was also a member of the firm's board of directors and Chairman of the Firmwide Client and Business Standards Committee. In 2010, Cohn testified to Congress on the role of Goldman Sachs in the financial crisis of 2007–2008. Cohn testified: "During the two years of the financial crisis, Goldman Sachs lost $1.2 billion in its residential mortgage-related business. We did not 'bet against our clients', and the numbers underscore this fact." On January 5, 2021, Cohn was appointed Vice Chairman of IBM's board of directors. National Economic Council Director On January 20, 2017, Cohn took office as Director of the National Economic Council (NEC) in President Donald Trump's administration, a position which did not require Congressional confirmation. By February 11, 2017, The Wall Street Journal described Cohn as an "economic-policy powerhouse", and The New York Times called him Trump's "go-to figure on matters related to jobs, business, and growth". With the confirmation of Trump's nominee for Secretary of Treasury, Steven Mnuchin, pending in the Senate, Cohn filled in the "personnel vacuum" and pushed "ahead on taxes, infrastructure, financial regulation, and replacing health-care law". In addition to his $285 million Goldman Sachs severance package, Cohn also sold a stake in the Industrial and Commercial Bank of China, the world's largest bank (), then valued at $16 million. Cohn supports reinstating the Glass-Steagall legislation, which would separate commercial and investment banking. Under the Trump administration, Cohn was cited by the press as a supporter of globalism, and was given nicknames such as "Globalist Gary" and "Carbon Tax Cohn". Along with Jared Kushner, Ivanka Trump, and Dina Powell, they were referred to by opponents as the "Wall Street-wing" of the Trump administration. He was stated as being at odds with the populist faction that was led by Steve Bannon, when Bannon was White House Chief Strategist. Cohn led the Trump administration's efforts to pass the Tax Cuts and Jobs Act of 2017. In a 2019 article in The Wall Street Journal, Cohn pointed to an increase of $6,000 in real disposable personal income per household, as well as the creation of seven million jobs, as evidence of the success of tax reform. Cohn reportedly considered resigning from the National Economic Council after the 2017 Charlottesville rally and criticized the Trump administration's response to the rally, stating "I believe this administration can and must do better in consistently and unequivocally condemning," white supremacists. In