Donald Trump has named billionaire investor Carl Icahn, a frequent critic of some Obama administration rules and a major fossil fuel investor, a special advisor on regulation, the president-elect's transition team announced Wednesday.

Trump's team said in a statement that the activist investor will aid him in an "individual capacity" rather than as a federal employee or special government employee, adding that he will not have "specific duties." He therefore likely will not have to give up his varied business interests while advising Trump on policy.

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