Cohn said to back separation of Wall Street business lines

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GARY COHN, the director of the U.S. National Economic Council, surprised U.S. senators in a closed-door meeting by saying that it may be a good idea to bring back the restrictions of the Depression-era regulatory regime of the Glass-Steagall Act.
GARY COHN, the director of the U.S. National Economic Council, surprised U.S. senators in a closed-door meeting by saying that it may be a good idea to bring back the restrictions of the Depression-era regulatory regime of the Glass-Steagall Act. /BLOOMBERG NEWS PHOTO/ANDREW HARRER
WASHINGTON - In a private meeting with lawmakers, White House economic adviser Gary Cohn said he supports a policy that could radically reshape Wall Street’s biggest firms by separating their consumer-lending businesses from their investment banks, said people with direct knowledge of the matter. Cohn, the ex-Goldman Sachs Group Inc. executive who is now advising…

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