(Adds Trump remarks about cutting regulations)
By Chris Kaufman
NEW YORK Oct 6 U.S. Republican presidential
nominee Donald Trump said as many as 70 percent of federal
agency regulations could be eliminated if he is elected in
November, just hours after an adviser said the candidate would
seek to cut 10 percent.
Trump, who blamed regulations for stifling business, told a
crowd at a town hall event in New Hampshire on Thursday night
that regulations for the environment and safety would remain.
"We are cutting the regulation at a tremendous clip. I would
say 70 percent of regulations can go," Trump said. "It's just
stopping businesses from growing."
Earlier in the day during an online discussion with Reuters,
Trump campaign adviser Anthony Scaramucci, a Wall Street
financier who has raised campaign money for Trump, said Trump
would eliminate 10 percent of regulations.
"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.
Jeff Holmstead, a former assistant administrator for the
Environmental Protection Agency under George W. Bush's
presidency, said the goal was hard to comprehend.
"You could reduce the number of regulations by 10 percent
without accomplishing very much," he said.
He added it would make more sense for Trump to try to reduce
the cost of regulatory compliance by 10 percent.
"I think it probably would be possible for a new
administration to make changes that would reduce the cost of
these programs by at least 10 percent while still maintaining
essentially the same level of environmental protection," he
Officials at the EPA and the U.S. Department of the Interior
declined to comment, citing internal policies.
Scaramucci also said that Trump, a fierce critic of the
Federal Reserve, would probably get along well with Fed Chair
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
Scaramucci was not as dismissive of Yellen as Trump is,
saying he believes the New York property developer would warm to
"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
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
"Wall Street is not the devil," said Scaramucci. "In fact we
are at our best when (there) 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
--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.
(Additional reporting by Jennifer Ablan, Valerie Volcovici,
Ginger Gibson and Emily Stephenson; Writing by Steve Holland;
Editing by Alistair Bell and Lisa Shumaker)