Steve Schwarzman, the chairman and CEO of Blackstone Group, expects to see a “substantial” reduction in government regulations during the term of President-elect Donald Trump, Reuters reported Tuesday.
And Schwarzman will be well-positioned to help contribute to that regulatory rollback, as he was recently named the leader of Trump’s Strategic and Policy Forum, a group of 16 CEOs that is expected to advise the president-elect on economic issues.
The Reuters report cited a speech given by Schwarzman this week at an investor conference hosted by Goldman Sachs.
From the Reuters report:
Blackstone Group LP Chairman and CEO Steve Schwarzman said on Tuesday he expected to see a "very substantial reversal of regulations of all types," for the financial sector, following Donald Trump's U.S. presidential election victory.
Schwarzman, who was picked by Trump to chair a panel of business leaders who will give him advice during his presidency, said the changes would boost U.S. growth and attract foreign investment.
Schwarzman said the regulatory changes would be the largest in his roughly 45 year career. He expects them to spur inflation and rising interest rates.
As the Reuters report notes, there is already a Republican-led effort in Congress to repeal and replace the Dodd-Frank Wall Street Reform Act with a “pro-growth, pro-consumer” alternative that would bring significant reforms to the Consumer Financial Protection Bureau, and much more.
The bill, called the Financial CHOICE act, passed out of the House Financial Services Committee in September.
The bill should gain traction in the next Congress, as Trump’s transition team is already stating that his administration plans to “dismantle” Dodd-Frank.