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Trump's chief economic adviser Gary Cohn staying White House says - Chicago Tribune

The White House on Thursday took the unusual step of saying National Economic Council Director Gary Cohn would not resign, trying to contain the fallout from President Donald Trump's controversial comments about the deadly riot in Charlottesville, Virginia, over the weekend, and his assertion that "very fine people" were protesting alongside neo-Nazis.

Cohn, who funded the Cohn Jewish Student Center at Kent State University in 2009, was mortified by Trump's comments, three people close to him said, and he has been bombarded with calls from friends asking him if he will leave.

Instead, the White House said Cohn plans to stay put and focus on advancing Trump's economic agenda. It was unclear, though, how long Cohn would remain in the job or if he is still a leading candidate to be nominated as the next chairman of the Federal Reserve.

Worries on Thursday that Cohn might join the exodus of business leaders after two White House corporate advisory boards disbanded in the wake of Charlottesville helped send the Dow Jones industrial average down 274.14 points, or 1.2 percent, the largest sell-off in three months. Investors feared the Trump administration might lose a leading architect of the president's economic agenda just as it approaches a critical juncture.

If Cohn were to leave the White House, "there will be a material market sell-off," Isaac Boltansky of Compass Point Research & Trading said in a research note to clients Thursday. "Our sense from client conversations is that his departure would surely dampen Wall Street's already dwindling confidence in Washington's capacity to govern."

Cohn has at times mused to friends about leaving the White House or only staying there for a short period of time, but those who know him say that's part of his personality, speculating things openly and then later brushing those thoughts aside.

"Nothing has changed," a White House official said of Cohn's status in the West Wing. "Gary is focused on his responsibilities as NEC Director and any reports to the contrary are 100 percent false."

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