Top WH economic aide who played key role in tax law joins banking trade group

(CNN)The deputy director of the National Economic Council who played a key part in last year's tax legislation is leaving the Trump administration for a role at The Clearing House Association, a trade group that represents some of the biggest banks in the country.

Shahira Knight was instrumental during the tax reform battle and was once considered for Gary Cohn's job as top economic adviser but was passed over because she seemed unprepared for the high-profile role, a source familiar with the situation has told CNN. Though she was well-liked by chief of staff John Kelly, others thought she lacked the business pedigree or public profile that President Donald Trump was looking for.
It's unclear when Knight's last day is. Her departure was first reported by Politico.
The Clearing House represents massive banks such as JPMorgan Chase, Wells Fargo and Bank of America. The organization has lobbied on behalf of its members on a number of legislative issues in 2018, including a law signed by Trump last month that would loosen regulations on regional and smaller banks. It's also worked on efforts to ease how often financial firms must undergo a yearly stress test to determine whether they are healthy enough to withstand a recession.
    Big banks benefited from last year's tax law, specifically the lower corporate tax rate, which has already helped boost banks' profits in 2018.