GARY COHN

Forced sale of a storied investment bank and lax U.S. financial rules are renewing concerns about the banking sector.

On this "Face the Nation" broadcast, Sen. Elizabeth Warren, Democratic of Massachusetts, and Rep. Patrick McHenry, Republican of North Carolina, join Margaret Brennan.

The following is a transcript of an interview with Gary Cohn, the former top economic adviser in the Trump White House and now vice chairman of IBM, that aired on "Face the Nation" on Sunday, March 19, 2023.

"We had a situation where people got scared about a bank's ability to return depositors' money and depositors wanted their money out," he said.

As Goldman's Marcus morphed from a side project to a focus for investors, the business expanded and ultimately buckled under the weight of Solomon's ambitions.

Gary Cohn, the former top economic adviser in the Trump White House and now vice chairman of IBM, discusses the strong January job numbers, the possibility of a recession in the first half of 2023 and the impact of failing to raise the debt ceiling.

The following is a transcript of an interview with Gary Cohn that aired Sunday, Feb. 5, 2023, on "Face the Nation."

Sen. Cory Booker, Sen. Ted Cruz, Gary Cohn and more will appear on "Face the Nation with Margaret Brennan" this Sunday.

WASHINGTON – At least one group in America is unlikely to get any money from President Joe Biden’s $1.9 trillion economic rescue plan — his own top aides. Most of Biden’s senior West Wing advisers made far more than the threshold that would qualify them for direct payments from the president’s COVID-19 relief bill, according to White House financial disclosure forms released Saturday. Others in the West Wing — whose positions don't require Senate confirmation — have had deep ties to the business world. He was listed as having a salary of $1.8 million, according to his disclosure form. Brian Deese, head of the national economic council, was previously global head of sustainable investing at BlackRock, according to his disclosure.

Gary Cohn, the former Goldman Sachs president and economic advisor to President Donald Trump, is joining IBM as its vice chairman. Cohn announced the move in a tweet Tuesday morning in which he said he was "honored" to be joining the company's board. That might make Cohn an unusual choice in that his experience is primarily in finance and economics. After heading back into the private sector, Cohn soon entered the venture capital space, partnering with Cliff Robbins to form Cohn Robbins Holding Corp. Despite accepting the position at IBM, Cohn said he will continue his involvement with Robbins.

5/17: Alex Azar, Nancy Pelosi, Dr. Scott Gottlieb, Gary Cohn, Claire Babineaux-Fontenot This week on "Face the Nation", as America continues to come out of its quarantine, the economic downturn continues to take its toll — hitting those who can least afford it the hardest.

"You cannot overreact in this situation," said Cohn, who served as chief economic advisor from 2017-2018. In the legislation, lawmakers carved out $500 billion for the Treasury Department to direct loans, loan guarantees and cash grants to distressed corporations. It also includes a $350 billion program to fund small businesses to prevent layoffs as the economy slides into a downturn. Public health officials around the globe have been laboring to stop the spread of the novel coronavirus, which causes the deadly COVID-19 disease. Government leaders in the U.S. have struggled to stop the spread of the coronavirus, which has hit New York state particularly hard along with California, New Jersey and Washington state.

The U.S. is in a recession that will see unemployment soar and cost trillions of dollars to solve, Gary Cohn, former White House economic advisor and Goldman Sachs executive, told CNBC. "We're in recession, I'm not going to tell you that we're not in recession right now. You cannot remove the consumer from the U.S. economy ... and say that we're not in recession," Cohn said on "Closing Bell. Congress and the administration have been working on stimulus that is expected to be more than any previous such package, Cohn said. "A lot of what is going through Congress is trillions of dollars, and the federal government is going to need to borrow that money."

We don't know how deep it's going to be, we don't know what the restart looks like [and] the doctors themselves don't know. I always remind people we're an 80% service economy. Those retail stores are service stores, they're not goods stores. Now, I know that that's going to sound a little too much like 'What Is to Be Done?,' Lenin's seminal treatise about what we should do with corporations. But I don't think any of us care.

The U.S. unemployment rate will rise swiftly and dramatically as the coronavirus brings the American economy to a stop, former top White House economic advisor Gary Cohn told CNBC on Thursday. "I believe that we are going to have massive unemployment very, very quickly," Cohn said on "Squawk Box." Even if you want to go out and work, you're not allowed to work," Cohn said. Not because you want to be unemployed, you're unemployed because there's no revenue opportunity for you." Cohn resigned from the Trump administration about two years ago after losing the president's ear on avoiding trade tariffs and trade wars.

Former White House chief economic advisor Gary Cohn said Sunday that President Donald Trump's tariffs hurt the U.S. economy and undermined the stimulative impact of the administration's massive tax cut passed in 2017. Cohn, in an interview with CBS' Face The Nation, said Trump's steel and aluminum tariffs "collided" with his tax policy by undermining a provision that allowed companies to write off their capital expenditures. "I think it's totally hurt the United States," Cohn said, referencing the tariffs. We're missing the capital expenditures from companies in the United States." The former Goldman Sachs president played an instrumental role in formulating Trump's tax policy, but he clashed with protectionists in the administration on the issue of tariffs.

President Donald Trump's former top economic advisor says the trade war with China is unwinnable and is hurting the U.S. economy. "When you build plant equipment, you're buying steel, you're buying aluminium, you're buying imported products and then we put tariffs on those, so literally the tax incentive we gave you with one hand was taken away with the other hand," said Cohn. Cohn, the former director of the U.S. National Economic Council, announced his resignation in April 2018 after Trump decided to impose import tariffs on steel and aluminium. In the BBC interview, he described himself as openly anti-tariffs before adding that "everyone loses in a trade war." "I think the Chinese economy was going to slow down with or without a trade war," Cohn said before adding it was having "a real impact" in parts of the U.S. economy such as automobile manufacturing and farming.