Log in
Wednesday, 09 August 2017 14:21

Barney Frank: Gary Cohn Was a Major Player in the Crisis

Written by  John Carney

Opposition to naming Gary Cohn to head the Federal Reserve is growing.

Former Congressman Barney Frank told TheStreet.com that he does not think President Donald Trump should nominate Cohn.

“Mr. Cohn was a major player in the crisis–not in a constructive way–he was at Goldman Sachs,” Frank said in an interview.

Opposition to naming Gary Cohn to head the Federal Reserve is growing.

Former Congressman Barney Frank told TheStreet.com that he does not think President Donald Trump should nominate Cohn.

“Mr. Cohn was a major player in the crisis–not in a constructive way–he was at Goldman Sachs,” Frank said in an interview.

Cohn was president and chief operating officer of Goldman before joining the Trump administration. In a recent interview with the Wall Street Journal, President Donald Trump said that Cohn was one of the few candidates he is considering for the top position at the Fed. Current chairwoman Janet Yellen’s term expires in February 2018.

Cohn was a Democrat before joining the Trump administration, according to multiple people familiar with the matter. Sources in the administration have indicated that some believe his party affiliation and reputation as a moderate could make it easier for him to be confirmed by the Senate to the Fed chair position. Capitol Hill sources say this likely underestimates the resistance he is likely to encounter from both anti-Wall Street Democrats and conservative Republicans who would like to see one of their own get the position.

Frank’s comment to TheStreet adds weight to the notion that Cohn’s nomination would face stiff resistance from Capitol Hill Democrats.

“Look, Gary Cohn’s a Democrat whose nomination is opposed by the guy whose name is on Dodd-Frank. If a Democrat can’t get Democrat support, his nomination is DOA,” one longtime Capitol Hill staffer said.

Last modified on Wednesday, 09 August 2017 21:59

User comments

3 comments

View most helpful

The crooked POS scam artist is now going to give advice???

Was this review helpful to you? 

Comments

Barney played a major part in the crisis. He was a member of the Congress which pressured lenders to get more people into home ownership, and to hell with their ability to pay off the mortgages. Then, Frank and his cohorts ignored the practice of the mortgage companies in packaging non-performing loans with performing loans, when selling off mortgage portfolios. He is the LAST person anyone should listen to when selecting someone to lead economic policy.

Was this review helpful to you? 

Comments

Barney Frank's legislation and dishonest defense of Sallie Mae triggered the 2008 meltdown. He is not the voice to trust on anything.

Was this review helpful to you? 

Comments

75°F

New York

Mostly Cloudy

Humidity: 95%

Wind: 14 mph

  • 18 Aug 2017 83°F 74°F
  • 19 Aug 2017 86°F 74°F
Don't Forget To Like BlabberBuzz