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 December 12, 2016, nominee for Secretary of Treasury, Steven Mnuchin, held back by Congressional hearings, Cohn filled in the "personnel vacuum" and pushed "ahead on taxes, infrastructure, financial regulation, and replacing health-care law". Had Cohn stayed at Goldman Sachs, some believed he would have become CEO when Lloyd Blankfein vacated that office. 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 (as of 2017), then valued at $16 million.