Investment guru Jack Bogle has offered a wish list of seven reforms investors need enacted in the beginning of President Donald Trump's administration.

"I'm not a real believer in government regulation, but the behavior of the financial industry generally has brought forth the proper governmental response," said Bogle, who has been a long-time critic of the industry's marketing practices, high fees and high executive compensation.

The Vanguard founder offered CNBC.com his insight of just what Trump needs to do to help everyday investors:

• Revive Glass-Steagall. Trump said during his campaign that he favored the law and in October said he favored a 21st-century version of the 1933 law that required separation of commercial and investment banking. "It's not a shock that people take a different view of risk when they are using other people's money," Bogle said.
• Focus on principles-based regulation. “Financial regulations, such as the Dodd-Frank Act, passed in the wake of the financial crisis of 2008, tend to become more unwieldy over time. Democrats and Republicans are at odds over whether Dodd-Frank protects investors from another 2008 crisis,” CNBC.com reported. "In some areas there is too much detail. We should try to minimize the amount of small items that we regulate," Bogle said.
• Retract equity crowdfunding decision. The JOBS Act, passed in 2013, aimed at making capital more available to small businesses, and the SEC issued regulations to allow equity crowdfunding in 2015. The rules mean that companies can offer shares to small investors online. "The possible harm to investors, who get caught in these schemes, is great," Bogle said. "I don't like that trade-off.”
• Rewrite the 40 Act to embrace transparency and disclosure. The Investment Company Act of 1940, known as the 40 Act, is the backbone of U.S. financial regulation, governing mutual funds and closed-end funds. Bogle said it should be rewritten to consider the now-immense size of the industry.
• Embrace transparency and disclosure. Bogle said funds should have to disclose their turnover and the percent of a fund's income that goes to its expense ratio. "I think that disclosure is really important," Bogle said. "Most investors won't bother to read and understand, but the press will publicize it, and I think people will pay attention," he said.
• Fully implement the fiduciary standard across retirement and non-retirement accounts. Bogle has been a longtime advocate for the fiduciary standard, which simply says that brokers and advisors must act in the best interest of their clients. Many in the public-facing financial services industry, including financial advisors and stockbrokers, have been fighting the simple fiduciary standard for years.
• Bolster retirement via simple regulatory changes. CNBC reported that Bogle thinks Social Security can be fixed with relatively small changes, including increasing the wage base, fixing the cost of living adjustment, which is too generous, and probably raising the retirement age from its current low of 62. The pension system "is in tatters," he said. Companies have underfunded their pensions and states and municipalities have calculated future investment returns at too high a number, often as high as 7 percent or 8 percent. Another change favored by Bogle: limiting the fees on funds offered in 401(k)s.

Known as the father of index investing, Bogle founded Vanguard Group in 1975. The investment management firm has more than $3.5 trillion in assets, according to its website.

However, other respected economic voices are cautiously optimistic about Trump.

Trump should push massive tax cuts as his first priority so the American people feel a positive result of their vote immediately, Forbes Media CEO Steve Forbes tells Newsmax TV. 

"Throw the Congressional Budget Office aside and say we need something big to get this economy moving," Forbes told "Newsmax Prime" host J.D. Hayworth on Wednesday.

Trump must take the lead and make clear what he wants done. Then his staff, including his nominee to head the Treasury Department, Steven Mnuchin, will follow, said Forbes, author of "Reviving America."

Trump's team must overcome House Republicans who are pushing something called a "Border Adjustment Tax," he told Newsmax TV, which Forbes said essentially is just a sales tax for the American consumer.

As his first few days in office prove, Trump will be a demanding leader who applies the best of his negotiating skills to push for U.S. growth, as bestselling author David Horowitz recently predicted to TheStreet.com.

Trump won’t be an ideological purist like Republicans who support free trade but don't fight for fair trade, Horowitz said.

“We've had an anti-business president now for eight years who doesn't take a hard-nosed attitude towards these deals. Trump is going to get better deals for us, which is still free trade.”

Horowitz's new book "The Big Agenda: President Trump's Plan to Save America," released just this week, reveals Trump's "first 100 days strategy" to roll back Obama's legislative and executive record.

Horowitz's new book is the first book about the Trump presidency and has soared to the top of the Amazon bestseller charts, becoming the No.1-selling book on the web.
Trump will also lead the way in making infrastructure spending to boost the U.S. economy, Horowitz said.

“If the economy grows as it will under Trump, there's going to be a lot more money to spend,” he said.

"Big Agenda: President Trump's Plan to Save America" is available at bookstores everywhere – or get your copy on Amazon – Click Here Now 

(Newsmax wire services contributed to this report).

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