Keep it simple: Gary Cohn, the former president of Goldman Sachs and current director of the White House National Economic Council, told federal lawmakers in a private meeting that he could support legislation to reinstate the Glass-Steagall Act, which separated commercial from investment banking. According to the Wall Street Journal, Cohn said he "could support a simple policy completely separating the two businesses" and "expressed an openness to working with" Sen. Elizabeth Warren, D-Mass., an ardent critic of big banks, on the issue.
Jaret Seiberg, an analyst with Cowen & Co., said Cohn "was the most likely obstacle within the Trump White House" to restoring the law, which was repealed in 1999. "With him supporting Glass-Steagall's restoration, there is no one in the inner circle left to fight it." Wall Street Journal, Financial Times, New York Times, American Banker