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

Gary Cohn wipes his brow as President Trump announces the U.S. will exit Paris Climate deal.
(Photo by Chip Somodevilla/Getty Images)

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

Former Congressman Barney Frank told 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.