Investor Carl Icahn to Counsel Trump on Regulatory Reform

(CN) – Billionaire investor and businessman Carl Icahn agreed Wednesday to serve as a special adviser to the President on issues relating to regulatory reform.

Icahn will not be a federal employee and “will not have any specific duties,” according to the press release announcing his new role, but he will advise Trump on how to pare back regulations the future president decries as “job-killing.”

Icahn will also have a role in selecting Trump’s choice to lead the Securities and Exchange Commission, the Wall Street Journal reported.

A long-time Trump supporter, Icahn already helped vet candidates to lead the Environmental Protection Agency, and steered Trump towards Steve Mnuchin and Wilbur Ross as heads of the departments of Treasury and Commerce, according to the Wall Street Journal.

“Carl was with me from the beginning and with his being one of the world’s great businessmen, that was something I truly appreciated,” Trump said in a statement. “He is not only a brilliant negotiator, but also someone who is innately able to predict the future especially having to do with finances and economies. His help on the strangling regulations that our country is faced with will be invaluable.”

Icahn has made his estimated $16.5 billion net worth as an activist investor, a person or group of people who buy large stakes in companies with the hopes of gaining seats on the company’s board in order to make changes to the company.

This history could raise questions about Trump’s eventual choice for SEC chair if Icahn does help make the decision, as the SEC makes and enforces rules on how activist investors can operate.

“I am proud to serve President-elect Trump as a special advisor on regulatory reform,” Icahn said in a statement. “Under President Obama, America’s business owners have been crippled by over $1 trillion in new regulations an over 750 billion hours dealing with paperwork. It’s time to break free of excessive regulation and let our entrepreneurs do what they do best: create jobs and support communities. President-elect Trump is serious about helping American families and regulatory reform will be a critical component of making America work again.”

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