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Cohn supports split of consumer lending, i-banking biz

President Donald Trump's economic adviser, Gary Cohn, said he supports a policy separating Wall Street firms' consumer lending and investment banking businesses, Bloomberg News reported, citing "people with direct knowledge of the matter."

The National Economic Council Director's remarks came in response to a certain question from Sen. Elizabeth Warren, D-Mass., during a private meeting with Senate Banking Committee members, according to the report. Cohn said he favors a system where firms like Goldman Sachs Group Inc. will focus on trading and underwriting securities, and those like Citigroup Inc. primarily issue loans.

Cohn's statements appear to be in line with Trump's and Republican lawmakers' position on the Glass-Steagall Act, the news outlet noted. White House Press Secretary Sean Spicer told reporters in February that Trump's position has stayed "consistent" regarding the revival of a split between investment banking and commercial banking.

The White House did not immediately respond to Bloomberg's requests for comment.