GOP Presidential nominee Donald Trump would cut federal agency regulations by as much as 70% if he is elected on November 8the, campaign adviser Anthony Scaramucci said Thursday.
Mr. Trump has vowed to reduce regulations as a way of boosting US economic growth, but has not put a figure on what percentage he would cut.
Mr. Scaramucci, a Wall Street financier and a campaign adviser, gave the 70% figure during an online discussion with the financial media.
“We need regulation but immediately every agency will be asked to rate the importance of their regulations and we will push to remove 10% of the least important,” he said.
Another Trump Campaign adviser confirmed the 70% regulatory cut was part of their economic plan.
Mr. Scaramucci also said that Donald Trump, a critic of the US Fed, would probably get along well with Fed Chairwoman Janet Yellen.
Mr. Trump has accused the Fed of serving as a political arm of Barack Hussein Obama’s White House. He says Ms. Yellen has put off raising interest rates in order to let Mr. Obama end his term in January without the economic shock that a rise in interest rates might entail..
Mr. Scaramucci was not as dismissive of Schoolmarm Yellen as Donald Trump, saying he believes he would warm to her eventually.
“There are many well-qualified candidates but I think Mr. Trump has to spend some time with chairwoman Yellen. I think knowing what I know about his personality he will like her,” he said.
A President Donald Trump would move to streamline regulations as a way to generate economic growth and help the flow of capital, the adviser said. And he has specifically singled out the energy industry as an area that he would look at for reducing regulations.
“Wall Street is not the Devil,” said Mr. Scaramucci. “In fact we are at our best when their is harmony between Main Street and Wall Street and we hope to restore that.”
Below are some areas that Donald Trump will look to for reforms, as follows:
- Labor Department rules expanding the fiduciary standard for financial brokers who sell retirement products would likely be stopped.
- Legislation similar to the former Glass-Steagall Act that limited the banking industry would be on the table for review.
- The Dodd-Frank banking reforms that emerged from the Great Recession of 2008-09 will be reviewed and “the worst anti-business parts of it will be gutted.”
- The Volcker rule will be adjusted. Named after former Federal Reserve Chairman Paul Volcker, it is part of the sweeping 2010 Dodd-Frank financial reform law. It aims to reduce risk-taking by preventing banks from using their own capital to make speculative bets.
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