Senator David Perdue Echoes Secretary Mnuchin’s Call For Regulatory Changes
“I’m really concerned with our competitive position relative to the rest of the world.”
WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Senate Budget Committee, joined BloombergTV to discuss President Trump’s fiscal year 2018 budget proposal and the need for deregulation to encourage economic growth.
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Fixing The Budget Process: “In one of my questions [to Secretary Mnuchin] I asked, ‘If you were king for a day, would you re-do Dodd-Frank?’ He said, ‘yes but before that I did that, I would re-do the budget process.’ We’ve been screaming for years that this budget process is broken, particularly in the past year and a half. We’ve been working to change that.”
Dismantling Dodd-Frank: “The White House is working on some executive orders and regulatory changes inside the Department of Treasury that would reverse some of the more onerous capital formation rules inside Dodd-Frank, which I think would benefit capital flow, small banks, and regional banks.”
Creating Jobs: “This economic miracle over the last 70 years is really caused by innovation, capital formation, and the rule of law. In the last eight years, we have punitively shut down capital formation where jobs are created by the way, and that is small banks. I think the Trump Administration is on that, and I think we’ll see things that relieve the pressure and let capital flow again in the place where jobs are created.”
Empowering Main Street: “The Senate must address repealing Dodd-Frank here. The protection against the abuses that we saw in 2008 and 2009 are there. The problem I have is the overreaching, punitive nature of some of the regulations in Dodd-Frank and how that is shutting down capital formation and small banks.”
Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.
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