A former investment banker and current chair of President-elect Donald Trump’s economic forum claims the new administration will be incredibly pro-deregulation, a statement that will likely have widespread impacts on the global business community.
After being named the chair of Trump’s economic forum Dec. 2, Blackstone CEO Steve Schwarzman said “if you look at the architecture of the world, it’s going to change very substantially.” The investment mogul hinted at what he means by the statement, saying that the incoming administration plans to reverse “piles” of regulations currently imposed on American businesses, as well as cut taxes significantly.
The changes, Schwarzman says, will be “very, very substantial.”
As a well-known member of the investment community and someone who has the ear of the president-elect, Schwarzman is undoubtedly aware that his words will be heard and echoed in business. Schwarzman “has been in finance for 45 years,” and anticipates “with a high level of confidence” that these changes will happen, promising that America will be a pro-business environment under Trump.
Even before Shwarzman came on board the Trump team, the president-elect made his plans for massive deregulation well known. He promised to end “all unnecessary regulations,” imposed on the energy industry, to “dismantle” the 2,300-page Dodd-Frank Wall Street Reform And Consumer Protection Act, and to put a moratorium on any new regulations when he takes office.
In addition to his deregulation agenda, Trump’s tax plan is likely to be very pro-business. His plan aims to lower the corporate income tax rate from 35 to 15 percent, and promises the lowest tax rates since before World War II, shrinking the tax brackets from seven down to three. (RELATED: Which Candidate Is Better For Your Bottom Line: Trump Or Clinton?)
American businesses, for their part, have reacted favorably to the Trump win. The Dow Jones reached a record intra-day trading high for the twentieth time this year Wednesday morning, twelve of which came after Election Day. The benchmark index gained over 1,000 points in just the first week after the election. (RELATED: Dow Reaches New Record Trading High)
As President-elect Trump noted several times during his campaign, many companies are outsourcing jobs to Mexico, Ireland, and other nations as a result of the burdens imposed on business in the U.S. (RELATED: More Companies Moving To Mexico, Finding Fewer Laborers To Fill Jobs)
Carrier, an air-conditioning, heater and refrigerator manufacturer, announced in February that it would close two Indiana plants and move its operations outside of U.S. borders, leaving 1,400 workers out of a job. Trump managed to strike a deal with Carrier, ensuring that the company would keep nearly factory 1,000 jobs in Indiana. This was also the first real example of Trump putting word to deed.
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