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Gary Cohn still 'heavily involved' in tax reform, says White House budget director

  • President Donald Trump's top economic advisor, Gary Cohn, is working on tax reform "every single day," OMB Director Mick Mulvaney said.
  • When asked if Cohn may be out of the loop at all, Mulvaney replied, "I know that he's not."

President Donald Trump's top economic advisor, Gary Cohn is still "heavily involved" in tax reform, the White House's budget director, Mick Mulvaney, told CNBC on Wednesday.

In fact he's working it "every single day," Mulvaney said in an interview that aired on "Power Lunch."

There has been speculation about Cohn's future since he reportedly fell out of favor with Trump. Cohn, director of the White House Economic Council and former chief operating officer at Goldman Sachs, publicly criticized the president for his reaction to the deadly violence in Charlottesville, Virginia.

Mulvaney, director of the Office of Management and Budget, said both Cohn and Treasury Secretary Steven Mnuchin are leading the administration's push for tax reform.

"Gary may be a little bit more behind the scenes, Steven Mnuchin out in front of the camera a little more," Mulvaney said. "This is still very much a team effort on taxes."

When asked if Cohn may be out of the loop at all, Mulvaney replied, "I know that he's not."

On Tuesday, hedge fund king Ray Dalio said it would be "terrible" if Cohn departed the administration, a move that would upset markets.

— CNBC's Jeff Cox contributed to this report.

WATCH: The Full CNBC interview with OMB Director Mick Mulvaney on tax reform