations in general hamper economic growth and that many need to be done away with. He has already stated that one of his first acts as President will be to repeal the Dodd-Frank Bill. That legislation, passed just after President Obama took office, restored many financial and banking regulations in response to the subprime mortgage debacle.
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I've agreed to serve as a special advisor to the president on issues relating to regulatory reform: https://t.co/tdL0EP7OHQ
— Carl Icahn (@Carl_C_Icahn) December 21, 2016
Icahn will not have an official position in the Trump Administration, however. He will be the advisor on regulatory overhaul. This is a position which usually comes with the unofficial title of Czar. And since he will not be a government employee, Icahn will not need to worry about any conflict of interest laws.
Trump’s office said that Carl Icahn “will be a leader in helping American entrepreneurs shed job-killing regulations that stifle economic growth.”
“Carl was with me from the beginning and with his being one of the world’s great businessmen, that was something I truly appreciated, ” said President-elect Trump. “He is not only a brilliant negotiator, but also someone who is innately able to predict the future especially having to do with finances and economies. His help on the strangling regulations that our country is faced with will be invaluable.”
In the official announcement Carl Icahn stated, “I am proud to serve President-elect Trump as a special advisor on regulatory reform. Under President Obama, America’s business owners have been crippled by over $1 trillion in new regulations and over 750 billion hours dealing with paperwork. It’s time to break free of excessive regulation and let our entrepreneurs do what they do best: create jobs and support communities. President-elect Trump is serious about helping American families, and regulatory reform will be a critical component of making America work again.”
Donald Trump’s cabinet and senior economic team will look more like a who’s who of America’s billionaires and Wall Street titans. And with the addition of Carl Icahn, there will probably be little trouble getting a minyan around the White House.
Mr. Icahn is a New York City native and grew up in Far Rockaway, Queens. After receiving a degree in philosophy from Princeton University in 1957, he attended medical school at New York University and then joined the Army. Carl began his career on Wall Street in 1961. In 1968, he formed Icahn & Co., and has gone on to become one of the most well-known and influential investors in America, holding substantial or controlling positions in numerous American companies over the years, including RJR Nabisco, Texaco, Philips Petroleum, Western Union, Gulf & Western, Viacom, Revlon, Time Warner, Motorola, Chesapeake Energy, Dell, Netflix, Apple, and eBay. His efforts have improved the competitiveness of American companies in a wide range of industries, including real estate, telecommunications, transportation, industrial services, oil refining and manufacturing.