President Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE on Friday announced that Stephen Feinberg, a New York billionaire who owns the giant military contractor DynCorp International, will chair a White House executive board that reviews the effectiveness and legality of foreign intelligence.

Feinberg, in the early months of Trump's presidency, was rumored to be under consideration to lead some kind of broad-based review of the intelligence community, which Trump was then blaming for the departure of his first national security adviser, Michael Flynn.

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But that role never materialized. Now, he will head the so-called President's Intelligence Advisory Board — a committee made up of nongovernment employees that gets access to a wide swath of intelligence information and acts as an independent monitor on the 17 agencies that make up the intelligence community.

The panel has no legal authority and its influence has risen and fallen depending on the president in question. Former President Carter once disbanded it entirely.

Feinberg, who has no previous experience working in government intelligence, is the first person Trump has appointed to the board. Previous reports had suggested that Peter Thiel, the Silicon Valley venture capitalist who backed Trump in the 2016 campaign, was also in the running for the post.

Feinberg's influence on the president will be closely watched. In the first year of his presidency, Trump has had a tumultuous relationship with his own intelligence community, thanks to its unanimous conclusion that Russia attempted to interfere in the 2016 election.

Trump blamed the intelligence community last year for the exposure of an unverified dossier full of salacious allegations about his personal conduct. The president invoked Nazi Germany in railing over the leak of the dossier, saying, “That’s something that Nazi Germany would have done and did do.”

Most recently, he has launched broadside attacks against his own Justice Department, accusing the FBI of corruption.

Feinberg is a co-founder of the private equity company, Cerberus Capital Management. Through Cerberus, Feinberg controls DynCorp, which contracts security to the State Department and other agencies.