President-elect Donald Trump is expected to name billionaire investor Carl Icahn as an adviser on overhauling federal regulations.
People familiar with the decision said Wednesday that Icahn is likely to get the position, according to the Wall Street Journal.
Icahn has been advising the president-elect on a variety of Cabinet and other senior level positions in recent months. He was an influential voice in the selections of Steven Mnuchin for secretary of the Treasury and Wilbur Ross for secretary of Commerce. He is currently working with Trump to find a new head of the Securities and Exchange Commission.
Trump and Icahn have a long relationship in business going back years, and Icahn was an outspoken supporter of and adviser to the president-elect when he was a candidate. The position of special adviser to the president is not an official government position, so Icahn will not be obligated to divest any of his holdings. He will also not receive a government salary.
Icahn is known as an activist investor on Wall Street, frequently changing the direction of companies by obtaining large portions of stock and influencing the board of directors. He has frequently criticized overregulation of business under the Obama administration.
Trump reportedly considered Icahn to head the Treasury Department; however, Icahn turned down the position before it was considered too seriously.