Gary Cohn facts for kids
Quick facts for kids
Gary Cohn
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| 11th Director of the National Economic Council | |
| In office January 20, 2017 – April 2, 2018 |
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| President | Donald Trump |
| Preceded by | Jeff Zients |
| Succeeded by | Larry Kudlow |
| Personal details | |
| Born |
Gary David Cohn
August 27, 1960 Cleveland, Ohio, U.S. |
| Political party | Democratic |
| Spouse |
Lisa Pevaroff
(m. 1986) |
| Children | 3 |
| Education | American University (BS) |
Gary David Cohn (born August 27, 1960) is an American businessman and helper. He was a top economic advisor to President Donald Trump from 2017 to 2018. During this time, he was the 11th director of the National Economic Council. This role meant he helped guide the country's economic plans.
Before working in the White House, Cohn was a very important leader at Goldman Sachs. This is a big financial company where he worked for over 25 years. After leaving the White House, Cohn started advising and investing in new companies. These companies work in areas like online security and new payment systems. He also became a vice-chairman at IBM in 2021.
Contents
Early Life and Education
Gary Cohn grew up in Shaker Heights, Ohio. His family was Jewish. His dad was an electrician who later became a real estate developer. When Gary was young, he found out he had dyslexia. This is a learning difference that can make reading and writing harder. Because of this, he went to four different schools by the time he was in sixth grade. His experiences with dyslexia were even written about in a book called David and Goliath by Malcolm Gladwell. Cohn finished high school at Gilmour Academy in 1979.
He then went to American University. In 1982, he earned a degree in business administration.
Career in Business
Gary Cohn began his career at a company called U.S. Steel in Cleveland, Ohio. After a few months, he moved to New York City. There, he became an options dealer at the New York Mercantile Exchange. He learned about options, which are special financial agreements, by reading about them on his own.
In 1990, Cohn joined Goldman Sachs, a major investment bank. He quickly became a partner there in 1994. Over the years, he took on more leadership roles. He became the head of different departments, including commodities. By 2006, he was named president and co-chief operating officer of the entire company. He also served on the company's board of directors.
In 2010, Cohn spoke to Congress about Goldman Sachs's part in the financial crisis of 2007–2008. He told them that the company lost money in its housing-related business. He also said that Goldman Sachs did not "bet against their clients."
On January 5, 2021, Cohn was chosen to be the Vice Chairman of IBM's board of directors.
Leading the National Economic Council
On January 20, 2017, Gary Cohn started his job as Director of the National Economic Council (NEC). This meant he was President Donald Trump's main economic advisor. This position did not need approval from Congress. Soon after, news reports called him a very powerful person in economic policy. He was seen as the president's go-to person for jobs, business, and economic growth.
Cohn worked on important economic issues for the Trump administration. These included plans for taxes, improving roads and bridges, and rules for banks. He was a key leader in the effort to pass the Tax Cuts and Jobs Act of 2017. This law changed how taxes were collected. Cohn later said that this tax reform helped create millions of jobs and increased household income.
Cohn was known for supporting globalism, which means working with other countries on trade and economy. Some people even called him "Globalist Gary." He was sometimes seen as disagreeing with other advisors who preferred a different approach.
After a protest in Charlottesville in 2017, Cohn thought about leaving his job. He openly said that the administration "must do better" at clearly speaking out against white supremacists. He believed that people fighting for equality should never be compared to hate groups.
On March 6, 2018, Cohn announced he would resign. This decision came after President Trump proposed new taxes on imported steel and aluminum. Cohn had tried to convince the president not to do this. He was replaced by Larry Kudlow on April 2.
A book by Bob Woodward in 2018 shared some interesting stories about Cohn. It said that Cohn sometimes removed draft letters from President Trump's desk. These letters would have ended important trade agreements with South Korea and with Canada and Mexico. This showed Cohn's efforts to prevent actions he thought would harm the economy. Even after he left, President Trump spoke highly of Cohn, calling him a "rare talent."
Venture Capital and New Ventures
After leaving the White House, Gary Cohn became an advisor and investor in new companies. These companies focus on exciting areas like online security (cybersecurity), blockchain technology, and digital payments. He is on the board of Spring Labs, which uses blockchain for sharing credit data. He also advises Sotera Digital Security, a company that makes secure mobile phones.
In 2020, Cohn joined the advisory board of Starling, a technology company. Also in 2020, Cohn and another investor, Clifton S. Robbins, started their own company called Cohn Robbins Holdings Corp.
Harvard Kennedy School
In 2019, Cohn spent time as a visiting fellow at the Institute of Politics at the Harvard Kennedy School. He taught a class with former U.S. Senator Heidi Heitkamp. They discussed important topics like the economy, population changes, and national security.
While at Harvard, Cohn helped organize a special event called "Road to 2092: Save Social Security." This was a "hackathon" where over 250 students from many universities worked together to find solutions for Social Security. The winning team even got to share their ideas at the U.S. Capitol and the White House.
Personal Life
Gary Cohn is married to Lisa Pevaroff-Cohn. They have three daughters and live in New York City.
Helping Others (Philanthropy)
Gary and Lisa Cohn are very involved in helping others, especially in education and healthcare. They helped start the New York University Child Study Center. They also funded a special professorship at the New York University School of Medicine for child and teen psychiatry. Cohn has also given money to his old schools, American University and Gilmour Academy, to create scholarships and support finance programs.
In 2009, a building at Kent State University was named the Cohn Jewish Student Center. This was to thank Gary and his wife for their generous gift.
Cohn has also supported programs that help young people. He has been a big supporter of Harlem RBI (now called DREAM) since 2011. This group helps young people through baseball and education. Cohn helped them raise money to build their own charter school. In 2015, he won $360,000 for Harlem RBI in a competition. He has said that Harlem RBI is a project "very near and dear to my heart."
Memberships
Cohn is on the Board of Trustees for NYU Langone Health. He is also on the Board of Overseers for the NYU Tandon School of Engineering. In 2010, he became the chairman of the advisory board for the Hospital for Joint Diseases at NYU Langone Medical Center. He has also been a trustee for American University and Gilmour Academy.
Images for kids
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Vice President Mike Pence, Gary Cohn, and Steve Mnuchin watch a tax reform vote.
