US senators question Goldman on its role in Trump’s banking policy

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By Sruthi Shankar

<span class="articleLocation”>Two U.S. senators sought details from Goldman
Sachs Group Inc’s chief executive on the extent to which
the bank’s employees were involved in drafting of the recent
executive orders on banking and fiduciary regulations.

In a letter to CEO Lloyd Blankfein, Democratic senators
Elizabeth Warren and Tammy Baldwin asked for details on “lobbying” activities in the bank related to review of the
Dodd-Frank Act and the Obama-era fiduciary rule on financial
advice. (bit.ly/2kXJB1E)

Blankfein was also asked to detail the profits Goldman would
make if these reforms came into effect.

In December, Trump appointed Gary Cohn, former Goldman chief
operating officer, to head the White House National Economic
Council, a group that coordinates economic policy across
agencies.

Trump last week ordered reviews of major banking rules that
were put in place after the 2008 financial crisis, drawing fire
from Democrats who said his order lacked substance and squarely
aligned him with Wall Street bankers.

“The executive orders released by President Trump on Friday
last week raise our concerns about the degree to which Cohn’s
advice to Trump is good for Wall Street, but bad for Americans,”
the senators wrote on Thursday.

“Goldman Sachs would be a major beneficiary of these efforts
to deregulate the financial industry,” they added in the letter.

Trump also named former Goldman partner Steven Mnuchin as
his pick for Treasury secretary in December.

The senators have asked for any communication between the
bank’s employees and Cohn, Mnuchin, nominee for the SEC chair
Jay Clayton and chief strategist Steve Bannon.



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