Carl Icahn Steps Down as Adviser to President Trump

Billionaire Carl Icahn steps down as adviser to President Trump

In fact, Icahn laments in his letter that he didn't have more time to discuss policy with the president.

Billionaire investor Carl Icahn has ended his role as a special regulatory adviser to President Donald Trump after questions were raised about potential conflicts of interests with his business dealings.

He steps away from the role as multiple presidential advisory committees disassembled this week after Trump's controversial statements about the white nationalist rallies in Charlottesville, Va. last weekend.

Icahn served as an advisor to Trump on regulatory reform issues, joining the president in an unpaid capacity after the presidential election in November.

Icahn has denied any conflict of interest.

It is unclear how much the departure, following closely after the exit of White House Chief Strategist Steve Bannon, will affect the day-to-day operations of the administration.

The senators claimed Icahn significantly benefited from a policy proposal to shift the burden of complying with biofuel quotas from refiners to fuel blenders.

Icahn, who owns a substantial stake in the oil and refining company CVR Energy, said in a letter to Trump on Friday that he is choosing to "end this arrangement (with your blessing) because I did not want partisan bickering about my role to in any way cloud your administration or Ms. Rao's important work", referring to newly minted Office of Information and Regulatory Affairs Administrator Neomi Rao.

However, in Icahn's resignation he says he "never sought any special benefit for any company with which I have been involved" and merely shared his ideas with the president that he believed would benefit the refining industry as a whole. They argued that the investments resulted in a $50 million turnaround from Icahn's initial investment.

Trump often spoke about Icahn on the campaign trail and touted their relationship.

Icahn, 81, and Trump have long business ties. He said Icahn was not only a businessman but a also "brilliant negotiator" and someone who "is innately able to predict the future, especially having to do with finances and economies". I love our country which has allowed me to achieve so much and I thank you for the informal opportunity you have given me to aid it.



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