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Alternative Market Briefing

Icahn quits regulatory advisor role at White House

Monday, August 21, 2017

Benedicte Gravrand, Opalesque Geneva:

Not a week goes by without a mention of the latest moves of Icahn Enterprises, a New York-based diversified conglomerate holding company in New York, in the Activist News section of AMB, Opalesque's newsletter. Now here is a more political news item about outspoken investor Carl Icahn. On Friday, he posted an open letter addressed to President Donald Trump on his website and on Twitter. It is, in effect, a resignation letter from his unpaid role as as "special advisor to the President on issues relating to regulatory reform."

Icahn and Trump have known each other for decades, and Icahn supported Trump's political ambitions.

"As I discussed with you," he tells Trump in the letter, "I've received a number of inquiries over the last month regarding the recent appointment of Neomi Rao as Administrator of the Office of Information and Regulatory Affairs (or "regulatory czar," as the press has dubbed her) - specifically questions about whether there was any overlap between her formal position and my unofficial role. As I know you are aware, the answer to that question is an unequivocal no, for the simple reason that I had no duties whatsoever."

The Senate confirmed lawyer Neomi Rao to this role at OIRA in early July. As OIRA oversees the federal government's entire regulatory process, Rao is now at the helm of Trump's deregu......................

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