Republican presidential nominee Donald Trump would cut federal agency regulations by as much as 10 percent if he is elected on Nov. 8, campaign adviser Anthony Scaramucci said on Thursday.
Trump has vowed to reduce regulations as a way of boosting U.S. economic growth but has not put a figure on what percentage he would cut.
Scaramucci, a Wall Street financier who has raised campaign money for Trump and other Republicans and who is a campaign adviser, gave the 10 percent figure during an online discussion with Reuters.
"We need regulation but immediately every agency will be asked to rate the importance of their regulations and we will push to remove 10 percent of the least important," he said.
Another Trump campaign adviser reached by Reuters confirmed the 10 percent regulatory cut was part of their economic plan.
Scaramucci also said that Trump, a fierce critic of the Federal Reserve, would probably get along well with Fed chair Janet Yellen.
Trump has repeatedly accused the Fed of serving as a political arm of the Obama White House. He says Yellen has put off raising interest rates in order to let President Barack Obama end his term in January without the economic shock that a rise in interest rates might entail.
Scaramucci, a founder of SkyBridge Capital, joined Reuters Global Markets Forum to discuss his views of the campaign. He said Trump would strive for a better balance in federal regulations.
Scaramucci was not as dismissive of Yellen as Trump is, saying he believes the New York property developer 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.
Trump would seek to streamline regulations as a way to generate economic growth and help the flow of capital, the adviser said. Trump 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 Scaramucci. "In fact we are at our best when their is harmony between Main Street and Wall Street and we hope to restore that."
Scaramucci singled out several areas that Trump would look to for reforms:
- 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.
© 2023 Thomson/Reuters. All rights reserved.