Trump nominates 5th Goldman Sachs Official

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President Trump on Tuesday said he planned to nominate Goldman Sachs managing director James Donovan to serve as deputy treasury secretary, selecting his fifth Goldman veteran to take a senior role in his administration.

Trump vilified Wall Street during his presidential campaign, and one of his final campaign ads included a clip that showed Goldman chief executive Lloyd Blankfein and suggested he was part of a “global power structure.”

But since the election, Trump has picked two Goldman executives and two former Goldman executives to serve in top posts. Goldman chief operating officer Gary Cohn is now the director of the White House National Economic Council and has a tremendous amount of influence on a range of issues. Goldman’s global head of impact investing, Dina Powell, is the White House’s senior counselor for economic initiatives, working on both domestic and foreign policy issues.

And Treasury Secretary Steven Mnuchin and chief strategist Stephen K. Bannon are both Goldman veterans, although they hadn’t worked at the firm for a number of years.

During the campaign, Trump said Wall Street was at fault for many of the problems facing the middle class, citing greed and a cozy relationship with Washington as allowing trade imbalances and corruption. He has, however, promised to roll back regulations put in place to crack down on banking practices after the financial crisis, a promise that has helped push banking stocks higher in recent months.

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