“I am proud to have her serve as a senior counselor in my administration, where I know she will produce great results working with the highly respected team of experts we have assembled,” Trump said.

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Powell is president of the Goldman Sachs Foundation, where she oversees some of the bank's largest philanthropic initiatives, including the “10,000 Women” program, which helps female entrepreneurs around the world. After three years at the bank, Powell was named a Goldman Sachs partner, one of the most highly-sought titles on Wall Street.

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“We will miss her at Goldman Sachs but know the country will benefit greatly from her deep commitment to creating opportunity and economic growth in communities throughout the United States,” Lloyd C. Blankfein, the bank’s chief executive, said in a statement.

Before joining Goldman Sachs in 2007, Powell, who was born in Egypt, was one of the highest-ranking Arab Americans in the George W. Bush administration. She served as assistant secretary of state for educational and cultural affairs and deputy to then-Undersecretary of State Karen P. Hughes. She was also the youngest person ever to direct the White House's personnel office.

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“The Trump administration has a unique opportunity to unleash the untapped potential of small business owners and female entrepreneurs, and by working together with the public and private sectors we can ensure they continue to be a critical part of growing the economy and creating jobs,” Powell said.

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Powell's appointment drew wide praise from a diverse cross section of people who have worked with her, including Eric Schmidt, chairman of Google's parent company, Alphabet.

Powell continues Trump's apparent fondness for executives or alums of Goldman Sachs. During the presidential campaign, Trump often criticized his opponents for being too cozy with the institution and even released a television ad that flashed an image of Blankfein and warned of a “global power structure” that was robbing American workers.

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